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

Moody's affirms Orange's Baa1 ratings; stable outlook

Rating Action: Moody's affirms Orange's Baa1 ratings; stable outlook. Global Credit Research- 18 Sep 2019. Madrid, September 18, 2019-- Moody's Investors Service has affirmed the Baa1 issuer rating, the Baa1 senior unsecured rating, the Baa1 senior unsecured MTN rating, Baa1 Senior Unsecured Shelf and the Baa3 junior subordinate rating of Orange, France's leading integrated telecommunications operator.

Orange - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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

Moody's affirms Orange's Baa1 ratings; stable outlook

Rating Action: Moody's affirms Orange's Baa1 ratings; stable outlook. Global Credit Research- 18 Sep 2019. Madrid, September 18, 2019-- Moody's Investors Service has affirmed the Baa1 issuer rating, the Baa1 senior unsecured rating, the Baa1 senior unsecured MTN rating, Baa1 Senior Unsecured Shelf and the Baa3 junior subordinate rating of Orange, France's leading integrated telecommunications operator.

Orange - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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.

Research Department

INFORME DIARIO 20 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: MASMOVIL, OHL. EUROPA: ORANGE. Prometedor inicio de semana Las bolsas comenzaron la semana con ganancias superiores al +1,0% al calor de las expectativas de estímulo monetario a ambos lados del Atlántico y fiscal en Alemania. En el Euro STOXX lideraron las subidas R. Básicos y Energía mientras que Bancos e Inmobiliario estuvieron a la cola de los avances. Por el lado macro en la Eurozona la inflación de julio fue revisada inesperadamente a la baja hasta el 1,0% a/a desde el 1,1% anterior. En Alemania el Bundesbank advirtió que la economía podría ...

Thomas Coudry

ORANGE: Good Q2 results, with Spain as the main black spot | BUY | EUR17.5(+32%)

ORANGE - BUY | EUR17.5(+32%) Good Q2 results, with Spain as the main black spot Trend in Q2 improving slightly above expectations Trend in France is improving, Q1 worries prove overestimated Good performance of the other largest BUs, Spain disappointing

Research Department

INFORME DIARIO 25 JULIO (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 25 JULIO (ANÁLISIS BANCO SABADELL)

Alvaro del Pozo

ORANGE: MENSAJES DE LA CONFERENCE CALL RDOS. 2T19 (ANÁLISIS BANCO SABADELL)

ORANGE: MENSAJES DE LA CONFERENCE CALL RDOS. 2T19 (ANÁLISIS BANCO SABADELL)

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...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

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

...

ORANGE SA reduced its risk exposure resulting in an upgrade to Slightly Positive

ORANGE SA (FR), a company active in the Integrated Telecommunications industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date August 9, 2019, the closing price was EUR 13.21 and its potential was estimated at EUR 14.48.

Ng Adrian

Orange

Ng Adrian

Orange

Ng Adrian

Orange

Ng Adrian

Orange

Alvaro del Pozo ...
  • Andres Bolumburu

SECTOR TELECOMUNICACIONES EUROPA: TRIDENTE DEFENSIVO (ANÁLISIS BANCO SABADELL)

SECTOR TELECOMUNICACIONES EUROPA: TRIDENTE DEFENSIVO (ANÁLISIS BANCO SABADELL)

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...

Jehanne Leroy

Proxy Report - 04/05/2018

ITEMS 10 to 13: It is proposed to approve the remuneration granted in 2017. No major issue is reported on this matter. However, Proxinvest raises a concern: the company fails to disclose the valuation of performance shares granted in 2017 in its remuneration tables. As this remuneration is granted in shares, it should be valued and this valuation should appear in these tables. ITEMS 7 to 9: It is also proposed to this meeting to elect the employee shareholder representatives. 3 candidates are proposed and only 1 will be elected. Among the 3 candidates proposed. Proxinvest supports Marie Russo...

Jehanne Leroy

Proxy Report - 04/05/2018

Il est proposé lors de la présente assemblée d’approuver les rémunérations attribuées au titre de l’exercice 2017 aux dirigeants. Si globalement, aucun manquement majeur n’est à souligner, on notera tout de même un problème dans la communication du Groupe. En effet, la société omet de communiquer la valorisation des actions attribuées dans les tableaux de synthèse présentés (P299). Or, cette rémunération est attribuée en actions ; elle doit donc non seulement être valorisée, mais doit également figurer dans les tableaux de synthèse recommandés par l’Afep/Medef et l’AMF. Il est également propo...

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.

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