New Street: Orange (Buy): 2020 dividend cut, 2021 back up?
Orange has announced that it is cutting its 2019 dividend from €0.7/share to €0.5/share due to Covid uncertainty. We are Buyers of Orange, and a cut in the dividend makes no difference to the SOP value, but it is clearly a key part of the equity story, and Orange shares will now have to find a new floor, but the company hinted very strongly on the call that the cut would be ideally be temporary.Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.
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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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- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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