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.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
N+1 Singer - NCC Group - Rebuilding credibility from a sound base
24 Jan 17
NCC’s interim results last week held few surprises. The group issued a detailed trading update in December, giving full details of H1’17 trading and the impact of the contract losses/deferrals seen in the period. We make no major changes to our P&L forecasts today and retain our fundamentally positive view on the stock. The announcement that Paul Mitchell intends to step down as Chairman comes shortly after the appointment of Brian Tenner as CFO. We see the refreshed exec team as part of a wider renewal of the investment case, which will continue with the capital markets day next month. We believe that NCC remains a highly attractive asset and retain our Buy recommendation with a target price of 237p.