Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.
  • TickerORA
  • ISINFR0000133308
  • ExchangeEuronext Paris
  • SectorFixed Line Telecommunications
  • CountryFrance
Thomas Coudry

ORANGE: Feedback from roadshow: taking off from low point | BUY | EUR12.5 vs. EUR14.9

ORANGE - BUY | EUR12.5 vs. EUR14.9 (+31%) Feedback from roadshow: taking off from low point Fibre: think retail + wholesale Turning around low performing activities: B2B and Spain Dividend and cash flow: brighter prospects ahead Buy confirmed, FV changed to Target Price

Thomas Coudry

Telecom: No room for Conviction Buy among telecom service providers

Telecom No room for Conviction Buy among telecom service providers Monetisation of “flight to quality” and bandwidth still awaited Only Ekinops qualifies for “Conviction Buy”, TIM downgraded New Target Prices

Russell Waller

New Street: Orange (Buy): Feedback from NDR with CFO - Ramon Fernandez

We hosted Orange CFO, Ramon Fernandez, on a Non-deal Roadshow. Please read this report for full Feedback.

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Alexandre Iatrides ...
  • Melek Laabidi

Orange : Deep value or a value trap? Target price unchanged at € 12.3, Buy vs Neutral

>Time to revisit the case? - We downgraded Orange following the investor day at the end of 2019 as we believed that the EBITDAAL performances were set to remain disappointing in France in the quarters to come, that the top-line driver in France, i.e. fibre, was drying up, that the environment was poised to remain adverse in Spain with capex staying higher than the market hoped, and political pressure that remains strong on the dividend theme. In other words, momentu...

Jérôme VINERIER

Short term view - ORANGE : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €14.440.

Jérôme VINERIER

Analyse court terme - ORANGE : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 14,440 €.

Jérôme VINERIER

Short term view - ORANGE : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €13.29. The background trend would be questioned should prices rise above €14.44.

Jérôme VINERIER

Analyse court terme - ORANGE : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 13,29 €. La tendance de fond serait remise en cause en cas de franchissement de 14,44 €.

Valérie GASTALDY

Medium term view - ORANGE : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Thomas Coudry

ORANGE - BUY | EUR17.5 (+17%) Orange set to accelerate in financial services

ORANGE - BUY | EUR17.5 (+17%) Orange set to accelerate in financial services Strong ambitions in diversification, leveraging on core business Orange bank set to keep on growing in Europe, at a cost Africa and Middle East still paving the way in financial services

Thomas Coudry

ORANGE: Feedback from roadshow: taking off from low point | BUY | EUR12.5 vs. EUR14.9

ORANGE - BUY | EUR12.5 vs. EUR14.9 (+31%) Feedback from roadshow: taking off from low point Fibre: think retail + wholesale Turning around low performing activities: B2B and Spain Dividend and cash flow: brighter prospects ahead Buy confirmed, FV changed to Target Price

Thomas Coudry

Telecom: No room for Conviction Buy among telecom service providers

Telecom No room for Conviction Buy among telecom service providers Monetisation of “flight to quality” and bandwidth still awaited Only Ekinops qualifies for “Conviction Buy”, TIM downgraded New Target Prices

Russell Waller

New Street: Orange (Buy): Feedback from NDR with CFO - Ramon Fernandez

We hosted Orange CFO, Ramon Fernandez, on a Non-deal Roadshow. Please read this report for full Feedback.

Alexandre Iatrides ...
  • Melek Laabidi

Orange : Deep value or a value trap? Target price unchanged at € 12.3, Buy vs Neutral

>Time to revisit the case? - We downgraded Orange following the investor day at the end of 2019 as we believed that the EBITDAAL performances were set to remain disappointing in France in the quarters to come, that the top-line driver in France, i.e. fibre, was drying up, that the environment was poised to remain adverse in Spain with capex staying higher than the market hoped, and political pressure that remains strong on the dividend theme. In other words, momentu...

Alexandre Iatrides ...
  • Melek Laabidi

Orange : Deep value ou value trap ? OC inchangé à 12.3 €, Achat vs Neutre

>Est-il temps de revisiter le case ? - Nous avons dégradé Orange fin 2019 lors de l’investor day convaincus que les performances Ebitdaal allaient rester décevantes en France dans les prochains trimestres, que le moteur topline de la fibre en France se tarit, que l’environnement allait rester adverse en Espagne avec des Capex toujours plus élevés que le marché n’espérait pas et une pression politique qui reste forte sur la thématique dividende. Autant dire que d’un ...

Orange: Key Facts and Statistics - H1 June 2019

A summary company profile, detailing Orange’s business operations and financial highlights.

Orange: Update following ratings affirmation

Our credit view of Orange, reflecting its moderate, although sustained, operating performance improvements and the expected increase in adjusted net leverage towards 2.7x by 2021.

Moody's affirms Orange's Baa1 ratings; stable outlook

Rating Action: Moody's affirms Orange's Baa1 ratings; stable outlook. Global Credit Research- 18 Sep 2019. Madrid, September 18, 2019-- Moody's Investors Service has affirmed the Baa1 issuer rating, the Baa1 senior unsecured rating, the Baa1 senior unsecured MTN rating, Baa1 Senior Unsecured Shelf and the Baa3 junior subordinate rating of Orange, France's leading integrated telecommunications operator.

Orange - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Orange: Update to credit analysis - Sustained capex for longer

Our credit view of Orange, reflecting improving operating performance despite increased competitive pressures in the domestic market

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2020

La thèse de la reprise en K est attrayante : le monde appartiendrait aux industries du futur (la croissance), essentiellement digitales et technologiques, avec un « vieux monde » condamné à la relégation (la value). Mais la récente correction des valeurs technologiques nous rappelle que la messe n’est pas dite. Pas de nouveau monde sans le concours de l’ancien (ex pas de Booking.com sans hôtels). Ce dernier attend pour se réveiller la piqûre du vaccin COVID-19. Il profitera alors à pl...

Increased risk weighs on ORANGE SA, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of ORANGE SA (FR), active in the Integrated Telecommunications industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 22, 2020, the closing price was EUR 10.28 and its target price was estimated at EUR 9.45.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Orange – AGM 19 May 2020

ITEMS 3, 16, 21 and A: The company proposes a dividend of €0.50 per share (i.e. €1,330 M) (resolution 3). This is significantly more sustainable for the company than the initial proposal (€0.70 per share). Indeed, in view of the group's future investment needs (particularly in the face of the 5G challenge), but also the need to control or even reduce its debt, this proposal seemed excessive to us, and we therefore prefer the new proposal.   Regarding the share buyback authorization (resolution 16), the company's practice in this area is rather reasonable since 91% of the shares bought back a...

Jehanne Leroy

Orange - Assemblée Général des Actionnaires du 19 Mai 2020

Dividende et rachat d’actions: La société propose un dividende de 0,50 €/action (soit 1 330 M€) (résolution 3). Celui-ci est nettement plus soutenable par la société que la proposition précédente (0,70 €/action). En effet, au regard des futurs besoins en investissements du groupe (notamment face au défi de la 5G), mais également de la nécessité de maitriser voire réduire son endettement, cette proposition nous semblait excessive, et on lui préfère donc la nouvelle proposition. Concernant le rachat d’actions (résolution 16), la pratique de la société en la matière est plutôt raisonnable puisque...

Expert Corporate Governance Service (ECGS)

Orange - AGM 21 May 2019

On 26 April 2019, the Company published a convening notice which included 4 external proposals and one non-voting item.ITEM 3: The Company proposes to increase to €0.70 per share (€ 1,862 million). The dividend will be covered neither by the Group’s earnings per share (€ 0.63) nor by its free cash flows (defined by ECGS as being cash flow – investing cash flow i.e € 954 million). Hence, taking into account future investments that the Company will require (mainly regarding the 5G technology challenge), and its will to maintain or reduce its indebtedness, ECGS chooses to support the employees’ p...

Jehanne Leroy

Orange - Assemblée Générale du 21 Mai 2019

Le 26/04/2019, la société a publié un avis de convocation comportant 4 résolutions externes et 1 point à l'ordre du jour : Dividende : La société propose d'augmenter son dividende à 0,70 €/action (soit 1 862 M€). Celui-ci ne sera donc couvert ni par le bénéfice par action du groupe (0,63 €), ni par les cash flow opérationnels net des cash flow d'investissements (954 M€). Aussi, au regard des futurs besoins en investissements du groupe (notamment face au défi de la 5G), mais également de la nécessité de maitriser voire réduire son endettement, cette proposition nous semble excessive, et on ...

Orange – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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