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.
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.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
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
>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...
>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...
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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