Financials Orange

Equities

ORA

FR0000133308

Integrated Telecommunications Services

Market Closed - Euronext Paris Other stock markets 16:35:19 26/04/2024 BST			5-day change	1st Jan Change
10.4 ^EUR	-0.86%		-4.24%	+0.88%

04-25	Oddo BHF Downgrades Orange to Neutral from Outperform, Trims PT	MT
04-25	ORANGE : Oddo BHF lowers its recommendation, reduces its target	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,783	25,874	24,775	24,661	27,400	27,626	-	-
Enterprise Value (EV) ¹	64,515	49,363	49,044	49,959	54,402	53,067	51,799	50,986
P/E ratio	12.9 x	5.69 x	-	12.7 x	12.1 x	10.3 x	9.11 x	8.37 x
Yield	5.34%	7.19%	7.44%	7.54%	6.79%	7.16%	7.39%	7.72%
Capitalization / Revenue	0.82 x	0.61 x	0.58 x	0.57 x	0.62 x	0.67 x	0.65 x	0.65 x
EV / Revenue	1.53 x	1.17 x	1.15 x	1.15 x	1.23 x	1.29 x	1.22 x	1.2 x
EV / EBITDA	5.02 x	3.89 x	3.9 x	3.85 x	4.17 x	4.24 x	4 x	3.93 x
EV / FCF	22.5 x	8.87 x	13.7 x	12.9 x	10.4 x	15.5 x	13.4 x	12.6 x
FCF Yield	4.44%	11.3%	7.29%	7.73%	9.63%	6.46%	7.47%	7.96%
Price to Book	1.1 x	0.75 x	0.77 x	0.78 x	0.86 x	0.83 x	0.82 x	0.8 x
Nbr of stocks (in thousands)	2,651,165	2,658,157	2,631,971	2,657,122	2,659,182	2,657,627	-	-
Reference price ²	13.12	9.734	9.413	9.281	10.30	10.40	10.40	10.40
Announcement Date	13/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,238	42,270	42,522	43,471	44,122	41,064	42,385	42,591
EBITDA ¹	12,860	12,680	12,566	12,963	13,035	12,529	12,941	12,988
EBIT ¹	4,497	4,107	7,969	5,943	5,610	5,200	5,942	6,577
Operating Margin	10.65%	9.72%	18.74%	13.67%	12.71%	12.66%	14.02%	15.44%
Earnings before Tax (EBT) ¹	4,673	4,207	1,740	3,882	3,763	4,496	5,055	5,571
Net income ¹	3,006	4,822	233	2,146	2,440	2,711	3,065	3,330
Net margin	7.12%	11.41%	0.55%	4.94%	5.53%	6.6%	7.23%	7.82%
EPS ²	1.020	1.710	-	0.7300	0.8500	1.008	1.141	1.241
Free Cash Flow ¹	2,866	5,565	3,576	3,864	5,239	3,426	3,867	4,059
FCF margin	6.79%	13.17%	8.41%	8.89%	11.87%	8.34%	9.12%	9.53%
FCF Conversion (EBITDA)	22.29%	43.89%	28.46%	29.81%	40.19%	27.35%	29.88%	31.25%
FCF Conversion (Net income)	95.34%	115.41%	1,534.76%	180.06%	214.71%	126.4%	126.15%	121.89%
Dividend per Share ²	0.7000	0.7000	0.7000	0.7000	0.7000	0.7447	0.7680	0.8022
Announcement Date	13/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	21,665	20,769	21,501	20,867	10,508	11,147	21,655	10,582	10,715	21,297	10,823	11,351	22,174	10,619	10,926	21,545	10,999	11,578	9,850	9,979	9,920	10,570
EBITDA ¹	6,902	5,914	6,766	5,837	3,550	3,179	6,729	2,620	3,314	5,934	3,582	3,448	7,029	2,590	3,305	5,895	3,596	3,544	2,406	3,062	3,387	3,166
EBIT	-	2,249	-	-	-	1,052	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	10.83%	-	-	-	9.44%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	927	3,895	-	-	1,388	3,002	-	-	1,218	-	-	928	-	-	877	-	-	-	-	-	-
Net margin	-	4.46%	18.12%	-	-	12.46%	13.86%	-	-	5.72%	-	-	4.19%	-	-	4.07%	-	-	-	-	-	-
EPS ²	-	-	-	-	0.5200	0.5200	-	-	-	-	0.1500	-	-	-	-	-	-	-	0.1700	0.1700	0.4100	0.4100
Dividend per Share	-	-	-	-	-	-	-	-	-	0.3000	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	13/02/20	30/07/20	18/02/21	29/07/21	26/10/21	17/02/22	17/02/22	26/04/22	28/07/22	28/07/22	25/10/22	16/02/23	16/02/23	26/04/23	26/07/23	26/07/23	24/10/23	15/02/24	24/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,732	23,489	24,269	25,298	27,002	25,441	24,173	23,360
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.312 x	1.852 x	1.931 x	1.952 x	2.071 x	2.031 x	1.868 x	1.799 x
Free Cash Flow ¹	2,866	5,565	3,576	3,864	5,239	3,426	3,867	4,059
ROE (net income / shareholders' equity)	9.64%	14.6%	6.1%	6.69%	7.67%	8.69%	9.24%	9.75%
ROA (Net income/ Total Assets)	2.96%	4.5%	0.22%	1.97%	2.22%	2.76%	2.91%	3.15%
Assets ¹	101,448	107,237	107,875	108,862	109,851	98,065	105,286	105,555
Book Value Per Share ²	12.00	13.00	12.20	12.00	12.00	12.50	12.60	13.00
Cash Flow per Share ²	3.780	4.730	4.230	4.180	4.530	3.540	3.830	4.040
Capex ¹	7,293	7,132	7,660	7,371	6,815	6,523	6,448	6,370
Capex / Sales	17.27%	16.87%	18.01%	16.96%	15.45%	15.88%	15.21%	14.96%
Announcement Date	13/02/20	18/02/21	17/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Orange

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.4 EUR

Average target price

13.18 EUR

Spread / Average Target

+26.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
ORANGE	+0.88%	29.49B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services