Orange : Our analysis of the new consensus
>Stable estimates per business but FCF affected by spectrum costs and taxes - Orange published its most recent consensus yesterday evening. Overall, 2024-2028 revenue estimates are stable, 2024-2028 EBITDAaL forecasts are increased by ~1%, 2024-2028 EPS forecasts are raised by ~1%, and cashflow forecasts are stable. However, FCF forecasts are lowered by 5% due to a 13% increase in frequency purchases over 2024-2028 (€ 400-500m per year) and 3% increase in cash tax cos...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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