Orange : Q2 2023: positive surprises in Africa and Spain (offsetting France)
>Positive surprises: growth ramp-up, cash flow up 10% - Growth ramped up in Q2 2023 at 2.6% with sales of € 10.9bn, 1% above forecasts (consensus € 10,809m), boosted by the improvement in Africa (+12%), France (-1.3%) and business services (+2.3%).Investments are down (-6% in H1) enabling growth in cash flow to continue (EBITDAaL-capex +10%) and FCF (+2%, slight WCR impact). The company confirmed its target of over € 3.5bn in FCF.Growth in Africa remains t...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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