New Street Research - Orange (ORA) Orange (Buy, TP: €13.6, +36%) CMD Q4 22: Good numbers, credible FCF and DPS growth targets

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New Street Research

Russell Waller

EUR 8824.00 For Business Accounts Only

Orange (Buy, TP: €13.6, +36%) CMD & Q4 22: Good numbers, credible FCF and DPS growth targets

Orange reported Q4 results yesterday and held a CMD in Paris that we attended. The results were good (+1.6% beat at revenue, +0.6% beat at EBITDA), but obviously overshadowed by the CMD, where Orange outlined its new medium-term vision.

17/02/2023 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
Pan European Healthcare
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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Orange (Buy, TP: €13.6, +36%) CMD & Q4 22: Good numbers, credible FCF and DPS growth targets

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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