Orange (Buy, TP: €14.0, +30%) Q2 23: In-line at the group, but weak France offset by Spain
Orange has reported an in-line set of Q2 numbers, but within the mix, France EBITDA is weak, and although this is offset by other high multiple businesses (Spain and ICSS), new language for H2 outlook in France implies a modest (c1.5%) cut to consensus France EBITDA for FY23. Group FY EBITDA guidance has been reiterated, implying the miss will be offset fully for the full year as well.
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