New Street Research - Orange (ORA) Orange (Buy, TP: €14.3, +40%) Q2 24: EBITDAaL beat, some guidance upgraded, French KPIs and SR outlook good

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New Street Research

Russell Waller

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Orange (Buy, TP: €14.3, +40%) Q2 24: EBITDAaL beat, some guidance upgraded, French KPIs and SR outlook good

Orange has reported a very solid set of results, with Telco EBITDA c+0.7% ahead of consensus. AME and Europe EBITDAaL guidance has been lifted, but Group EBITDAaL guidance has been left unchanged, as the delta in AME and Europe is not yet big enough to move the Group numbers.

24/07/2024 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: €14.3, +40%) Q2 24: EBITDAaL beat, some guidance upgraded, French KPIs and SR outlook good

EU TELECOMS REFRESH: Can the outperformance continue?

EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage on Axian Telecom and Liquid Intelligent Technologies, plus VEON, IHS Towers & Helios

African Telcos - Catch Back: Headwinds easing, many markets to 2 players, recapture of some hard dollar revenue likely - AAF top pick, Vodacom to Buy

Meta Platforms (META, Buy, $595 target) The long-term strategic rationale for Metaverse? Disintermediate AAPL and GOOGL

Tesla Deliveries: China drives growth; steady share gains in the rest of the world

Verizon & AT&T Model and Valuation Updates

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