ORANGE BELGIUM - Regulator’s change of course prompts strategy rethink
We have lowered our EBITDAaL forecasts for Orange Belgium by 3-5% factoring in the implications of the draft decision by the CRC and the impact of the Corona outbreak. We think the regulator’s update on cable wholesale tariffs may accelerate network investments by Orange Belgium, including a potential revamp of its fiber ambitions through, for instance, co-investment with Proximus. Following our downward estimate revisions and a higher risk of future capex increases, we lower our TP to € 23 (from € 27). We reiterate BUY as we still think Orange Belgium is fundamentally undervalued whilst offering a great balance of growth and stability in our view.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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