Report
Stephane Beyazian

Orange : Q2 conference call – what’s wrong?

>Three points that worry the market in Q2 2022 - The share underperformed after the Q2 2022 earnings release, although revenues and EBITDAaL were in line with expectations and FCF well above (strong fall in capex). A slowdown in growth of EBITDA after leasing (EBITDAaL) was expected, and the market reaction therefore looks strong, probably based on three factors: 1/ Growth in fixed broadband slowed, with just 26,000 new clients – this is new.2/ EBITDA growth...
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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