Iliad: The wild child comes of age: thank you Orange!BUY Coverage initiated, Fair Value EUR270 (+24%)
We are initiating coverage of Iliad with a Buy recommendation and a fair value of €270, assuming the materialisation of the merger between Orange and Bouygues Telecom. In this consolidation, we essentially see value in the effects of a ‘market repair’ leading to reduced promotional intensity in the market. This merger also enables Free’s prospects to be secured on the issue of the roaming contract with Orange and the deployment of its mobile network.
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