Orange : Target price of € 14.5 vs € 16, Neutral vs Buy: Orange should remain in its range
>Disappointment on 2020e EBITDAaL - The first point that raises questions: how can Orange expect a "flat +" EBITDAaL when elements such as ePresse no longer weigh in 2020 and the group will be at its wholesale peak in France? In our opinion, this reflects weaker organic growth than we had anticipated until now, a sign that Orange is not benefiting from the rebound in France. All the group's hopes are therefore based on Africa, which accounts for nearly half of Orange'...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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