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.
  • TickerFTE
  • ISINFR0000133308
  • ExchangeEuronext Paris
  • SectorFixed Line Telecommunications
  • CountryFrance

Analysts

Sylvain Goyon

Capgemini : ODDO BHF Convictions List. In: AstraZeneca, Capgemini, Eiffage and Thales. Out: Dassault Systèmes, Orange, Talanx

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and...

Sylvain Goyon

Capgemini : Liste ODDO BHF Convictions. In: AstraZeneca, Capgemini, Eiffage, Thales. Out: Dassault Systèmes, Orange, Talanx

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à...

Thomas Coudry

ORANGE - BUY | EUR17.5 (+17%) Orange set to accelerate in financial services

ORANGE - BUY | EUR17.5 (+17%) Orange set to accelerate in financial services Strong ambitions in diversification, leveraging on core business Orange bank set to keep on growing in Europe, at a cost Africa and Middle East still paving the way in financial services

Orange: Update to credit analysis - Sustained capex for longer

Our credit view of Orange, reflecting improving operating performance despite increased competitive pressures in the domestic market

Moody's assigns Baa3 rating to Orange's new hybrid securities

Rating Action: Moody's assigns Baa3 rating to Orange's new hybrid securities. Global Credit Research- 04 Apr 2019. Madrid, April 04, 2019-- Moody's Investors Service has today assigned a Baa3 long-term rating to Orange's proposed perpetual 6- year non-call deeply subordinated hybrid bonds.

Orange - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Orange: Update to credit analysis

Our credit view of Orange reflecting its sustained improvement in the domestic market despite intense competition.

Orange - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Sylvain Goyon

Capgemini : ODDO BHF Convictions List. In: AstraZeneca, Capgemini, Eiffage and Thales. Out: Dassault Systèmes, Orange, Talanx

Our ODDO BHF Convictions List has returned a net performance of 14.6% (+17.4% total return) and 0.7% vs Stoxx 600. We are not fundamentally altering our investment philosophy (quality/visibility) but we aim to capitalise on: 1/ the interest-rate environment by strengthening exposure to proxy bonds (Eiffage); 2/ the valuation differential between pharma and agri-food (AstraZeneca); 3/ the technology’s capacity to generate profitable growth at a reasonable valuation (Capgemini) and...

Sylvain Goyon

Capgemini : Liste ODDO BHF Convictions. In: AstraZeneca, Capgemini, Eiffage, Thales. Out: Dassault Systèmes, Orange, Talanx

Notre liste ODDO BHF Convictions affiche depuis son lancement une performance nette de 14.6% (+17.4% total return) et 0.7% vs Stoxx 600. Nous ne modifions pas fondamentalement notre philosophie d’investissement (qualité/visibilité) mais souhaitons exploiter : 1/ l’environnement de taux en renforçant l’exposition aux bond proxy (Eiffage) ; 2/ le différentiel de valorisation entre Pharmacie et Agroalimentaire (AstraZeneca) ; 3/ la capacité de croissance rentable de la Technologie à...

Alexandre Iatrides

Orange : TEST IT BE

>Faits: Title 1 Never delete this cell - Style texte paragraphe Never delete this cell- Never delete this cell- Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell- Never delete this cell- Never delete this cell Never delete this cell- Never ...

Matthew Dolgin

Morningstar | Network Quality and Exposure to Emerging Markets give Orange an Advantage over French Competitors.

We view Orange as one of the prime beneficiaries of the movement to converged services (the merging of the traditional triple play of fixed-line telephony, broadband, and pay television with wireless telephony). When service bundling is combined with 4G and fiber, which help to differentiate its networks, we think Orange is well positioned for the macroeconomic trends hitting European communication markets. Orange now has 6.1 million convergent customers in France (60% of its retail broadband base), 3.1 million convergent customers in Spain (84%), and 1.3 million convergent subscribers in Pola...

Matthew Dolgin

Network Quality and Exposure to Emerging Markets give Orange an Advantage over French Competitors.

We are placing our fair value estimate for Orange under review. We will publish an updated report and valuation by June 15....

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

Ng Adrian

Orange

ORANGE SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ORANGE SA (FR), a company active in the Integrated Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 15, 2019, the closing price was EUR 14.15 and its potential was estimated at EUR 14.86.

Ng Adrian

Orange

Ng Adrian

Orange

Ng Adrian

Orange

Expert Corporate Governance Service (ECGS)

Orange - AGM 21 May 2019

On 26 April 2019, the Company published a convening notice which included 4 external proposals and one non-voting item.ITEM 3: The Company proposes to increase to €0.70 per share (€ 1,862 million). The dividend will be covered neither by the Group’s earnings per share (€ 0.63) nor by its free cash flows (defined by ECGS as being cash flow – investing cash flow i.e € 954 million). Hence, taking into account future investments that the Company will require (mainly regarding the 5G technology challenge), and its will to maintain or reduce its indebtedness, ECGS chooses to support the employees’ p...

Jehanne Leroy

Orange - Assemblée Générale du 21 Mai 2019

Le 26/04/2019, la société a publié un avis de convocation comportant 4 résolutions externes et 1 point à l'ordre du jour : Dividende : La société propose d'augmenter son dividende à 0,70 €/action (soit 1 862 M€). Celui-ci ne sera donc couvert ni par le bénéfice par action du groupe (0,63 €), ni par les cash flow opérationnels net des cash flow d'investissements (954 M€). Aussi, au regard des futurs besoins en investissements du groupe (notamment face au défi de la 5G), mais également de la nécessité de maitriser voire réduire son endettement, cette proposition nous semble excessive, et on ...

Orange – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Short term view - ORANGE : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €14.440.

Jérôme VINERIER

Analyse court terme - ORANGE : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 14,440 €.

Jérôme VINERIER

Short term view - ORANGE : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €13.29. The background trend would be questioned should prices rise above €14.44.

Jérôme VINERIER

Analyse court terme - ORANGE : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 13,29 €. La tendance de fond serait remise en cause en cas de franchissement de 14,44 €.

Valérie GASTALDY

Medium term view - ORANGE : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch