Report Overview


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Iliad FY 2008 headline KPIs and 4th 3G licence bid


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In Q4 2008 Iliad added 100,000 subscribers in a slowing French broadband market.
A restructured 4th 3G licence call for tender is now expected in March, with a cost of €206 million for a 2x5MHz spectrum block, which Iliad is expected to bid for.
We remain sceptical that Iliad will earn a return from this, with the 3G-only business model challenging even with a reduced licence cost and restricted network rollout.