Orange (Buy, TP: €14.0, +21%) Q1 23: Solid numbers, better SR trends to come in France, Spain better already
Orange has reported a solid set of Q1 numbers that are in-line with consensus expectations, and it has reiterated all guidance. Spanish SR growth is finally back in positive territory y/y (positive read-across for Telefonica, as ARPU is good (price increases landing)), and although France KPIs are weak, this is because the price increases have been communicated to customers as per the legal requirement in France; the increases have not as yet impacted the numbers, but despite this, y/y SR trends are unchanged sequentially in France. Trends here should accelerate as the year progresses.
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