Report
Pierre François Merveille

MasOrange (Lorca Telecom) : MasOrange is the new Masmovil

The MasOrange JV between Masmovil and Orange in Spain is up and running since closing took place on 31 March 2024 following a lengthy regulatory approval process. In this report, we take a closer look on the execution of expected synergies from the integration of the two companies (target of € 492m p.a. on a run-rate basis by 2027 of which 70% opex and 30% capex), the FCF generation of the merged entity and its de-leveraging potential on an organic and inorganic basis. We have a ...
Underlying
MasMovil Ibercom S.A.

Masmovil Ibercom SA. Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Pierre François Merveille

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