ORANGE: Too early to take profits, we remain Buyers | BUY | EUR12 VS. EUR12.8 (+14%)
ORANGE - BUY | EUR12 VS. EUR12.8 (+14%)Too early to take profits, we remain Buyers
Orange has been a strong relative outperformer YTD. We believe further upside exists, particularly after the recent pull-back ahead of H1 results. FY 2022 numbers are safe, in our view. The upcoming weaker Q2 print is not representative of H2. 2023 headwinds are priced in, as the consensus has moved to the lower end of guidance for the year. We are making no change to our 2022 and 2023 estimates, as we expect an acceleration in earnings and cash flow growth. We have notched down our target price due to a higher WACC. Buy confirmed.
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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