Iliad: Bryan Garnier adjusts target price
(CercleFinance.com) - Bryan Garnier has confirmed its "buy" rating on the Iliad stock, although has trimmed its fair value from 205 euros to 202 euros, the day after the announcement of the operator's Italian offer, which it thinks is definitely disruptive and for which it expects a successful launch.
The broker has raised its target market share by 2% to 13%, although has reduced its estimate for average revenue per user (ARPU) by 30%, reducing the Italian contribution to the share's fair value from 10 euros to 7 euros.
It says in its report, "More than ever, we believe more significant value creation might come from a future launch in fixed."
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker has raised its target market share by 2% to 13%, although has reduced its estimate for average revenue per user (ARPU) by 30%, reducing the Italian contribution to the share's fair value from 10 euros to 7 euros.
It says in its report, "More than ever, we believe more significant value creation might come from a future launch in fixed."
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.