Orange : Quels facteurs pour poursuivre le rallye ?
>La surperformance est forte mais une décote demeure - La surperformance du titre Orange, cette année, est historique (+20% vs CAC40 -11% et secteur +3%) et justifiée par l’entrée dans un nouveau cycle (Cf. étude du 13/12/21 : « changement de cycle »). Pour autant, nous pensons qu’il est trop tôt pour sortir : 1/ Orange débute 3 années de forte croissance de FCF ; 2/ les multiples de valorisation sont encore 20% en dessous du secteur (mix de VE/EBITDAaL, VE/EBITDAaL...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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