New Street: Orange (Buy, TP: €14.0, +44%) Q3 21: +4.5% y/y EBITDA growth ex co-financing w/sale drag - Quick Take
Orange has reported a solid set of Q3 numbers, with an improvement in the key French and Spanish retail SR trends. Headline French revenue numbers are weak thanks to wholesale (one-off co-financing revenue that should be looked through), but French retail revenues are actually ahead of consensus expectations – ex the wholesale drag, group EBITDA growth is an impressive +4.5% y/y.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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