All beautiful brand new title same Cheuvreux

It is tomorrow that Neuf Cegetel will detail the terms of its introduction on the stock market, and in particular its valorisation. The operator has to do a dozen studies of financial analysts. The majority come from the 9 banks responsible for the rating. But "independent" studies were also written by Oddo, Dresdner Kleinwort, UBS or New Street. These studies are very largely positive. They underline the character "unavoidable" from the ex-LDCom, the acceleration of its profitability, the critical size, the judicious acquisition of AOL and experienced management. "The CEO Jacques Veyrat has excellent market experience and understanding," commended Goldman Sachs. "All beautiful, brand new" title same Cheuvreux. The studies are reviewed the key issues faced by the operator.

Growth: it was 3 in the first half of 2006 (pro forma). But the operator promises an acceleration and provides "combine the pattern of growth of an alternative operator and the size of an historical operator." Most of the analysts predict a growth of 5 to 6.4 in the years to come. At the two extremes, Exane provides even 8, but JP Morgan only 3.2. For Ixis, "Neuf Cegetel cannot be regarded as a value of growth to only reading of its turnover, unlike Iliad".

Traditional telephony: it represents 47 of the turnover, but it is declining: in the first half of 2006, net sales declined by 10.6 and the number of public clients of 17.6. The operator did not deflects the subject: he has spent a transparent Conference September 8 analysts. But, for most of the analysts, this decline will be more than offset by the growth of ADSL or mobile. It will be also slowed by a resale of the subscription offer launched this fall. New Street, however, "the current importance of the dial-up voice (traditional) means that the medium and long term growth is lower than that of comparable operators." "This also applies to the gross operating surplus, and means that a discount should be applied by sector and Iliad report."

ADSL: the key element of recovery is the public branch, in particular the ADSL. In this area, "Neuf Cegetel did not hesitate to temporarily sacrifice its margin to grow its subscriber base, explains Oddo." "But, on the last quarters, the acquisition policy was relatively moderate." Between 2004 and the first half of 2006, the operating margin of the public branch is thus passed 39 to 1. At the same time, however, the market share in the new ADSL customers from 23.4 in the second half of 2004 to 13.6 in the second quarter of 2006. But all analysts promise a rebound: Oddo predicted that nine capture 17 to 20 of new subscribers ADSL, Exane and Cheuvreux 18.

Mobile phone: "We are not a niche player" in this sector, said the operator to the analysts. For him, "the regulatory environment is favourable for virtual mobile operators (MVNO), and wholesale offerings (made by mobile operators) are attractive." The MVNO, launched in April, "that has 10,000 customers at the end of June", said Dresdner. What is "a part of conquest of about 5 in the second quarter," adds Cheuvreux. Note that two thirds of the MVNO customers were already existing clients of nine. But some analysts promise a bright future in the MVNO: UBS provides that it will catch 25 of customers recruited by all MVNO.

Wholesale retail operators: selling wholesale ADSL Internet access providers "becomes" stable, says the operator, as "Alice and Club Internet migrate to their own network. In the first half of 2006, this activity increased by 15 in value but decreased by 7 in volume. But Exane, UBS and Oddo rely on sales of ADSL to SFR to counteract this trend.