Bryan Garnier - Orange (ORA) CEO roadshow feedback: the right trend for H2

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Bryan Garnier

Thomas Coudry

CEO roadshow feedback: the right trend for H2

Following H1 results and the roadshow we hosted with the CEO and interim CFO of Orange last Thursday, we reaffirm our Buy conviction on the stock with an unchanged TP at EUR13, pointing to 25% upside. H1 2023 is not fully representative of the good trends ahead, and we remain very confident in the

31/07/2023 1 EN

Underlying

Orange

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Provider

Bryan Garnier

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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Analysts

Thomas Coudry

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CEO roadshow feedback: the right trend for H2

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

European Telecoms for 2026 Industry action required for further outperformance

Orange (Buy, TP: €17, +24%) Spain buy-in, target increases to €17, +24%; on EFCF per share, Orange could be worth >€21, +58%

Discontinuing Coverage Ahead of Stifel Integration

Discontinuing Coverage

Alfen: H1 2025 results, mid-term outlook lowered

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