Report
Thomas Coudry

ORANGE: Q1 2021 marking the start of retail – wholesale rebalancing | BUY | EUR12(+14%)

ORANGE - BUY | EUR12(+14%)
Q1 2021 marking the start of retail – wholesale rebalancing

Q1 results fully in line with expectations
Pressure on French wholesale offset by retail
Underlying
Orange

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.

Provider
Bryan Garnier
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.

Analysts
Thomas Coudry

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