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Iliad Spread Curve Flattens On Strong Looking Results

COMMUNICATIONS


  • EUR spreads mixed on the day; EUR 25s ~3bps wider, EUR 30s ~4bps tighter.
  • Illiad revealed FY rev +10.4% YoY (Q4 +11% YoY) led by +14.5% in Italian revenues (+20% YoY). FY EBITDAal was +4.2% on the back of strong growth in France (+4.6%).
  • FY CapEx of EUR 2bn was 22% of revenues (down 7.1% on a like for like basis) while FCF rose nearly 23% to EUR 1.43bn. Leverage fell to 3x from 3.2x at FY22 on the EBITDAal growth.
  • Can’t see any consensus figures but the results look strong in isolation; the growth in Italian revenues shows the inroads made in that market and the competitive pressure faced by incumbents.

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