Orange Polska raised to BUY, TP PLN 8.0 - Healthy trends in core operations
We raise our recommendation to BUY from HOLD while revising the TP to PLN 8.0 from PLN 8.2.Q2 22 saw OPL continue on its path of progress in fibre and convergence with an increase of EBITDAaL by a solid 5.6% yoy
FY 22 revenue guidance has been increased to low single-digit growth (RBIe + 1.8% yoy), while EBITDaL guidance of flat/low single-digit growth has been confirmed (RBIe +3.1% yoy)
We reckon with a gradual increase of DPS on the path towards PLN 0.40 out of FY 24e profit
We are still awaiting news on the relaunch of the 5G auction, but we now rather expect a completion of the auction in 2023
Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.
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