May 30, 2024 09:17 GMT
Iliad Posts Strong Q1 Results; Bonds Muted
COMMUNICATIONS
- Q1 revenue +11.2% YoY; double digit growth across France, Poland, Italy
- EBITDAal +12.2% YoY; double digit growth for France & Italy, 2.5% local FX loss in Poland but favourable FX move brought to 5.5% gain. Net profit +58% YoY.
- OFCF doubled to EUR 460mn; leverage of 2.9x down from 3x at FY23.
- KPIs all stronger; 561k mobile subscriber adds, 137k fixed subscriber adds.
- EUR spreads slightly wider today but broadly muted.
- Holdco 31s (B2/B+/BB-) were issued at end-April at b’mark spread of 437bp vs. our implied FV of 420bp, now streaming at +404.
- OpCo 31s (Ba2/BB/BB) issued the week before at b’mark spread of 296bp vs. our implied FV of 293bp, now streaming at +271.
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