H2 was quite a lot better than H1. In France, the group is no longer losing customers on the mobile side, while it is even regaining Fixed subscribers. It has indeed succeeded in finding its way back to growth. French EBITDA remains solid with an annual margin at 38.8% (vs 37.9% a year ago). As for Italy, given the current trend, the road could indeed be a long one before it earns money. We maintain our Add recommendation.
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Return to 5% revenue growth in France
- Published:
17 Mar 2020 -
Author:
Jean-Michel Salvador -
Pages:
3
H2 was quite a lot better than H1. In France, the group is no longer losing customers on the mobile side, while it is even regaining Fixed subscribers. It has indeed succeeded in finding its way back to growth. French EBITDA remains solid with an annual margin at 38.8% (vs 37.9% a year ago). As for Italy, given the current trend, the road could indeed be a long one before it earns money. We maintain our Add recommendation.