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Research Tree provides access to ongoing research coverage, media content and regulatory news on ORANGE. We currently have 6 research reports from 1 professional analysts.

Date Source Announcement
21Jul16 04:58 PRN Orange Poland and Nokia set new capacity-distance record with 1.5 Terabits per second (Tb/s) superchannel transmitted over 870km between Warsaw and Wroclaw
21Jul16 04:42 PRN Orange Poland and Nokia set new capacity-distance record with 1.5 Terabits per second (Tb/s) superchannel transmitted over 870km between Warsaw and Wroclaw
20Jul16 02:00 PRN AT&T and Orange Collaborate on Open Source and Standardization Initiatives for Software-Defined Networking
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Ultra-fast broadband growth offsets the decline in French and European roaming

  • 26 Jul 16

Q2 revenues were perfectly stable yoy after rising 0.6% in Q1. They were indeed in line with expectations and over and above the decline in national roaming in France and the first effects of the new roaming regulation in Europe. They confirm the gradual improvement in Orange’s activities, in particular in Spain (+6.2% organically after +1.8% in Q1). EBITDA grew logically by 0.1% yoy to €5.91bn. Remember that H1 EBITDA corresponds to a margin of 29.4%, which is not significant for the whole year. Because the group is listed in the US, it had to apply IFRIC 21 in 2014, i.e. earlier than most other French and European groups for which the compulsory application was 2015. To align with the standard practice, which emerged during Q1 15, Orange has modified its IFRIC 21 accounting approach in its interim accounts and the annual costs of the IFER and property taxes (€533m) are now accounted when the obligation event occurs (i.e. on 1 January). The group has confirmed the objective for the full year of a higher EBITDA in 2016 than in 2015 on a comparable basis. Capex rose by 7.8% in H1 (it had already risen by 9.3% for the whole year of 2015) and represented 15.8% of revenues. This is in line with Orange’s 2020 strategic plan: investment in fibre rose sharply (+18% yoy), mainly in Europe and particularly in France. Remember Orange has presented its new strategic plan for 2015-18. In France, Orange will treble its investments in fibre and increase the number of connected homes from 5.9m at end June to 12m in 2018 and to 20m in 2022. In Spain, the group will also expand its fibre network and its TV offering, aiming (with Jazztel) to reach 10m connectable homes in 2016 (8.3m connected at end June) and 14m by the end of 2020. In Poland, more than 4.7m households were eligible for VDSL at end December, and 1m households had fibre connectivity at end June. Note also Orange is the 4G leader in France with coverage of 82% of the population at end June. 4G coverage reached 89% of the population in Spain, 95% in Poland, 99% in Belgium, 74% in Romania, 71% in Slovakia and 95% in Moldova. In addition, 4G is deployed in Botswana, Jordan, Morocco, Mauritius, Cameroon and Guinea-Bissau.

The inflection point is confirmed quarter after quarter

  • 03 May 16

As in the two previous quarters, Q1 revenues rose organically by 0.6% yoy. They were in line with expectations and confirm the gradual improvement in Orange’s activities, in particular in the France Enterprise activities (+2.1%) and Spain (+1.8% organically). But also like in the previous quarters, the EBITDA grew by 0.3% yoy (excluding the €50m impact of the employee shareholding operation for the Ambition 2016 programme). The halt in declining revenue was accompanied by a significant decrease of nearly 2% yoy in labour expenses (but restructuring expenses amounted to €113m vs €14m a year ago). Remember that Q1 EBITDA at €2.57bn corresponds to a margin of 25.7%, which is not significant for the whole year. Because the group is listed in the US, it had to apply IFRIC 21 in 2014, i.e. earlier than most other French and European groups for which the compulsory application was 2015. To align with the standard practice which emerged during Q1 15, Orange has modified its IFRIC 21 accounting approach in its interim accounts and the annual costs of the IFER and property taxes (€533m) are now accounted when the obligation event occurs (i.e. on 1 January). The group has confirmed the objective for the full year of higher EBITDA in 2016 than in 2015 on a comparable basis. The group has also confirmed the payment of a dividend of €0.60 for 2015. An interim dividend of €0.20 was paid on 09/12/2015 and the balance of €0.40 will be paid on 23/06/2016. The group plans to pay a dividend of €0.60 for 2016. Capex rose by 10.4% in Q1 (it had already risen by 9.3% for the whole year 2015) and represented 14.6% of revenues. This is in line with Orange’s 2020 strategic plan: investment in fibre rose sharply (+55% yoy), mainly in Europe and particularly in France. Remember Orange has presented its new strategic plan for 2015-18. In France, Orange will triple its investments in fibre and increase the number of connected homes from 5.5m at end March to 12m in 2018 and to 20m in 2022. In Spain, the group will also expand its fibre network and its TV offering, aiming (with Jazztel) to reach 10m connectable homes in 2016 (7.4m connected at end March) and 14m by the end of 2020. In Poland, more than 4.7m households were eligible for VDSL at end December, and 818k households had fibre connectivity at 31/03. Note also Orange is the 4G leader in France with coverage of 81% of the population at end December. A 4G coverage which reached 87% of the population in Spain, 89% in Poland, 99% in Belgium, 72% in Romania, 65% in Slovakia and 84% in Moldova. In addition, 4G is deployed in Botswana, Jordan, Morocco, Mauritius, Cameroon and Guinea-Bissau. Remember also the group has laid the foundations for its future mobile banking services by signing an agreement that will allow it to take a stake of 65% in Groupama Banque, which will become Orange Bank.

Slight growth but growth

  • 16 Feb 16

As in the previous quarter, Q4 revenues rose organically by 0.3% yoy (excluding regulatory measures). They were in line with expectations and confirm the gradual improvement in Orange’s activities, in particular in France (+0.3% vs -0.1% in H1) and Spain (-0.6% vs -2.1% in H1). But also like the previous quarter, the good news is that EBITDA grew by 1.4% yoy (vs +1.1% in Q3 excluding regulatory measures while it was only perfectly stable yoy in H1). The halt in declining revenue was accompanied by a significant decrease of 1.8% yoy in labour expenses (note the average number of employees declined by 4% yoy). With an EBITDA of €12.43bn, the group has eventually beaten the target of €12.3bn in EBITDA for the full-year 2015 it had given after the Q3 results (including the integration of Jazztel and Meditel) and which corresponded to the top end of the target range announced at the beginning of the year for the previous scope of operations. Capex rose by 14% in Q4 (and by 9.3% for the whole year) and represented 16.1% of revenues for the whole year. This is in line with Orange’s 2020 strategic plan: investment in fibre rose sharply (+55% yoy), mainly in Europe and particularly in France. Remember Orange has presented its new strategic plan for 2015-18. In France, Orange will triple its investments in fibre and increase the number of connected homes from 5.1m at end December to 12m in 2018 and to 20m in 2022. In Spain, the group will also expand its fibre network and its TV offering, aiming (with Jazztel) to reach 10m connectable homes in 2016 (6.8m connected at end December). In Poland, more than 4.7m households were eligible for VDSL at end December, and 716k households had fibre connectivity at that date. Note also Orange is the 4G leader in France with coverage of 80% of the population at end December. A 4G coverage which reached 85% of the population in Spain, 84% in Poland, 99% in Belgium, 72% in Romania, 65% in Slovakia and 84% in Moldova. In addition, 4G is deployed in Botswana, Jordan, Morocco, Mauritius, Cameroon and Guinea-Bissau. For 2016, Orange aims for a restated EBITDA higher than in 2015 on a comparable basis. This objective will be supported by continued efforts to reduce the cost structure. The group confirms the payment of a dividend of €0.60 per share for 2015 and … 2016. As expected, Stephane Richard confirmed that at the start of the year discussions had resumed with the Bouygues Group with the aim of a business combination with Bouygues Telecom. “These discussions are ongoing and require at least several weeks before any decision is taken.”

An important inflection point in growth

  • 23 Oct 15

As in the previous quarter (+0.4% yoy), Q3 revenues rose organically by 0.6% yoy (excluding regulatory measures) after falling by 0.3% in Q1. They were slightly better than expected and confirm the gradual improvement in Orange’s activities, in particular in France and Spain. Note that the full consolidation of Jazztel in Spain and Meditel in Morocco contributed €430m in term of revenues (corresponding 4.4% of Orange's global revenues). The good news is that EBITDA grew by 1.2% yoy (excluding regulatory measures) after declining by 1.2% in Q1 and growing by 0.9% in Q2. Labour expenses decreased by 1.7% (note the average number of employees declined by 4% yoy). The group is giving a new target of €12.3bn in EBITDA for the full-year 2015 including the integration of Jazztel and Meditel to be consolidated in H2. Note this corresponds to the top end of the target range announced at the beginning of the year for the previous scope of operations. Capex rose by 6.9% in Q3 (it has already risen by 6.5% in H1) and represented 15.1% of revenues. This is in line with Orange’s 2020 strategic plan: investment in fibre rose sharply (+57% yoy), mainly in Europe and particularly in France. Remember Orange has presented its new strategic plan for 2015-18. In France, Orange will triple its investments in fibre and increase the number of connected homes from 4.3m at end June to 12m in 2018 and to 20m in 2022. In Spain, the group will also expand its fibre network and its TV offering, aiming (with Jazztel) to reach 10m connectable homes in 2016. Orange has also an ambitious plan to deploy its own fibre network in Poland.

It had been a long time since Orange has recorded revenue growth

  • 28 Jul 15

Q2 revenues rose by 0.4% yoy (excluding regulatory measures) after falling by 0.3% in Q1. They are slightly better than expected and confirm the gradual improvement in Orange’s activities, in particular in France and Spain. The other good news is that the EBITDA grew by nearly 1% yoy (excluding regulatory measures) after declining by 1.2% in Q1. Indirect costs fell by €156m in H1 with labour expenses decreasing by 0.9% (note the average number of employees declined by 4% yoy). The group is maintaining its target of €12bn in EBITDA for the full-year 2015 (this does not include the integration of Jazztel and Meditel which will be consolidated in H2). Capex (€2,672m in H1) increased by 6.5% and represented 13.7% of revenues. This is in line with Orange’s 2020 strategic plan: investment in fibre rose sharply (+74% yoy), mainly in Europe and particularly in France. Remember Orange has presented its new strategic plan for 2015-18. In France, Orange will triple its investments in fibre and increase the number of connected homes from 4.3m at end June to 12m in 2018 and to 20m in 2022. In Spain, the group will also expand its fibre network and its TV offering, aiming (with Jazztel) to reach 10m connectable homes in 2016. Orange has also an ambitious plan to deploy its own fibre network in Poland. Net debt was €26.4bn at 30 June 2015, nearly stable in relation to end 2014. The ratio of net debt to EBITDA was 2.13x at 30/06/2015. In H2, net debt will be impacted by the consolidation of Jazztel and by the disbursement of the acquisition price of €3.4bn. In all, this should temporarily increase the ratio of net debt to EBITDA slightly, to about 2.2x at the end of 2015. This change is consistent with the objective of a ratio of around 2x in the medium term, in view of the disposal of the EE joint venture to come (note that in our model we include the cash from this disposal in 2015).