Iliad: Bryan Garnier still a buyer, but cuts target price
(CercleFinance.com) - Bryan Garnier has reinstated its "buy" rating on the Iliad stock, although has cut its fair value from 245 euros to 230 euros, integrating more "conservative" short-term assumptions for Free's parent company.
The broker considers that the investment case remains the same the day after the group's results publication, "although the path to cash flow generation could appear more challenging given the current competitive context".
"Now that the Italian launch and new Freebox catalysts are finally in sight, we believe the current share price provides a good entry point," the broker continues.
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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 considers that the investment case remains the same the day after the group's results publication, "although the path to cash flow generation could appear more challenging given the current competitive context".
"Now that the Italian launch and new Freebox catalysts are finally in sight, we believe the current share price provides a good entry point," the broker continues.
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.