New Street Research - Orange (ORA) Orange (Buy, TP: €18.9, +7%) New EFCF guide justifies a Buy – more to come too

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New Street Research

Russell Waller

EUR 8466.00 For Business Accounts Only

Orange (Buy, TP: €18.9, +7%) New EFCF guide justifies a Buy – more to come too

Orange presented its vision for the next 3 years in Paris today. We attended, and give our initial thoughts in this short piece. In summary, we are Buyers of Orange, and heard enough to stay long-term positive on the name (even ex M&A). The cash story we wrote about at the time of the MasOrange (MO) buy-in (HERE) is coming through.

19/02/2026 1 EN

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Orange

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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Orange (Buy, TP: €18.9, +7%) New EFCF guide justifies a Buy – more to come too

Orange (Buy, TP: €18.9, +12%) Q4 25: Set-up nicely ahead of tomorrow’s CMD – repair now 8% in the Ora price

Altice France bonds (Equal Weight) Altice France equity (Neutral, TP: €13, -20%) Bouygues (Buy, TP: €56, +25%) Iliad (Equal Weight) Orange (Buy, TP: €18.9, +30%) French M&A: Negotiations for SFR ongoing – due diligence now happening

Cellnex (Buy, €34, +8%) Q4 25: Highest organic tenancy growth for 7 years

Proximus (Neutral, TP: €8.3, +0%) Q4 25 and CMD Quick Take: Dividend cut; long-term FCF looks better

SBA Communications 4Q25 Quick Take: SATS Lawsuit filed, not so much excitement expected in ‘26E

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