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
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Pan European Telecom Services and Cable

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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

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

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