Iliad: Oddo welcomes acquisition of Play

(CercleFinance.com) - Oddo BHF reinstates its "buy" rating on the Iliad share, along with its target price of 210 euros, the day after telecom group's announcement of its acquisition of the Polish operator Play, which the broker considers to be a nice deal.


While it acknowledges that this acquisition "could surprise", the analyst believes that the opportunity seems to fit perfectly in line with the Iliad story, adding that it through the deal it is acquiring a company that makes FCF, in addition to being bought at a fairly reasonable price.

Analysts say that their initial calculations lead us to estimate value creation of about one billion euros, corresponding to incremental FCF of over 100 million euros, net of the cost of funding and future rents on the towers that will be transferred.


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