New Street: Orange (Buy, TP: €14.0 +47%) Q3 22: Solid numbers, 22 and 23 FCF on track - Quick Take inc call feedback
Orange has reported a solid set of Q3 numbers that are in-line with consensus expectations, and has reiterated all guidance; guidance does still include a 21-23 EBITDA CAGR given in 2019 that implies an acceleration in EBITDA to c+4% in 2023 if the 21-23 CAGR is to be met, but the waterfall for EBITDA deltas for 2023 given on the call implies that the +4% won’t be hit – and this seemed to worry some
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