Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ILIAD SA. We currently have 5 research reports from 1 professional analysts.
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The strategy to move customers toward the €20 plan has been working
16 Nov 16
Q3 revenues were up by 6.5% yoy, but above all by 2.5% qoq: a good number as its qoq growth was only 0.5% in Q2 and 0.7% in Q1. If we look at the breakdown: - on the Mobile side: revenues were up by 12.5% yoy and by a surprising +5% qoq with, beyond just good recruitment (305k new customers vs +227k for Bouygues Telecom, the two having now the same mobile base at c.12.5m), the fact that many customers have moved from the €2 plan to the €20 plan. - on the Fixed side: revenues were up by 2.5% yoy but by exactly… 0% qoq (for the third time running!). So it seems that, on Fixed, Iliad is clearly becoming a… normal telco. In all, a good release on the Mobile side and a standard one on Fixed.
Still deserves a little premium
06 Sep 16
Q2 revenues were up by 6.1% yoy to €1.15bn. This increase breaks down as follows: +10.7% for the Mobile side and +2.9% for the Fixed. But, note these revenues are up by only 0.5% qoq (vs Q1) and by 0.7% compared to Q4 15. The growth is indeed slowing down and the H2 performance could be significantly lower. As for EBITDA, the group, as usual, does not give a breakdown by segment. But, nonetheless, H1 EBITDA has grown by 11.5% yoy and, if we retain a 47% margin for the Fixed activities, the Mobile margin was indeed around 20% in H1: an impressive number (a little bit above that of Bouygues Telecom at 18%!).
Solid growth in Q1
17 May 16
Q4 revenues were up by 6.6% yoy to €1,145m. This increase breaks down as follows: +10.4% for the mobile side and +3.9% for the Fixed. Even if they are perfectly flat qoq, these numbers are quite solid (and better than in Q4 which had already recorded a correct growth of 4.6% yoy).
An impressive EBITDA in H2
10 Mar 16
Q4 revenues were up by 4.6% yoy but above all they were up by nearly 3% qoq, quite a good performance, reflecting a clear recovery in H2 after a disappointing H1 (with a revenue decline of 1.6% qoq in Q1 and a very slight growth of only 0.9% qoq in Q2). Although the mobile growth is logically slowing (+7.2% yoy in Q4 vs 13.3% for the whole year and a trend at +30% yoy a year ago), the Fixed business remains very solid with 2.8% yoy growth in Q4 (Fixed revenues grew by only a poor 0.5% yoy in H1). As for EBITDA, the group, like in the release of its 2014 results, has decided not to give its breakdown by segment (quite a shame for a group which has gained market shares by breaking prices on the mobile side!). But nonetheless the H2 EBITDA has grown by 16% yoy and if we retain a 45-46% margin for the Fixed activities, the Mobile margin was indeed 18% in H1: an impressive number (similar to that of Bouygues Telecom!) only five years after the commercial launch of these activities. The number of mobile customers is up by 15.6% yoy at end December (and up by 3.3% qoq). Therefore the mobile revenue growth of 7.2% reflects an unexpected… increasing mobile ARPU.
Poor revenue growth qoq but probably an accurate mobile EBITDA margin
31 Aug 15
Q2 revenues were up by 7% yoy but, although Mobile revenues increased by 17.6% yoy, Fixed revenues were up by only 0.6% yoy (remember they were already perfectly stable yoy in Q1). Note also Q2 revenues are indeed up by less than 1% qoq (remember that in Q1 for the first time in Iliad’s story, they were down by 1.7% qoq). The number of mobile customers is up by 20.1% yoy at end June (and up by 3.8% qoq). Therefore the mobile revenue growth of 17.6% reflects a still declining mobile ARPU (now under €14 per month). As for EBITDA, the group, like in the release of its 2014 results, has decided not to give its breakdown by segment (quite a shame for a group which has gained market shares by breaking prices!). The H1 EBITDA has however grown by 16.2% yoy and if we retain a 45% margin for the Fixed activities, the Mobile margin was indeed 15% in H1: a much better number than the poor 10% we were expecting.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
A Good Deal of Potential
07 Dec 16
The Millstream acquisition should generate substantial shareholder value in our view. It boosts adjusted EBIT by c.50% for just a £15.5m price tag, and the complementary customer set and product base create excellent cross selling opportunities. We raise our FY17 adjusted EPS estimate to 7.6p and introduce a FY18 estimate of 9.6p. PROACTIS is building its reputation for intelligent M&A and shrewd organic delivery; we expect to see further delivery on both fronts.