Q2 revenues were down by only 0.4% yoy and the impact of COVID-19 was indeed very limited. This correct Q2 performance reflects a better than expected solid growth in France. But, more importantly, given an expected stable EBITDA less capex in 2020, Orange will pay a dividend of €0.70 for 2020 (to be confirmed after Q3). So a return to normal which deserves a better price. We maintain our Strong Buy on the stock.
30 Jul 2020
A correct Q2 and a return to normal for the future dividends
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A correct Q2 and a return to normal for the future dividends
Orange SA (ORA:WBO) | 0 0 1.0% | Mkt Cap: 36,230m
- Published:
30 Jul 2020 -
Author:
Jean-Michel Salvador -
Pages:
3
Q2 revenues were down by only 0.4% yoy and the impact of COVID-19 was indeed very limited. This correct Q2 performance reflects a better than expected solid growth in France. But, more importantly, given an expected stable EBITDA less capex in 2020, Orange will pay a dividend of €0.70 for 2020 (to be confirmed after Q3). So a return to normal which deserves a better price. We maintain our Strong Buy on the stock.