Orange Benefits From Convergence and Reports Particularly Solid Margins; Shares Remain Undervalued
Orange reported solid third-quarter results with better margins than we anticipated. We are maintaining our EUR 17 per share fair value estimate for the local shares, but are reducing our fair value estimate for the ADR to $18.50 due to recent dollar strength. We maintain our narrow moat rating. The firm reported revenue growth for the quarter of 0.8%, spot on with our full-year projection, but still a bit light for the nine-month period at 0.5%. However, we are pleased with the trajectory, part...
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