Orange : OC à 14.5 € vs 16 €, Neutre vs Achat : Orange devrait rester dans son range
Suite au CMD, nous abaissons nos attentes d’EBITDAaL de 200 M€ pour 2020, augmentons celles de Capex de 500 M€. Nous déplorons qu’Orange ne soit pas plus volontariste sur son dividende alors que l’histoire long terme reste intacte et le cash-flow devrait quasiment doubler sur 5 ans. Neutre vs Achat, OC 14.5 € vs 16 €. - >Déception sur l’EBITDAaL 2020 - Premier point qui pose question : comment Orange peut-il attendre un EBITDAaL « flat + » alors que des éléments comme ...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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