Orange : Deep value or a value trap? Target price unchanged at € 12.3, Buy vs Neutral
>Time to revisit the case? - We downgraded Orange following the investor day at the end of 2019 as we believed that the EBITDAAL performances were set to remain disappointing in France in the quarters to come, that the top-line driver in France, i.e. fibre, was drying up, that the environment was poised to remain adverse in Spain with capex staying higher than the market hoped, and political pressure that remains strong on the dividend theme. In other words, momentu...Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.
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.
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