New Street Research - Orange (ORA) Feedback from call with Orange IR on French pricing - back book increases might offset front book changes Orange (Buy, TP: €14, +51%) Altice France - Most Preferred Iliad - Equal Weight

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New Street Research

Russell Waller

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Feedback from call with Orange IR on French pricing - back book increases might offset front book changes Orange (Buy, TP: €14, +51%) Altice France - Most Preferred Iliad - Equal Weight

We hosted a call with Orange IR to discuss the pricing environment. Watch a replay of the call HERE. We provide a summary of the call in this short piece. Interestingly, it looks as though SFR has lifted some of its back book prices for some of its customers.

04/07/2024 1 EN

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Orange

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New Street Research

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
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Pan European Telecom Services and Cable

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Russell Waller

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Feedback from call with Orange IR on French pricing - back book increases might offset front book changes Orange (Buy, TP: €14, +51%) Altice France - Most Preferred Iliad - Equal Weight

Mas Orange (Equal weight) Q3 24: Acceleration in SR and EBITDAaL growth

Orange (Buy, TP: €14.3, +40%) Q3 24: Solid EBITDAaL, encouraging France SR outlook statements

EU TELECOMS REFRESH: Can the outperformance continue?

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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