Orange: H1 results in line with expectations, France very resilient but Spain slowing down
Orange: (BUY, Fair Value EUR17.2 (+23%))H1 results in line with expectations, France very resilient but Spain slowing down
This morning Orange published Q2 results globally in line with expectations. In a very competitive environment, France is still proving very resilient, posting EBITDA above expectations, while Spain is experiencing a significant slow down. All guidance confirmed.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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