Orange Belgium (Neutral, TP: €19, +13%) H2 22: Good results, 2023 guidance ahead of consensus
OBEL has reported a good set of numbers, with retail revenue +3.3% ahead of consensus (and with improving trends) and EBITDA +6.1% ahead. 2023 guidance is for EBITDA +1.5% ahead of consensus and OpFCF c6% ahead. Despite the good results and guidance, given the new entrant risk, the lack of liquidity, the execution risk around VOO, and the high multiple we have a Neutral ratingOrange 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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