Orange strategy moves forward with its fibre rollout and cost-cutting ahead of schedule.
Orange reported solid third-quarter results in revenue and margins, and we are maintaining our narrow moat rating and fair value estimates of EUR 17 per local share and $20 per ADR. We believe the stock is undervalued. The firm reported revenue growth on a comparable basis of 0.9% versus our full-year projection of 0.6%. For the second straight quarter, Orange grew its revenue in France (0.2%), which accounts for 44% of the firm’s revenue. While mobile service revenue declined 1.6%, this was mad...
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