New Street Research - Orange (ORA) Orange (Buy, TP: €15.7, +35%) Altice France (SFR) (Most Preferred) Iliad (Equal Weight) Feedback from Orange CFO meeting at MWC – French MA hot topic once again

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New Street Research

Russell Waller

EUR 9415.00 For Business Accounts Only

Orange (Buy, TP: €15.7, +35%) Altice France (SFR) (Most Preferred) Iliad (Equal Weight) Feedback from Orange CFO meeting at MWC – French M&A hot topic once again

We were in Barcelona for the MWC this week. Please reach out if you would like to discuss any of the myriad of announcements made there. The biggest Telcos seemed to have focused their fire on in-market consolidation, with comments by the CEOs of Orange, DT and Telefonica.

05/03/2025 1 EN

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Orange

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New Street Research

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Pan European Telecom Services and Cable

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Russell Waller

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Orange (Buy, TP: €15.7, +35%) Altice France (SFR) (Most Preferred) Iliad (Equal Weight) Feedback from Orange CFO meeting at MWC – French M&A hot topic once again

Orange (Buy, TP: €15.1, +43%) Q4 24: EBITDA beat, some good EBITDA/FCF guidance; growth undervalued

Orange (Buy, TP: €15.1, +48%) Altice France (Most Preferred) Iliad (Equal Weight)

DADA 4Q24 Results: Revs Largely in Line

Will T, VZ/FYBR and CHTR or Musk Come Out on Top with BEAD Revisions?

LUMN: AT&T leaves the door open

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