Iliad’s earnings before interest, tax, depreciation and amortization have suffered a 20% hit in two years due to Italian losses, JPMorgan Cazenove says, while its French business outlook is improving thanks to a better pricing environment. “Our bottom-up cost analysis suggests Ebitda losses will remain material even over the medium-term and that consensus estimates are too optimistic,” the brokerage says as it expects Iliad’s Ebitda to come 5% to 10% below consensus. On the other hand, in France, Iliad should post high single-digit mobile-service revenue growth in its third quarter, it says.