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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe N.V.    ATC   NL0011333752

ALTICE EUROPE N.V.

(ATC)
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France's Iliad considers mobile towers sale to ease cash crunch

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03/19/2019 | 05:20am EST
Thomas Reynaud, CEO of French broadband Internet provider Iliad, attends the company's 2018 annual results presentation in Paris

PARIS (Reuters) - French telecoms operator Iliad is sounding out funds to buy part of its mobile towers business as it seeks to raise cash after heavy promotions hit its sales in 2018.

By Mathieu Rosemain and Gwénaëlle Barzic

Iliad burned through 1.44 billion euros (1.2 billion pounds) in cash in 2018, twice as much as in 2017, and has lost half of its market value over the last year.

Shares in the firm, controlled by billionaire Xavier Niel, were down by 1.1 percent at 1015 GMT on Tuesday, as analysts focussed on a cut to its 2020 cash flow target.

Iliad aims to generate cash flow of more than 800 million euros next year and around 1 billion euros in 2021. It had previously aimed for around 1 billion euros in 2020.

The group has shaken up the French mobile market since 2012 with low-cost services, but is now facing aggressive fixed and mobile discounts from French rivals Altice Europe's SFR, Bouygues Telecom and Orange.

It lost about 250,000 mobile subscribers and 93,000 broadband clients in France in 2018, while at the same time investing hundreds of millions of euros in Italy, where it is building a mobile infrastructure from scratch.

Despite the challenging environment, Iliad said it had increased its core operating profit margin in France to 37.9 percent in 2018, from 36.6 percent a year earlier.

But with high spending expected for the deployment of the next generation of mobile technology, Iliad mentioned a possible partnership with "an investment fund" for its mobile infrastructure, without elaborating further.

"No decision has been taken yet," Chief Executive Officer Thomas Reynaud said in reference to the possible asset disposal.

Altice and Bouygues Telecom both sold part of their networks to fuel investments in high speed mobile and fixed technology.

"We are confident that we're at the start of a growth cycle," Reynaud said, insisting that the subscription losses were concentrated on entry-level offers.

The group's new high end set-up box with luxury audio speakers and embedded video applications, seduced about 100,000 clients in two months. The impact of the sales has not yet materialized in the company's accounts.

Iliad, which is due to hold an investor day in mid-April, said consolidated revenues in France were down by 1.9 percent to 4.77 billion euros.

(Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Sudip Kar-Gupta and Alexander Smith)

By Mathieu Rosemain and Gwénaëlle Barzic

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. 0.93% 5.232 Delayed Quote.204.77%
ALTICE USA, INC. 2.72% 26.1 Delayed Quote.57.99%
BOUYGUES -0.32% 37.65 Real-time Quote.20.52%
ILIAD 0.22% 114.65 Real-time Quote.-6.73%
ORANGE 0.52% 13.4 Real-time Quote.-5.79%
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Financials (EUR)
Sales 2019 14 625 M
EBIT 2019 4 410 M
Net income 2019 1 963 M
Debt 2019 30 643 M
Yield 2019 -
P/E ratio 2019 3,30x
P/E ratio 2020 -30,3x
EV / Sales2019 2,52x
EV / Sales2020 2,46x
Capitalization 6 183 M
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Technical analysis trends ALTICE EUROPE N.V.
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 6,08  €
Last Close Price 5,18  €
Spread / Highest target 209%
Spread / Average Target 17,3%
Spread / Lowest Target -61,4%
EPS Revisions
Managers
NameTitle
Alain Weill Chief Executive Officer & Executive Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
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