New Street: Orange Belgium Q1 20: Odd dividend decision, results OK
Orange Belgium has reported a solid set of Q1 numbers: service revenue is a little light (-1.2% below consensus), but EBITDA is +1.2% ahead, and capex is 6% below, meaning that OpFCF is 13% ahead. Taking the headlines though is a dividend cut: the proposed 2019 dividend of €0.6/share has been cut to €0.5/share.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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