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French fixed line 2009 corporate results - Venture Insights

Report Overview

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French fixed line 2009 corporate results

PublisherEnders Analysis.
Publish Date March 7, 2010
Sector Fixed Line (Internet and Voice).
Company France Telecoms, Iliad, Orange, SFR.

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Despite the recession, in 2009 the French broadband market added 1.8 million connections to reach 19.6 million, but we expect the deceleration in growth to persist in 2010.

Orange’s leading position weakened further in Q4 2009, despite retail price cuts, and we expect a further decline in market share in 2010, impacting FT’s top-line.

SFR was the star performer of 2009, although its Ebitda margin has improved slightly. Iliad remains the best in class’ in terms of profitability, but must address high churn at Alice. Bouygues’ fixed line début was an impressive splash at a cost.