New Street Research - Orange (ORA) New Street: Orange (Buy, TP: €15, +41%) Tariff changes in Spain - how will they impact the Orange-Masmovil deal - Our Take

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New Street Research

Russell Waller

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New Street: Orange (Buy, TP: €15, +41%) Tariff changes in Spain - how will they impact the Orange-Masmovil deal - Our Take

In the last few days, several of the low-end non Orange/Masmovil brands have started to discount price per GB and fixed broadband speed aggressively in Spain, in what seems like a reaction to the Orange/Masmovil deal (trying to take share with Orange/Masmovil both distracted by the merger/having lowered commercial activity).

22/03/2022 1 EN

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Orange

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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New Street: Orange (Buy, TP: €15, +41%) Tariff changes in Spain - how will they impact the Orange-Masmovil deal - Our Take

Orange (Buy, TP: €15.4, +24%) Q1 25: Solid numbers, guidance reiterated

EU TELCOS: What a recessionary scenario might look like

M&A policy update – thoughts from Brussels and London with Pablo Asbo

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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