Orange : Target price of € 14.5 vs € 16, Neutral vs Buy: Orange should remain in its range
Following the Capital Markets Day, we are lowering our EBITDAaL forecast by € 200m for 2020, and lifting our capex estimate by € 500m. We regret the fact that Orange is not more aggressive on its dividend whilst the long-term story remains intact and cash flow should virtually double over the next five years. Neutral vs Buy, target price of € 14.5 vs € 16. - >Disappointment on 2020e EBITDAaL - The first point that raises questions: how can Orange expect a "flat +" EBIT...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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