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Orange Fourth Quarter in Line With Expectations; Spain Keeps Showing Weakness; Maintaining FVE

Analyst Note

| Denise Molina, CFA |

Narrow-moat Orange reported fourth-quarter results in line with company-provided consensus, however the shares are down 4% at the time of writing probably because of continued weakness in the Spanish market. Revenue of EUR 10.9 billion declined 0.2% on a comparable basis while EBITDA after leases, or EBITDAaL, of EUR 3.2 billion was down 2.3%. We are maintaining our fair value estimate of EUR 16.

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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 133,787