Orange : What factors to continue the rally?
>The outperformance is strong but a discount persists - Orange’s outperformance this year is historic (+20% vs CAC 40 -11% and sector +3%) and warranted by the entry into a new cycle (cf. report of 13/12/21: “Change of cycle”). However, we believe that it too soon to sell: 1/ Orange is beginning three years of strong FCF growth; 2/ the valuation multiples are still 20% below the sector (mix of EV/EBITDAaL, EV/EBITDAaL-capex, FCF yield and P/E), 3/ new deals are poss...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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