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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Iliad S.A.    ILD   FR0004035913

ILIAD S.A.

(ILD)
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Iliad S A : Slide-Show

09/21/2020 | 01:20am EST

ACQUISITION OF PLAY

SEPTEMBER 21, 2020

DISCLAIMER

  • This document has been prepared by Iliad S.A. (the "Company") and is being furnished to you solely for your information and personal use.
  • This presentation includes only summary information and does not purport to be comprehensive.
  • The information contained in this presentation has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.
  • None of Iliad S.A., its affiliates or its advisors, nor any representatives of such entities or persons, shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document or any other information or material discussed.
  • This presentation contains forward-looking statements relating to the business, financial performance and results of Iliad S.A. These statements are based on current beliefs, expectations or assumptions and involve unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those described in such statements. Factors that could cause such differences in actual results, performance or events include changes in demand and technology, as well as the ability of Iliad S.A. to effectively implement its strategy.
  • Any forward-looking statements contained in this presentation speak only as of the date of this presentation. Iliad S.A. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based unless so required by applicable law

2

TRANSACTION HIGHLIGHTS

Acquisition of a leading

Play is the largest operator in the Polish mobile market with a 29% market share(1) - 15.0m subscribers

LTM key figures(2): Revenues of 1.6bn, Adj. EBITDAaL of 523m, LTM EFCF of 269m

1

telecom operator in

CAGR service revenue growth of 6.8% (2015-LTM June 2020)

Poland

Net debt / EBITDAaL <2.5x at end-June 2020

Iliad has secured a 40.2% stake via Kenbourne Invest and Tollerton Investments for PLN39.00 per share

Cash tender offer for all Play share capital at the same price

Key terms of the

Offer price of PLN39.00 per share, representing an equity value of 2.2bn and an enterprise value of 3.5bn (for 100%)

2

Offer price represents a 39% premium to last closing price and 33% to the 30-day VWAP(3), premium justified by Play's

transaction

intrinsic quality and value of its passive infrastructure

Transaction with fair multiples: 6.8x LTM EV/EBITDAaL and 9.9x LTM EV/OpFCF pre-synergies

Unanimous support from iliad and Play's boards

3

Announcement of the offer on September 21, 2020

Key dates and next steps

Share subscription period expected to start on October 19, 2020 and end on November 17, 2020

Closing expected on November 25, 2020

A value-creating deal for

Accretive impact on EPS and FCF per share from Year 1

4

Best practice synergies in digitalization, internalization, procurement and Broadband know-how

iliad

Full committed transaction financing, pro forma leverage of 3.2x with solid deleveraging path

5

Play and iliad share the same maverick DNA - two brands with strong consumer support

Strategic fit

A superb opportunity for iliad to accompany Play in its Fixed Convergence journey

Improved Group cash flow generation for iliad

Note: Offer price converted to euro based on FX of 4.4541 as of close of trading on September 18, 2020; net debt converted at period-end spot rate (June 30, 2020); transaction multiples calculated on local currency

basis

3

(1) UKE 2019 Annual Report

(2)

Based on 2020 LTM financials as of Q2-20; Play financials converted to at FX rate of 4.3575, based on the average FX rate for LTM period

(3)

Volume-weighted Average Share Price

VALUE-CREATING DEAL WITH GOOD DNA MATCH

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Iliad SA published this content on 21 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2020 05:19:04 UTC


© Publicnow 2020
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Financials
Sales 2020 5 698 M 6 933 M 6 933 M
Net income 2020 307 M 373 M 373 M
Net Debt 2020 4 958 M 6 033 M 6 033 M
P/E ratio 2020 32,4x
Yield 2020 1,62%
Capitalization 11 117 M 13 533 M 13 528 M
EV / Sales 2020 2,82x
EV / Sales 2021 2,36x
Nbr of Employees 10 681
Free-Float 23,3%
Chart ILIAD S.A.
Duration : Period :
Iliad S.A. Technical Analysis Chart | ILD | FR0004035913 | MarketScreener
Technical analysis trends ILIAD S.A.
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 189,08 €
Last Close Price 158,65 €
Spread / Highest target 57,6%
Spread / Average Target 19,2%
Spread / Lowest Target -17,4%
EPS Revisions
Managers and Directors
NameTitle
Thomas Reynaud Chief Executive Officer, Director & Senior VP
Xavier Niel Chairman & Senior Vice President
Nicolas Emmanuel Jaeger Group Chief Financial Officer
Cyril Poidatz Non-Independent Non-Executive Director
Maxime Lombardini Vice Chairman
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