Orange Belgium: Breaking out of low growth mode
We have raised our EBITDAaL forecasts for Orange Belgium by 5-9% factoring in the draft publication by the regulators of the wholesale access tariffs for the cable networks, the announcement of the mobile network sharing agreement with Proximus, the launch of its new dual-play offer “Love Duoâ€, the acquisition of BKM and the strong 2Q19 results release. After having faced many years of MVNO revenue losses and regulatory headwinds, we believe investors can have confidence in the strength of Orange Belgium’s underlying business, driven by fundamental growth of mobile service revenues and improved cable economics. Over 2018-2021, we expect an EPS CAGR of 21%. We raise our TP to € 26 (from € 23) and reiterate BUY.Orange Belgium is a telecommunications operator in Belgium. Co. provides a range of products and services to the residential and business markets, including mobile telephony, fixed telephony, fix data, Asymmetric Digital Subscriber Line. Co.'s Belgium segment is divided into two operating units: Mobile as well as Fix voice data. Co.'s Mobile operating unit provides mobile phone equipment and services to residential and corporate customers, while Co.'s Fix voice and data operating unit provides fix voice, data and internet services to residential and corporate customers.
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