Report
Russell Waller

New Street: Orange (Buy): France rural FTTH deal – 50% stake sold for 100% EV of €2.7bn; >30x EV/EBITDA

Orange has announced that it has sold a 50% stake in Orange Concessions (its rural FTTH roll vehicle) to a consortium of Banque des Territoires (Caisse des Dépôts), CNP Assurances and EDF Invest.
Underlying
Orange SA

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.

Provider
New Street Research
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
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Analysts
Russell Waller

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