Bryan Garnier - Orange (ORA) Heading for a strong 2023, with a gradual improvement over the year

Report

Bryan Garnier

Thomas Coudry

Heading for a strong 2023, with a gradual improvement over the year

We have updated our 2023-2025 forecasts, bringing us fully in line with the group's guidance, and taking our PT up to EUR13 vs EUR12.5. EBITDA growth should be limited in Q1, but is expected to accelerate over the course of the year. Organic cash flow is expected to grow 15.5% to EUR3.5bn in 2023,

19/04/2023 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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Heading for a strong 2023, with a gradual improvement over the year

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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