ORANGE: The capital market day came too early | NEUTRAL vs. BUY | EUR16.8 vs. EUR17 (+23%)
ORANGE - NEUTRAL vs. BUY | EUR16.8 vs. EUR17 (+23%)The capital market day came too early
Twofold disappointment…
… unlikely to be offset by back-end loaded expectations
Recommendation downgrade to Neutral for momentum reasons
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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