Orange : Notre retour sur la JV en Espagne
>L’impact positif passera plus par un re-rating que la transaction même - Le montage de la JV (en page 2) est proche de nos attentes, incluant un versement de soulte à Orange pour égaliser les parts à 50/50 puisque MasMovil apporte 6.5 Md € de dette. Toutefois, Orange a dû se résoudre à accepter un différentiel de valorisation plus élevé que prévu en faveur de MasMovil (E.V. de 11 Md€ soit 9,9x l’EBITDAaL sur nos chiffres) et donc une soulte plus basse. En conséquence...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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