Natixis - TMT : TMT BI MONTHLY Orange: upbeat Q3-18 - still tough competitive environment in France and Spain

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Natixis

Benoît Maynard

TMT : TMT BI MONTHLY Orange: upbeat Q3-18 - still tough competitive environment in France and Spain

Q3-18 results published yesterday by Orange came in very slightly above expectations. In France and Spain competition remains very fierce, with aggressive as well as recurrent promotions. As regards the recurrent issue of a market consolidation in France, we found Orange to be rather more resolute than in the past. As regards content, Orange has largely stuck to its guns, the operator still looking to curb investments in content and to remain focused on its role as an aggregator/broadcaster.

25/10/2018 7 EN

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Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

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Analysts

Benoît Maynard

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TMT : TMT BI MONTHLY Orange: upbeat Q3-18 - still tough competitive environment in France and Spain

Fine-tuning our Fed Call: No need to skip October

Labor market treads water in a choppy sea

Euro area April flash inflation: core inflation unexpectedly rose in April

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