Orange (Buy, TP: €14.5, +51%) CMD preview: What we think they will say, and what we would like them to say
Orange will hold a CMD on Feb 16th. This will be new CEO Christel Heydemann’s time to shine. In this short piece, we look ahead to the CMD, and outline what we think they will say, and what we would like them to say. The most impactful thing Orange could do in our view is give a dividend glidepath over and above consensus expectations: not too hard, as consensus has a 22-25 CAGR of +3.4%, we are at +5% (but would see a 10% CAGR as having minimal impact to leverage, and would only give Orange a sector average payout ratio).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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.