New Street Research - Orange (ORA) Orange (Buy, TP: €14, +28%) Q1 24: Good results; French KPIs not a worry, SR trends unchanged

Report

New Street Research

Russell Waller

EUR 9599.00 For Business Accounts Only

Orange (Buy, TP: €14, +28%) Q1 24: Good results; French KPIs not a worry, SR trends unchanged

Orange has reported a solid set of results, with EBITDA c+0.4% ahead of consensus. Guidance has all been reiterated, and cost synergy numbers for Spain have been lifted (with new additional revenue synergy numbers given, that are based on intra-company churn switching data, which makes it plausible some could be delivered in our view).

24/04/2024 1 EN

Underlying

Orange

See profile

Provider

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

See profile

Analysts

Russell Waller

Other Reports on these Companies

New Street Research

Mas Orange (Equal weight) Q3 24: Acceleration in SR and EBITDAaL growth

MasOrange (MA) has reported a good set of numbers, subs continue to grow nicely, and SR and EBITDA growth has accelerated (77% of FY24 synergies have been delivered already).

EUR 9599.00

October 24, 2024 October 24, 2024 1 EN

New Street Research

Orange (Buy, TP: €14.3, +40%) Q3 24: Solid EBITDAaL, encouraging France SR outlook statements

Orange has reported a very solid set of results, with Telco EBITDA c+0.3% ahead of consensus.

EUR 9599.00

October 24, 2024 October 24, 2024 1 EN

New Street Research

EU TELECOMS REFRESH: Can the outperformance continue?

When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.

EUR 9599.00

September 26, 2024 September 26, 2024 1 EN

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

Yesterday the DOJ filed its proposed remedies in the Search antitrust case. The recommended divestiture of Chrome drew most of the headlines. And while potentially very negative for GOOGL (as are all proposed remedies), we don’t believe it is the most impactful to the market for general search services.

EUR 9599.00

10h / 5m 10h / 5m 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS: DBS merger breaks

According to press reports, TPG will call off the merger today. For the merger to proceed, bondholders needed to agree to a debt exchange. Apparently, they have rejected the exchange. Our quick thoughts in this brief note.

EUR 9599.00

18h / 56m 18h / 56m 1 EN

Jonathan Chaplin

Jonathan Chaplin

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

In this iteration of “Broadband Trends” we update our FWA capacity forecast. We also touch on early signs that demand for FWA may be limited, which could prevent mobile operators from reaching capacity limits (or force them to work harder to get there). This could have a big impact on the pace of Cable subscriber growth. Finally, we reprise our work on the competitive positioning of the various operators based on relative NPS scores.

EUR 9599.00

19h / 19m 19h / 19m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Orange (Buy, TP: €14, +28%) Q1 24: Good results; French KPIs not a worry, SR trends unchanged

Mas Orange (Equal weight) Q3 24: Acceleration in SR and EBITDAaL growth

Orange (Buy, TP: €14.3, +40%) Q3 24: Solid EBITDAaL, encouraging France SR outlook statements

EU TELECOMS REFRESH: Can the outperformance continue?

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe