Orange Reports Solid 1H Results, With France Returning to Revenue Growth; Shares Undervalued
Orange reported solid first-half results, as it reported first-half revenue growth of 1.1% versus our full-year projection of 0.6%. We are particularly pleased to see the French operation increase revenue (up 0.5% in the second quarter) for the first time since 2009. Orange has been steadily expanding its wireless base in France for the past couple of years, but price declines have prevented subscriber growth from leading to revenue growth. We have long predicted revenue growth would return to F...
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