Report
Stephane Beyazian

Orange : Progress in 2022 will be back-end loaded in Q4

>Q3 2022 earnings preview: no acceleration before Q4 - Orange is due to publish its Q3 2022 results on 25 October. We expect trends to be very similar to those observed in Q2 2022 in terms of EBITDAaL growth (+0.7% y-o-y), despite a slightly improved revenue mix. Our model therefore implies stronger growth of 7% in Q4 2022 of which 500bp stemming from the €200m lapping effect of the action plans for employees booked in Q4 2021. As such, the group may just meet the low...
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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