Iliad S.A.

Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
  • TickerILD
  • ISINFR0004035913
  • ExchangeEuronext Paris
  • SectorSoftware & Computer Services
  • CountryFrance

Analysts

Thomas Coudry

ILIAD: Feedback from H1 2019 RS in Paris | BUY | EUR133 vs. EUR145 (+66%)

ILIAD - BUY | EUR133 vs. EUR145 (+66%) Feedback from H1 2019 RS in Paris Acceleration in French cash flow to outstrip market expectations Infravia deal: a misunderstood offensive deal Start-up volatility in Italy doesn’t negate long term value creation FV revised down, but BUY confirmed, medium-term horizon

Alexandre Iatrides

Iliad : Significant losses in Italy, improvement in France but still difficult

>EBITDA 5% below forecasts due to Italy - Iliad has published disappointing H1 2019 EBITDA due to deeper-than-anticipated losses in Italy and continued pressure on KPIs despite an operational recovery in France. The group has reported revenues of € 2,607m, in line with forecasts (ODDO BHF: € 2,621m and consensus: € 2,598m), i.e. an 8.4% y-o-y increase, with revenues at the Services France division up +0.7% in H1 and +2.1% in Q2 linked to the rebound in mobile revenues...

Alexandre Iatrides

Iliad : Fortes pertes en Italie, du mieux en France mais toujours dans la douleur

>EBITDA 5% sous les attentes du fait de l’Italie - Iliad publie des chiffres S1 2019 décevants en EBITDA du fait de pertes plus importantes que prévu en Italie et toujours sous pression en KPI bien qu’en redressement opérationnel en France. Le groupe publie un CA de 2 607 M€ en ligne avec les attentes (vs ODDO BHF : 2 621 M€ et consensus : 2 598 M€), soit une hausse de 8.4% yoy, avec un CA Services France à +0.7% au S1 et +2.1% au T2 lié à un rebond du CA mobiles (fac...

Thomas Coudry

ILIAD: Improvement on the French side, offset by Italy’s cost structure | BUY | EUR145(+52%)

ILIAD - BUY | EUR145(+52%) Improvement on the French side, offset by Italy’s cost structure Notable improvement in France revenues from services Commercial acceleration in Italy but poor EBITDA New partnership on FTTH to help on balance sheet, maybe EBITDA

Thomas Coudry

ILIAD: Feedback from H1 2019 RS in Paris | BUY | EUR133 vs. EUR145 (+66%)

ILIAD - BUY | EUR133 vs. EUR145 (+66%) Feedback from H1 2019 RS in Paris Acceleration in French cash flow to outstrip market expectations Infravia deal: a misunderstood offensive deal Start-up volatility in Italy doesn’t negate long term value creation FV revised down, but BUY confirmed, medium-term horizon

Alexandre Iatrides

Iliad : Significant losses in Italy, improvement in France but still difficult

>EBITDA 5% below forecasts due to Italy - Iliad has published disappointing H1 2019 EBITDA due to deeper-than-anticipated losses in Italy and continued pressure on KPIs despite an operational recovery in France. The group has reported revenues of € 2,607m, in line with forecasts (ODDO BHF: € 2,621m and consensus: € 2,598m), i.e. an 8.4% y-o-y increase, with revenues at the Services France division up +0.7% in H1 and +2.1% in Q2 linked to the rebound in mobile revenues...

Alexandre Iatrides

Iliad : Fortes pertes en Italie, du mieux en France mais toujours dans la douleur

>EBITDA 5% sous les attentes du fait de l’Italie - Iliad publie des chiffres S1 2019 décevants en EBITDA du fait de pertes plus importantes que prévu en Italie et toujours sous pression en KPI bien qu’en redressement opérationnel en France. Le groupe publie un CA de 2 607 M€ en ligne avec les attentes (vs ODDO BHF : 2 621 M€ et consensus : 2 598 M€), soit une hausse de 8.4% yoy, avec un CA Services France à +0.7% au S1 et +2.1% au T2 lié à un rebond du CA mobiles (fac...

Thomas Coudry

ILIAD: Improvement on the French side, offset by Italy’s cost structure | BUY | EUR145(+52%)

ILIAD - BUY | EUR145(+52%) Improvement on the French side, offset by Italy’s cost structure Notable improvement in France revenues from services Commercial acceleration in Italy but poor EBITDA New partnership on FTTH to help on balance sheet, maybe EBITDA

Thomas Coudry

ILIAD: Upside potential… after H1 | BUY | EUR145 vs. EUR150

ILIAD - BUY | EUR145 vs. EUR150 (+53%) Upside potential… after H1 Do not over-focus on mobile net adds H1 should not provide much surprises… … but we see upside potential in France from H2 2019 onwards

1 director sold

A director at Iliad Sa sold 3,000 shares at 101.000EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

ILIAD SA receives two new qualifications and slightly improves to Neutral

The independent financial analyst theScreener just changed two ratings for the qualification of ILIAD SA (FR), active in the Mobile Telecommunications industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 4 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 106.60 and its expected value was estimated at EUR 94.70.

Pierre François Merveille

Iliad : Prêt à rebondir ?

Les ratios de crédit ont souffert en 2018 d’un environnement fortement concurrentiel en France et des pertes originelles liées à l’entrée du groupe sur le marché mobile Italien. A cela s’ajoute une consommation de FCF record de -1.04 md EUR l’année dernière compte tenu d’investissements significatifs d’acquisition de fréquences (Italie), de déploiement de sites mobile (France + Italie) et d’extension de la couverture/raccordements d’abonnés dans la fibre (France). Nous tablons ce...

Pierre François Merveille

Iliad : Ready to rally?

Publication date 27/06/2019 11:22 - Writing date 26/06/2019 16:21 - Equity data - Equity analyst: Alexandre Iatrides - - +33 (0)1 44 51 81 44 - ESG analyst: XXX - Corporate Governance: Opportunity (2) - / - / - - - Credit metrics were hurt in 2018 by a fiercely competitive landscape in France and start-up losses stemming from the group's entry into the Italian mobile market. In addition, record FCF of -€ 1.04bn was burned through last year, reflecting significa...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch