New Street Research - Orange (ORA) New Street: Orange (Buy, TP: €15.0, +35%) IR meeting feedback - Continued focus on FCF will offset headwinds

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New Street Research

Russell Waller

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New Street: Orange (Buy, TP: €15.0, +35%) IR meeting feedback - Continued focus on FCF will offset headwinds

We recently met Orange IR in London. We are Buyers of Orange, and heard some supportive things for the Buy case, but there are also some headwinds that will need to be ameliorated.

30/06/2022 1 EN

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Orange

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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
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
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Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Russell Waller

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New Street: Orange (Buy, TP: €15.0, +35%) IR meeting feedback - Continued focus on FCF will offset headwinds

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

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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