Bryan Garnier - Orange (ORA) Feedback from RS with CFO: delivering the 2025 plan

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Bryan Garnier

Thomas Coudry

Feedback from RS with CFO: delivering the 2025 plan

Following the roadshow we hosted with the group's new CFO Laurent Martinez last week and our latest discussions ahead of Q3 results, we reaffirm our Buy conviction on the stock with an unchanged PT at EUR13, pointing to 18% upside. Laurent Martinez, who officially joined Orange in early September,

11/10/2023 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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Feedback from RS with CFO: delivering the 2025 plan

Orange (Buy, TP: €14, +28%) Q1 24: Good results; French KPIs not a worry, SR trends unchanged

Orange Masmovil approval: A good outcome. A compliant EC? More M&A to come

Orange (Buy, TP: €14, +30%) Q4 23: Good results and guidance; positive comments on capex and Digi MVNO deal

Carbios: Creation of a 100% biorecycled bottle with L'Occitane

Fashion: a wet spring but blooming publications

Cybersecurity: investing in the platformisation era

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