Orange : Our thoughts on the JV in Spain
>The positive impact will be more evident in a re-rating rather than the transaction itself - The structuring of the JV (see page 2) is close to our expectations, including a cash payment to Orange to even-up the 50/50 share because MasMovil is bringing € 6.5bn of debt to the deal. That said, Orange has had to resolve and accept a higher valuation differential than anticipated in favour of MasMovil (EV of € 11bn, i.e. 9.9x EBITDAaL on our figures) and therefore a lowe...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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