New Street: Orange (Buy, TP: €15.0, +50%) Could benefit by 24% from M&A in Spain, France & the Towers space
M&A fever is well and truly back in Europe. Recent comments from Orange (and Vodafone) about deals in Spain, the Towers space and in France have fuelled that speculation. In this note, we look at the potential net upside to Orange if deals are done in these three areas. In total, Orange could be set to benefit by up to c24% - but outcomes will vary depending on deal type and structures etc.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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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
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- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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