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Economic Moat




Orange Q2 Results Give Hope for Fiscal 2020 Dividend Back to Pre-Coronavirus Levels

Andreea Matysiak Equity Analyst

Analyst Note

| Andreea Matysiak |

Orange reported second-quarter results roughly in line with our expectations. ITQ revenue declined by a low 0.4%, due to pandemic negative effects on roaming and equipment sales. Lower revenue, health cost measures, and bad debt provisions caused a 2% decline in adjusted EBITDA. We maintain our fair value estimate at EUR 16 and narrow moat. We believe the shares are undervalued.

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Company Profile

Business Description

Orange is the incumbent telephone operator in France, which accounts for about 40% of the firm's sales. By country, Spain and Poland are the firm's next largest revenue generators. The company's strategy is twofold: to invest in the core business to strengthen the network (fiber build-out in France), and to diversify beyond the core business through selective acquisitions, notably in the fields of banking, cybersecurity, cloud services, and e-health.

78, rue Olivier de Serres
Paris, 75015, France
T +33 144442105
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Dec 31, 2008
Fiscal Year End Dec 31, 2020
Stock Type
Employees 142,969