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

Allan C. Nichols

Morningstar | Iliad Reports Mixed 2018 Results; Shares Undervalued

We were relieved that Iliad finally reported 2018 results and they were decent. While revenue remains weak and actually declined in France, its EBITDA margin improved. We are maintaining our EUR 143 per share fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. The firm lost wireless and broadband customers, both year over year and sequentially, ending 2018 at 13.4 million and 6.4 million, respectively. However, Iliad continues to improve its wireless mix as it moves subscribers from its low-priced service to its high-end offering, which is helping lif...

Allan C. Nichols

Morningstar | Iliad Reports Mixed 2018 Results; Shares Undervalued. See Updated Analyst Note from 19 Mar 2019

We were relieved that Iliad finally reported 2018 results and they were decent. While revenue remains weak and actually declined in France, its EBITDA margin improved. We are maintaining our EUR 143 per share fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. The firm lost wireless and broadband customers, both year over year and sequentially, ending 2018 at 13.4 million and 6.4 million, respectively. However, Iliad continues to improve its wireless mix as it moves subscribers from its low-priced service to its high-end offering, which is helping lif...

Thomas Coudry

ILIAD: Poor FY 2018 results , acceleration expected ahead | BUY | EUR155

ILIAD - BUY | EUR155(+78%) Poor FY 2018 results , acceleration expected ahead France top line under pressure, but EBITDA and guidance beat expectations Disappointing commercial performance in France in Q4 Italy’s growth slowing down, uncertain outlook Increase of dividend to EUR0.9 raises questions

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2019

...

Alexandre Iatrides

Iliad : Q4 in line, poor in terms of KPI, 3%> for EBITDA. The low point seems to have been reached at last, but lower than expected

>Poor publication in terms of KPIs, 3% higher than expected for EBITDA - Iliad reported 2018 figures that were broadly in line with expectations, poor in terms of KPIs, in line or below for revenues and 3% higher for EBITDA. Revenues of € 4.89bn in 2018 (vs Oddo BHF: € 4.92bn under IFRS 15 and consensus € 4.9bn), i.e. an increase of 0.6%. In Q4, the group reported revenues of € 1.25bn, up +0.5%, i.e. 1.6% below forecasts due mainly to mobile. In Q4 fixed revenue...

Pierre François Merveille

Iliad : A new bond to finance growth in Italy

>Iliad plans to issue a new bond with a seven-year maturity - Iliad (Oddo Shadow rating: BBB+/Stable) intends to issue a new benchmark bond with a seven-year maturity. Crédit Agricole CIB and Société Générale are the leads on this bond issue, whose proceeds will be used for general purposes, according to the group. We think they will mainly serve to finance the group's growth in Italy.Stable credit opinion maintained - Iliad enjoys strong earnings momentum in France and, despite a slowdown in top-line growth and net subscriber adds, profitability should improve thanks to economies of scale in...

Pierre François Merveille

Iliad : Une nouvelle obligation pour financer le développement en Italie

>Iliad souhaite émettre une nouvelle obligation à échéance 7 ans - Iliad (Shadow rating Oddo : BBB+/Stable) compte émettre une nouvelle souche obligataire benchmark d’une maturité de 7 ans. Crédit Agricole CIB et Société Générale sont les leads sur cette émission, dont le produit servira à des fins générales selon le groupe. Nous pensons qu’il sera essentiellement destiné à financer le développement du groupe en Italie.Nous conservons notre avis crédit Stable - Iliad profite d’une bonne dynamique de ses résultats en France, et même si les gains nets d’abonnés ont ralenti, le groupe devrait bé...

Allan C. Nichols

Morningstar | Iliad Reports Mixed 2018 Results; Shares Undervalued

We were relieved that Iliad finally reported 2018 results and they were decent. While revenue remains weak and actually declined in France, its EBITDA margin improved. We are maintaining our EUR 143 per share fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. The firm lost wireless and broadband customers, both year over year and sequentially, ending 2018 at 13.4 million and 6.4 million, respectively. However, Iliad continues to improve its wireless mix as it moves subscribers from its low-priced service to its high-end offering, which is helping lif...

Allan C. Nichols

Morningstar | Iliad Reports Mixed 2018 Results; Shares Undervalued. See Updated Analyst Note from 19 Mar 2019

We were relieved that Iliad finally reported 2018 results and they were decent. While revenue remains weak and actually declined in France, its EBITDA margin improved. We are maintaining our EUR 143 per share fair value estimate and narrow moat rating. We continue to believe the shares are undervalued. The firm lost wireless and broadband customers, both year over year and sequentially, ending 2018 at 13.4 million and 6.4 million, respectively. However, Iliad continues to improve its wireless mix as it moves subscribers from its low-priced service to its high-end offering, which is helping lif...

Thomas Coudry

ILIAD: Poor FY 2018 results , acceleration expected ahead | BUY | EUR155

ILIAD - BUY | EUR155(+78%) Poor FY 2018 results , acceleration expected ahead France top line under pressure, but EBITDA and guidance beat expectations Disappointing commercial performance in France in Q4 Italy’s growth slowing down, uncertain outlook Increase of dividend to EUR0.9 raises questions

Alexandre Iatrides

Iliad : Q4 in line, poor in terms of KPI, 3%> for EBITDA. The low point seems to have been reached at last, but lower than expected

>Poor publication in terms of KPIs, 3% higher than expected for EBITDA - Iliad reported 2018 figures that were broadly in line with expectations, poor in terms of KPIs, in line or below for revenues and 3% higher for EBITDA. Revenues of € 4.89bn in 2018 (vs Oddo BHF: € 4.92bn under IFRS 15 and consensus € 4.9bn), i.e. an increase of 0.6%. In Q4, the group reported revenues of € 1.25bn, up +0.5%, i.e. 1.6% below forecasts due mainly to mobile. In Q4 fixed revenue...

Alexandre Iatrides

Iliad : T4 en ligne, mauvais en KPI, 3%> en EBITDA. Le point bas semble être enfin arrivé, mais plus bas que prévu

>Publication mauvaise en KPI, supérieure aux attentes de 3% en EBITDA - Iliad publie des chiffres 2018 globalement en ligne avec les attentes, mauvais en KPI, en ligne moins en CA et au-dessus de 3% en EBITDA. CA de 4.89 Md€ en 2018 (vs Oddo BHF : 4.92 Md€ en IFRS 15 et consensus 4.9 Md€), soit une hausse de 0.6%. Au T4, le groupe publie un CA de 1.25 Md€ +0.5% soit 1.6% inférieur aux attentes du fait principalement des mobiles. Au T4, le CA fixe baisse de 4.6% ...

1 director bought

A director at Iliad Sa bought 3,000 shares at 113.050EUR and the significance rating of the trade was 62/100. 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 mem...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/03/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Nicolas David
  • Rémi Adam
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/31/2019

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Thanks to a better fundamental star rating, ILIAD SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to ILIAD SA (FR), active in the Mobile Telecommunications industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date November 23, 2018, the closing price was EUR 108.80 and its expected value was estimated at EUR 106.27.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Pierre François Merveille

Iliad : Spending spree at Italy’s 5G spectrum auction

>Bids were much above expectations - Italy's 5G spectrum auction closed on Tuesday at the end of the 14th auction day, and is expected to raise € 6.55bn for the Italian government:. Telecom Italia and Vodafone will pay around € 2.4bn each for 2x10 MHz in the 700 MHz band, 80 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . Iliad will spend € 1.19bn for 2x10 MHz in the 700 MHz band, 20 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . ...

Pierre François Merveille

Iliad : Spending spree at Italy’s 5G spectrum auction

>Bids were much above expectations - Italy's 5G spectrum auction closed on Tuesday at the end of the 14th auction day, and is expected to raise € 6.55bn for the Italian government:. Telecom Italia and Vodafone will pay around € 2.4bn each for 2x10 MHz in the 700 MHz band, 80 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . Iliad will spend € 1.19bn for 2x10 MHz in the 700 MHz band, 20 MHz in the 3.7 GHz band and 200 MHz in the 26 GHz band; . ...

Thomas Coudry

Telecom services: Market data indicates very poor Bouygues + Iliad net adds in Q2

Telecom services Market data indicates very poor Bouygues + Iliad net adds in Q2 ARCEP’s latest mobile observatory published yesterday shows a sharp slowdown of postpaid market growth in Q2. Given the good numbers published by Orange and SFR, we forecast very poor mobile nets adds for Iliad and Bouygues Telecom cumulated in Q2. Nothing good to expect from the publications, but definitely another catalyst for consolidation.

Illiad – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 16/05/2018

Proxinvest notes that remuneration for the Chairman, as well as for all the executives, has risen significantly due to the introduction of a long-term component (performance shares) in 2017. Having introduced a long-term component is a positive point for executives; however, this is contrary to Proxinvest voting policy regarding a Chairman’s remuneration (Resolution 10 to 17). Moreover, the performance period over which the performance conditions are assessed should be extended: Proxinvest considers that a minimum period of three-years should apply. Performance shares will vest in three unequ...

Proxy Report - 16/05/2018

Proxinvest note l'augmentation sans précédent de la rémunération des dirigeants de la Société au titre de l'exercice 2017 (Résolutions 10 à 17) : si le versement d'une rémunération actionnariale (sous forme d'attribution d'actions de performance) est appréciable s'agissant des dirigeants exécutifs de la société, elle ne l'est absolument pas pour le Président du Conseil d'administration. D'une manière générale, le montant de l'attribution apparaît excessif et déséquilibre la structure de la rémunération des dirigeants. Si l'instauration d'une rémunération actionnariale est un point positif, le ...

Etude de l'AG du 17/05/2017

We approve the proposed dividend of €0.44. Although not covered by free cash flow, the payout ratio is relatively low.Under the 2017 remuneration policy, the Company has the possibility to implement a variable compensation scheme for its executive directors. The current fixed-only structure is contrary to best practice as it does not compensate executives for longterm performance.

Etude de l'AG du 17/05/2017

Proxinvest approuve la proposition de dividende de 0,44 €. En effet, la distribution n'étant pas couverte par les flux de trésorerie libre, cela justifie un dividende peu élevé (0,86% des fonds propres). Dans la politique de rémunération de 2017, la société émet la possibilité de mettre en place une rémunération variable de long terme pour ses dirigeants, ce qui serait souhaitable selon Proxinvest. En effet, la structure actuelle de la rémunérations des dirigeants n'est pas satisfaisante car elle n'est composée que d'une rémunération fixe, ce qui exclu tout lien avec la performance du groupe.

Jérôme VINERIER

Short term view - ILIAD SA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €114.90. The next target is at €88.71, then €78.81. Passing €130.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ILIAD SA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 114,90 € prochainement. Le prochain objectif est à 88,71 €, puis 78,81 €. Le franchissement de 130,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ILIAD SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €88.71, then €78.81. Passing €130.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ILIAD SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 88,71 €, puis 78,81 €. Le franchissement de 130,50 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Medium term view - ILIAD SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €89.54, then €73.31. Passing €151.26 would question the continuation of the fall.

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