Report
Stephane Beyazian

Orange : 2025 target: 9% growth per year in adjusted FCF

>Positive points: € 4bn of FCF in 2025 (2022 FCF 3% ahead of expectations) - Orange this morning unveiled a new plan for 2023-2025, with: 1/ for 2025, a new target of € 4bn in adjusted FCF (consensus € 3.98bn), with slight growth in EBITDAaL (consensus 1%). This target will contribute 50% of executive compensation; 2/ For 2023, confirmation of the adjusted FCF target of over € 3.5bn (consensus € 3.54bn), with slight growth in EBITDAaL and a significant reduction in ca...
Underlying
Orange SA

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.

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
Stephane Beyazian

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