New Street Research - Orange (ORA) Orange (Buy, TP: €15.8, +19%) MasOrange (Equal Weight) It’s not all about French MA (although that should help)

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New Street Research

Russell Waller

EUR 8757.00 For Business Accounts Only

Orange (Buy, TP: €15.8, +19%) MasOrange (Equal Weight) It’s not all about French M&A (although that should help)

We have been long-term Buyers of Orange, and are pleased about the YTD share price performance (+37% vs the sector +10%). Some of that outperformance is probably due to the prospect of French market repair (France is 56% of the value), but actually it is the Spanish and AME divisions that cause our target to rise to €15.8 from €14.9 post the Q2 results.

01/08/2025 1 EN

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Orange

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Analysts

Russell Waller

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Orange (Buy, TP: €15.8, +19%) MasOrange (Equal Weight) It’s not all about French M&A (although that should help)

Orange (Buy, TP: €14.9, +14%) Q2 25: EBITDA guidance lifted thanks to AME

Altice International (Equal Weight) Sale process Hot-ting up in Israel

LUMN 2Q25 Results Review: Solid financials; FCF guidance increased

SATS: Quick thoughts following the 2Q25 Call

SATS 2Q25 Quick Take: Slightly soft results; no spectrum updates, but big LEO news

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