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

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.

Allan C. Nichols

Morningstar | Orange Continues to Progress With Its Turnaround

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 fibre, 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 or 60% of its retail broadband base, 3.1 million convergent customers in Spain or 85% of its retail broadband base, and 1.2 million...

Allan C. Nichols

Morningstar | Orange Continues to Progress with Its Turnaround

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 fibre, 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 or 60% of its retail broadband base, 3.1 million convergent customers in Spain or 85% of its retail broadband base, and 1.2 million...

Allan C. Nichols

Orange Continues to Progress with Its Turnaround

Orange reported 2018 results that were a bit better than our projections, but we don’t expect any significant changes to our EUR 19 per local share fair value estimate. Our narrow moat remains intact, and we believe the shares are undervalued. The firm reported revenue grew 0.9% year over year versus our estimate of 0.1% growth. EBITDA was also slightly higher at EUR 13 billion, but relative to reported revenue, the EBITDA margin, at 31.4%, was a touch less than our projection of 31.5%. In its h...

Allan C. Nichols

Orange Continues to Progress With Its Turnaround

Orange reported 2018 results that were a bit better than our projections, but we don’t expect any significant changes to our EUR 19 per local share fair value estimate. Our narrow moat remains intact, and we believe the shares are undervalued. The firm reported revenue grew 0.9% year over year versus our estimate of 0.1% growth. EBITDA was also slightly higher at EUR 13 billion, but relative to reported revenue, the EBITDA margin, at 31.4%, was a touch less than our projection of 31.5%. In its h...

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

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.

Orange: Key Facts and Statistics - FYE December 2017

A summary company profile, detailing Orange’s business operations and financial highlights.

Orange: Update to credit analysis

Our credit view of Orange, reflecting its ongoing improvement in the domestic market, despite continued competition and the strong performance of its Spanish subsidiary.

Allan C. Nichols

Morningstar | Orange Continues to Progress With Its Turnaround

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 fibre, 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 or 60% of its retail broadband base, 3.1 million convergent customers in Spain or 85% of its retail broadband base, and 1.2 million...

Allan C. Nichols

Morningstar | Orange Continues to Progress with Its Turnaround

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 fibre, 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 or 60% of its retail broadband base, 3.1 million convergent customers in Spain or 85% of its retail broadband base, and 1.2 million...

Allan C. Nichols

Orange Continues to Progress with Its Turnaround

Orange reported 2018 results that were a bit better than our projections, but we don’t expect any significant changes to our EUR 19 per local share fair value estimate. Our narrow moat remains intact, and we believe the shares are undervalued. The firm reported revenue grew 0.9% year over year versus our estimate of 0.1% growth. EBITDA was also slightly higher at EUR 13 billion, but relative to reported revenue, the EBITDA margin, at 31.4%, was a touch less than our projection of 31.5%. In its h...

Allan C. Nichols

Orange Continues to Progress With Its Turnaround

Orange reported 2018 results that were a bit better than our projections, but we don’t expect any significant changes to our EUR 19 per local share fair value estimate. Our narrow moat remains intact, and we believe the shares are undervalued. The firm reported revenue grew 0.9% year over year versus our estimate of 0.1% growth. EBITDA was also slightly higher at EUR 13 billion, but relative to reported revenue, the EBITDA margin, at 31.4%, was a touch less than our projection of 31.5%. In its h...

Alexandre Iatrides

Orange : Stéphane Richard cautious on France and Spain. Target price of € 16 vs € 18.5

>Stéphane Richard cautious on 2019 - As we detailed in our study "A T4 in hell" on the French market, the message from Orange has been rather cautious comments since the beginning of the year, conveying the idea that the e-press effect would deprive France of EBITDA growth despite sequentially improving organic growth. The publication was in line and even relatively good considering the environment, Orange is managing to report good net-adds (+111k in mobiles, +71k in...

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 ...

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

Ng Adrian

Orange

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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