Seeking Alpha • Sep 16

Orange S.A.: The Upside Must Be Understood

Summary Orange is the leading telecommunications company in France, and one of the better investments in the industry I've made over the past few months. The company has a significant upside due to investments and strategic moves made over the past few years. In this article, I'm updating my thesis after 1H24. Read the full article on Seeking Alpha

Seeking Alpha • Jul 23

Orange: Set Up For Significant Outperformance Over Time

Summary Orange's performance has lagged behind the S&P 500, but recent moves like creating a new brand in Spain show potential for growth. The company's valuation has dipped to an attractive level, with potential for double-digit EPS growth in the next 2 years. Despite known risks, Orange remains a good investment opportunity with a fair-to-good upside potential. Read the full article on Seeking Alpha

Seeking Alpha • Apr 24

Orange S.A. - Why The Company Is Still Attractive Here

Summary Orange S.A. has seen declining ratios of CapEx/sales, unlike other telcos, leading to a resurgence in the company's performance. The company offers stability and high dividends, with an average yield of over 7.5% and positive returns on investment. Orange's recent move to create a new brand in Spain, MasOrange, has positioned it as the #1 Spanish telco with strong customer coverage and significant cash flow. Read the full article on Seeking Alpha

Seeking Alpha • Feb 29

Orange S.A.: European Consolidation Is Positive, Learning From The U.S.

Summary Orange S.A. recently reported strong financial results for FY-2023, driven by African and Middle East operations, an increase in product pricing in Europe, and cost reductions. More important, was the approval of the combination of its Spanish operations with MasMovil, which has some similarities with the T-Mobile-Sprint merger of 2020 and is positive for capital spending and cash generation. With cost savings, fiber capex reaching maturity in its main market, and monetizing of tower assets augur well for FCF which has increased and reduces the probability of cutting dividends. On the other hand, growth should continue to be under pressure in the medium term, which may adversely impact the share price. Still, with its dividend history and new leadership, ORAN is a long-term buy, in a changing European telecom environment, learning from the T-Mobile-Sprint merger of 2020. Read the full article on Seeking Alpha

Seeking Alpha • Dec 19

Orange: Growth Rate Questionable

Summary Orange S.A. is a leading telecommunications company that offers a wide range of digital services and networking solutions. The company has a solid dividend yield and price growth, making it an attractive investment for existing shareholders. ORAN is lagging behind the industry in terms of growth and faces challenges in key areas such as wholesale and enterprise. Investors should approach with caution. Read the full article on Seeking Alpha

Seeking Alpha • Oct 09

Orange - This Pressured Telco Is Nonetheless Still A Buy

Summary Orange has front-loaded major investments, resulting in declining ratios of CapEx/sales compared to other telcos. The company has strong safety scores, profitability, and attractive exposure to multiple countries, with a focus on France. Orange's latest results confirm upside potential, with retail growth, cost discipline, and solid trends in core areas contributing to positive performance. Read the full article on Seeking Alpha

Seeking Alpha • Jul 28

Orange S.A.: Reiterate Buy Position But Eyes Are On H2 2023 Performance

Summary I reiterate a buy rating for ORAN due to its strong 2Q23 performance and management's confidence in 2H23 performance. My long-term DCF model suggests attractive upside if ORAN can sustain 5% EPS growth, driven by low-single-digit revenue growth and margin expansion. There are risks, including potential near-term estimate misses due to management's confidence in 2H23 performance, which could trigger negative sentiments and pressure the stock. Read the full article on Seeking Alpha

Seeking Alpha • Feb 18

Orange: Improvement In FCF Is More Important Than Anything Else

Summary CAPEX expected to decline in the coming years which bodes well for FCF growth. The France segment's outlook is weak, with anticipated revenue and EBITDAaL decline in FY23-25, and there may be additional cost pressure due to higher wages. ORAN's strategic update on the Enterprise turnaround lacked specificity, with a projected two-year decline in EBITDAaL. Summary Overall, I think Orange SA's (ORAN) 4Q22 results were mixed. On one hand we have improving FCF profile as CAPEX is expected to decline in the coming years, which bodes well for the stock as FCF is a key metric tracked. On the other hand, Orange is going to face a weak France segment, updates on turnaround were vague, and dividends are not going to grow as fast as FCF. However, looking at the stock price movement, it is clear the market has higher preference to the increased FCF profile. Personally, I am recommending to buy ORAN on the improved FCF profile (which overweigh 2 of 3 negatives I mentioned above - dividend and turnaround updates). The current valuation (EV/forward EBITDA) is not demanding as well, give it is trading at its 10Y average. 4Q22 results Enterprise, France, and Spain were the primary contributors to the 1.6% revenue beat in 4Q22. EBITDAaL for 4Q22 of €3,448M is in line with consensus expectations. The main highlight is that ORAN's cash flow guidance for FY23 is at least €3.5 billion, which is driven by EBITDAaL growing modestly and CAPEX is expected to see a big decline. Management's mid-term outlook for FY25 includes low single-digit growth in EBITDAaL and organic FCF of €4 billion. Capex/FCF When it comes to bringing fiber to people's homes, I think ORAN has done a fantastic job so far. 18 million homes have received ORAN so far, and that number is expected to peak at 20 million. The reduction of CAPEX expenditures in the future is a corollary that suggests a pick-up in FCF growth. This is consistent with management's comments made in the capital market days. Interestingly, this turned out to be a major takeaway from the company's CMD yesterday, as guidance indicate FY23 CAPEX will see a strong decline and from FY22 to FY25 there will be a €0.6 billion decline in cumulative CAPEX. As a result of the projected growth in free cash flow, there should be a greater level of trust in the ability of ORAN to maintain its dividend over the long term, while also providing the opportunity to reduce debt and make investments in future expansion plans. France CMD spent surprisingly little time talking about France despite expecting revenue and EBITDAaL to trend downward in FY23-25. The decline, in my opinion, could be larger than what management anticipates because of the absence of a confirmed €130 million benefit from higher regulated wholesale prices. Additionally, I expect ORAN France to face higher wage cost as well, which could sum up to hundreds of millions, assuming a mid-single-digit cost growth. In general, I am pessimistic about the France segment's outlook, and I anticipate the possibility of a downward revision to guidance if things continue to deteriorate. Strategic update Based on the in-depth discussion of ORAN's new operating model for Enterprise at the capital markets day, I can see that the company is putting considerable effort into the turnaround. The ultimate aim is to be seen as the go-to integrator for complex systems by potential customers. To be perfectly honest, though, I learned nothing new from the presentation. There seemed to be a lot of "headline" pointers, but not the specifics one would need to learn more about new competitive advantages. In fact, the projected two-year decline in Enterprise EBITDAaL was shown to be even steeper in the presentation than what the market was expecting. Forecasts for 2022-2024 indicate a continuation of the decline seen in EBITDAaL from 2021-2022. That would imply an EBITDAaL of roughly €600 million in 2024. Managers also noted that the guidance factors in the anticipated benefit from bolt-on cybersecurity acquisitions, raising even more questions. Overall, I have no idea what to anticipate from the Enterprise turnaround, which is bad because it expands the range of possible outcomes. Merger Management at ORAN is confident that the merger between ORANnge Spain and Masmovil will advance to the European Commission's Phase 2 investigation, as they believe it will benefit Spanish Telco customers. The merged entity will have a 50% stake owned by ORAN and a future option to re-consolidate by the French group. Capital allocation

Seeking Alpha • Feb 03

Should You Buy Orange For Its 7% Yield?

Summary Orange is a French telecom operator with a largely mature business. While its growth prospects are quite low, this is reflected in its current discounted valuation. It also offers a high-dividend yield that seems to be sustainable. Orange (ORAN) offers a high-dividend yield that is sustainable over the coming years, making it a good income play within the European telecom sector. Company Overview Orange is a French telecommunications company, being the incumbent operator in its domestic market and the market’s leader. Its main shareholder is the French state, with a stake of 13.3%, which means that Orange is not likely a takeover target as the company is perceived as a ‘strategic’ company in France. Its current market value is about $28 billion, and its shares trade on the New York Stock Exchange as American Depositary Receipts (ADRs). Geographically, its largest market is France, but it also provides mobile and fixed telecommunication services in other regions, including Europe, Africa, and the Middle East. Orange has about 280 million customers across its markets, being therefore one of the world’s leading telecom operators by this measure. Despite its geographical diversification, Orange is still quite dependent on its domestic market, given that France accounts for about 45% of its annual revenue and more than half of its EBITDA, while the second-largest market (Spain) only accounts for some 11% of revenue and 9% of EBITDA, and other individual markets have smaller weights. Its regions with higher growth prospects over the long term are mainly Africa and Middle East, which together account for about 16% of its total revenue. Growth & Strategy The European telecoms market is mature and growth prospects are quite low generally, which means larger players are the ones of have more to lose against smaller players that offer more competitive packages to costumers. This backdrop is also the market situation in France, where Orange holds a strong position due to a large market share, a position that has been challenged in the past few years. Indeed, as the French market is mature, smaller players such as Iliad (OTC:ILIAF) or Bouygues (OTCPK:BOUYY), can only gain market share by winning customers to larger operators. As the telecom market competes largely on price and service, this leads to lower prices and profitability pressure, explaining why during 2021 Orange reported a decline of 1.6% YoY on revenue, and an EBITDA decline of 2.9% YoY, in its domestic market. To differentiate itself from competitors and enhance its competitive position, Orange’s strategy in France has been to deploy fiber network in major cities, helping it to gain fiber-to-the-home (FTTH) customers in densely populated areas. This strategy is bearing fruit, given that during the first nine months of 2022, Orange gained close to 300,000 net new customers in FTTH, on top of 350,000 new additions during 2021. This has helped Orange to increase its revenue in retail services, while wholesale has been much weaker and the main responsible for lower overall revenue in the domestic market. In Spain, the situation is not much different, but there Telefonica (TEF) is the market leader and Orange had a challenger position. However, this profile is expected to change given that, a few months ago, Orange and MasMovil have reached an agreement to combine their operations in a joint-venture (50/50) valued at about €20 billion. This transaction is a game changer in the Spanish telecom market, as the combined company will become the market leader, and will boost the company’s competitiveness in the market. The closing of this transaction should happen during the first semester of 2023, and will improve Orange’s position in its second-largest market, being therefore positive for its financial performance over the next few years. Other growth areas are mainly Africa and Middle East, where it has reported positive operating momentum in recent years, plus Orange has also made some acquisitions on other business segments, such as cybersecurity, offerings to enterprises in IT and integration services, to offset declining trends in its core telecom business. Going forward, this strategy is not expected to change much, as the telecom segment is likely to maintain muted growth prospects in mature markets and the company’s geographical footprint is not expected to change much in the foreseeable future. Financial Performance Regarding its financial performance, Orange has delivered a mixed performance over the past few years, given that its top-line has been relatively stable at about €41-42 billion per year over the past five years, but it has been able to report slightly higher business margins due to its efforts to reduce costs and maintain pricing discipline in its core markets. In 2021, Orange's total revenue was €42.5 billion, representing an increase of just 0.8% YoY, as weakness in France and Spain were offset by other European countries and Africa and Middle East, which was the best segment reporting an increase of more than 10% on revenue. Revenue (Orange) While revenue was slightly up, on the other hand its EBITDA declined to €12.6 billion (-0.5% YoY) due to higher expenses related to the employee shareholding plan, leading to an EBITDA margin of 29.6% Excluding these expenses, its EBITDA would be up by 0.8% YoY, which is still not particularly impressive, but better than its reported decline in 2021. Its reported net income was only €778 million in 2021, a strong decline compared to more than €5 billion in 2022, due to a large goodwill impairment (€3.7 billion) in Spain due to worsening competitive market environment. Excluding this one-off item, Orange’s adjusted net income was close to €4 billion, a decline of about 20% from the previous year. Its adjusted net profit margin was only 9.4%, which is not impressive, and shows that Orange needs to maintain its efforts to reduce costs and improve profitability in the coming years. During the first nine months of 2022, Orange’s operating performance improved slightly even though its revenue and earnings growth remained quite low. In Q3 2022, its revenue amounted to €10.8 billion (+1% YoY), while its EBITDA was €3.6 billion (+0.2% YoY). By segment, Europe (ex-France), Africa and Middle East, and Totem (its tower company) were the major growth drivers, while France (-1% YoY) remained the laggard within the group. For the full year, its guidance was for EBITDA growth of about 2.5-3% YoY, which shows a rather positive operating performance during a difficult macroeconomic environment, even though its business growth remains quite muted. Going forward, this background is not expected to change much, considering that according to analysts’ estimates, its revenues are expected to be flat at around €43.5 billion over the next three years, while its net income is projected to grow from about €3 billion in 2022 to some €3.5 billion by 2025. Dividends Considering that Orange’s financial performance in the recent past and growth prospects aren’t particularly impressive, one of its most attractive factors is its high-dividend yield. Indeed, considering its annual dividend of €0.70 per share, Orange currently offers at its current share price a dividend yield of more than 7%. However, as usual with high-dividend yielders, this can either be an income opportunity or a sign that its dividend sustainability is not great. Looking at Orange’s dividend history, the company has made a few dividend cuts in the past, and its dividend growth has been rather low, which is not a good sign regarding its future growth prospects. In 2021, Orange paid an interim dividend of €0.30 and a final dividend of €0.40, while related to 2022 earnings it has already paid the same interim dividend and has guided for a flat final dividend, to be approved at the company’s annual general meeting in the coming months.

Seeking Alpha • Dec 12

Top Dividend Stocks For 2023: Our Top Pick Is Orange

Summary Orange Telecom has had a rough 2022 for a variety of reasons. The current yield is approximately 7.6% and the trailing-twelve-month payout ratio is 48.7%. Heading into 2023, this yield should reward income-focused investors. In addition to the distribution, the shares may also ride higher due to a variety of macro and company-specific factors. Though this is my top dividend pick for 2023, there are caveats to mention for income-seeking investors. Introduction Orange’s (ORAN) share price has fallen so far this year. Though the ticker has done better than most stocks, the company was impacted by slowing economic activity in Europe, valuation compression, and a strong US Dollar that dragged the NYSE-listed ADR lower. Despite the lackluster performance, the dividend yield has compensated for the downdraft and Orange is well positioned heading into 2023. For those new to the name, Orange is a French telecommunications provider. Its French business is complemented by operations in Spain, Poland, and other European countries. Not only are they in Europe, but Orange has significant operations throughout the Middle East and Africa, which have great growth potential. It also provides clients with cybersecurity, cloud storage, and even banking services. The shares are listed in New York under the symbol ORAN and in Paris under the symbol ORA. For full disclosure, we own a stake in the telecom here at Contra the Heard Investment Newsletter. The shares were first purchased over a decade ago, and in the time since then we have used it to harvest dividends while waiting for capital appreciation. The capital appreciation has not yet materialized, but the yield has been excellent and we expect that to continue into 2023 and beyond. The Dividend Orange has a yield today of approximately 7.6% with a trailing-twelve-month payout ratio of 48.7%, according to data provided by Seeking Alpha. The yield is good and the payout is low, which makes this an attractive income-oriented opportunity. The distribution has been consistently good over time, but thanks to the stock’s selloff this year, it is higher today than it has been for much of the past decade. Here is the annual dividend history table, courtesy of Seeking Alpha, which dates to 2012: Dividend Yield History via Seeking Alpha Another possibility is a dividend increase, which would add to the overall distribution. A dividend rise is not our base case, but regardless of if it happens, a 7.6% distribution from one of Europe’s largest telecommunication providers is excellent. Other Factors And Considerations In addition to the distribution, it is possible owners will see capital appreciation in 2023, as the corporation’s valuations are currently low and could move higher. Here is the stock’s valuation table from Seeking Alpha, which compares the telecom to its peers: Valuation Table via Seeking Alpha In addition to having low valuations versus peers, the organization is cheap compared to where it has traded in the past, as well as against the market in general. This table by Morningstar highlights the corporation’s valuations today against its five-year average, and the index too: Historic Valuation Table via Morningstar To make a long story short, Orange looks cheap, and cheap stocks have higher odds of capital appreciation compared to more expensive peers. In addition to considering the valuation picture, Orange’s US-listed ADR has been beaten up this year as the US Dollar strengthened against the Euro. While this trend was reversed somewhat recently, the Dollar is still lofty versus historic standards. Here is the year-to-date exchange rate chart via FXTop: Euro/USD FX Data via FXTop Global equity benchmarks are coming out of a bad year. It is possible global stock markets may have another bad year in 2023, but stocks tend to go up over time, and the odds favour a rebound of some sort. Even if a rebound does not transpire and the economic situation gets worse, telecoms like Orange should do relatively well. The shares could get a final boost if the company is able to turn around its underperforming Spanish division. This market is very competitive, which has hurt Orange’s business there. To remedy the situation, Orange and MásMóvil have signed an agreement to combine their operations in this country. The transaction is based on an enterprise value of €18.6 billion – €7.8 billion for Orange and €10.9 billion for MásMóvil. Though the merger is subject to approval from antitrust authorities and is not expected until the second half of 2023, passage of the deal would cut the number of big competitors in Spain from four to three, and help Orange in the process.

Seeking Alpha • Oct 25

Orange S.A. reports Q3 results

Orange S.A. press release (NYSE:ORAN): Q3 EBITDAal €3.56B. Revenue of €10.82B (+3% Y/Y). "We are facing an exceptional economic context which requires us to make the appropriate choices in the coming months. Looking ahead, we shall present our strategic plan for the period to 2030 on 16 February 2023 following the publication of our 2022 results.”

Seeking Alpha • Sep 28

Veolia Water Technologies join hands with Orange Business Services

Veolia Water Technologies has signed a pact with Orange (NYSE:ORAN) Business Services to support the growth of Hubgrade, its smart digital platform, and develop innovative digital services for its customers worldwide. The integration will strengthen Veolia Water Technologies’ business data collection infrastructure and Hubgrade digital solutions platform. Hubgrade benefits from the synergy between the digital and technological expertise of Orange Business Services and that of Veolia Water Technologies in terms of water cycle management. The strengthening of digital solutions will translate to new monitoring and analysis features to optimize the technical, economic and environmental performance of our customers' water treatment facilities.

Seeking Alpha • Sep 22

Orange, Netskope partner to offer co-managed SSE solution

Communication services company Orange (NYSE:ORAN) has partnered with cybersecurity firm Netskope to offer a new security service edge solution embedded into the Orange Telco Cloud Platform. The enhanced solution is said to provide optimal performance with maximized security. Leveraging Orange Cyberdefense's security expertise and Netskope's global security private cloud footprint and SSE leadership, the partnership will enable Orange Business Services to deliver consistent internet security on and off the network. This will help protect enterprise customers from data loss and the growing volume of sophisticated threats across cloud, web and private applications, with the full attributes of a cloud-native platform. ORAN shares are up 1.36% premarket

Seeking Alpha • Sep 07

Orange Remains A Superb Investment - Even Now

Summary I've been almost universally positive on Orange S.A. as an investment over the past year and more. I continue to be positive on the telco as an investment. Why? Simple - as things often are. The market is underestimating the unusual (in context) potential growth rates this company can deliver. Coupled with the great yield, and the great fundamental backing of several safe geographies, Orange remains a solid "BUY" for me. Let me explain more in detail here. Dear readers, Investors might ask if the positive foundational thesis for Orange SA (ORAN), is in fact, intact with everything that's been going on. It's not as though the company has been an impressive performer this year - even if it has in fact done better than index, with "only" a 12.19% decline. Nonetheless, I continue to be positive on Orange. I've even, fairly recently, added chunks of the company to my corporate portfolio as well as my private portfolio. Here we'll go through the reason why. Revisiting Orange After all, it's not as though telcos are in particular good repute since peers like Verizon (VZ) slashed their growth estimates, and a legitimate case can be made for just how much telecommunication companies expect people to be able to pay for their services. However, I take all of this will great calm. I own a large stake in Verizon, as well as AT&T (T), Deutsche Telekom (DTEGY), and other local companies. I own the companies for their relative income safety and in spite of their low overall growth. Much as I've said before - the foundational thesis of Orange, it being a fundamentally sound Telco in a very mature geography, has not changed. The company is a telecommunications/FTTH market leader in key nations such as France, and while there have been solid arguments as to why the company should be doubted, or at least worth a little less as it faced expansion problems and high % of CapEx/Revenue, that time is over. Orange is a market leader in French Fiber, and French fiber investments are finally bearing the fruits they were forecasted to bear years ago. The same sort of investments are being made across its European markets. In fact, 2021 saw some very impressive trends out of Spain, with impressive, multi-million customer growth in Spain. As I said before - a part of the problem Orange has is the "stuck" state of its dividend. Don't expect this to improve materially going forward - but the yield at this time is more than fine. 1H22 saw impressive EBITDAaL increases, strong generation of cash (over €1.4B in a single half-year), and impressive moves on the M&A and cooperation perspective, with the company now working with MasMovil in Spain to create a solid player with convincing potential. Orange IR (Orange IR) The combined player will take some of the stress of Orange's Spanish operations due to size, with the entity being the second-largest Spanish telco with revenues of €7.5B, compared to over €12B for Telefonica. €450M worth of synergies is expected, as well as a combined EBITDAaL of €2.2B on that €7.5B worth of revenues. Integration and synergies are the name of the game in the telco sector. This is part of what is driving excellent overall results. It sometimes feels like I am one of the few investors putting a high value on the safety and conservative nature of telecoms - and Orange has been impressively improving its trends for at least a year here. Net debt is now down to 1.91x and stable, and cash flow is up 72% YoY. EBITDA is up as well, and CapEx is down no less than 11.1% YoY. I was clear in one of my former articles that the company will see lower CapEx once these growth projects are done, and this is exactly what we are currently seeing. I don't need to draw you a diagram of what happens when earnings increase and capital expenditures decrease. That's what happened in the last quarter, and that's what will continue to happen (I believe). What exactly is the clear reason for the CapEx decrease? This. Orange IR (Orange IR) The trend will go up. Significantly. And we add to this it's still offering, despite recent appreciation and a virtually unchanged dividend, an almost class-leading 6.5% yield. This yield is also, unlike other telcos - very unlikely to be cut or reduced - especially now. The margins were up - and not by a small amount. Same with net income, due to the recovery of an impairment of the Spanish goodwill from back in 1H21, driving net income to almost €1.5B for the company. Any business worries? Not really. Europe saw continued solid growth, backed by retail services, convergent services, and roaming customer recovery. Spain is slowly improving - still not great, but really an improvement, with lower churn across the nation. The company's emerging growth areas, namely Africa and the Middle East, are seeing sustained higher margins. with a double-digit 25%+ data and FBB YoY revenue growth and similar numbers in customer growth, with EBITDAaL margins of almost 36% here. Great trends overall. We also have the cyber defense segment, which is growing double digits as well. The segment is on track to reach over €1B worth of revenues, and the company has had success in the labor market, recruiting significant talent. Let's also not forget Totem - the burgeoning towerCo. Revenues are up 10.2% YoY, and the company has seen significant improvements in fundamentals in the segment. Orange IR (Orange IR) All in all, the company has confirmed the 2022E Guidance, seeing a 2-3% in EBITDAaL growth, below €7.5B in eCapEx, and over €2.9B in organic free cash flow - but from the telco segment alone. The dividend remains fixed - €0.7/share. That means we have a close to 6.9% dividend yield, which is among the best in the entire business. I hope this explains why I remain positive about Orange as an investment. Orange & Valuation I've talked extensively about Orange's valuation before - so let me do it again and really, once again, hammer this stuff home about this company. This view is on the current appeal of Orange as a business as an investment - and from the context of the telecommunications sector as a whole. The telecom sector offers probably one of the best visibilities in dividends for the next ten years, a point that is worth considering even in this market environment. By investing in qualitative telcos, you're "parking" money in electronic communications infrastructure - plays that typically have some sort of inflation protection or indexing, either directly or indirectly, much like we've seen companies like Verizon doing by upping their prices across the board. On the back of significant EBITDAaL increases, I'm forecasting a significant earnings growth that influences the DCF, but the undervaluation is present across every single other perspective as well. When European telcos have finally completed the deployment of their fixed ultra-fast broadband networks (fiber or upgraded cable), they will control the primary access to all of the services that people now rely on. That is really what you're investing in here - and that is what Orange has done. I'm currently forecasting an along-guidance EBITDAaL and EPS growth of between 3-7% (synergies included), up to 9% at most if things go along as expected. Based on such expectations, we see a massive upside available for Orange here. Based on the current valuation, we can forecast Orange at overall very low levels and still generate impressive RoR. With a 15.2x forward P/E, based on a 5-year average, we can see an upside of no less than 113% until 2024E, or 38.4% per year. This is obviously somewhat optimistic - but in like with the company's expected EPS growth. Will we see the company trade up to €15-€17/share for the native? Perhaps. Orange Upside (F.A.S.T graphs) I believe it could happen if the market shifts perhaps a bit and starts viewing Orange more favorably. However, even if this isn't the case, there are still plenty of things to like about Orange. The company would have to trade below 5-6x P/E until you see negative RoR here.

Seeking Alpha • Jun 25

Revisiting Orange - The Upside Is, In Fact, Intact

In this article, I'm going to take you through Orange S.A., one of the more questioned/doubted telcos I've invested large amounts of capital into. The company has been appreciating very nicely, and outperforming by far, the drop in the indexes we've been seeing while providing superb yield. I revisit my company thesis for you and show you what I think about Orange at this juncture.

Seeking Alpha • Feb 16

Orange: Analyzing The Spanish Business In Light Of A Possible MasMovil Merger

Tough competition in Spain has constituted a drag on Orange's revenues. A potential merger with MasMovil could change it all, through an alteration of the telecommunications competitive landscape in that country. However, there is also Vodafone Spain, another integrated telecom service provider to contend with. Looking further, Orange's strategy includes TowerCo Totem, which I value at around $5.6 million in the context of monetizing tower assets in France and Spain. I also consider inflationary pressures impacting the cost of operations, but Orange is a buy as it is undervalued.

Seeking Alpha • Dec 01

A Consideration Of Orange As A Bond Proxy In A Strategic Context

Along with its nearly 10% dividend, some investors have argued Orange serves as an effective bond proxy. I consider this argument in the context of the firm’s Engage 2025 strategy model, recent Q3 FY ’21 performance, FY '21 forecast. A valuation model, using Orange’s strategic growth algorithm as an input, supports the idea that current share prices have "meat on the bone". I conclude that Orange, with shares near their 52-week low, is likely to preserve investor capital as it throws off enough cash to support and grow the dividend.

Seeking Alpha • Aug 26

Orange S.A.: The Upside Is Mostly Unchanged

I received a lot of dubious comments when I wrote about Orange S.A. and declared it a "BUY", as well as making it a significant portion of my communications portfolio. Many investors seemed surprised when the company showed exactly the sort of short-term volatility that I was warning about when I made that call in the article. This article serves both as a reminder for my stance, as well as the risk, and also for the upside inherent to the company, in my view. Orange continues to be significantly undervalued. I consider it a "BUY".

CEO給与比率	28.49%
CEO在任期間	4.1yrs
CEOの所有権	0.00004%
経営陣の平均在職期間	3.4yrs
取締役会の平均在任期間	6.5yrs

日付	総報酬	給与	会社業績
Dec 31 2025	€3m	€900k	€327m
Jun 30 2025	n/a	n/a	€911m
Mar 31 2025	n/a	n/a	€1b
Dec 31 2024	€3m	€900k	€2b
Jun 30 2024	n/a	n/a	€2b
Mar 31 2024	n/a	n/a	€2b
Dec 31 2023	€3m	€900k	€2b
Sep 30 2023	n/a	n/a	€2b
Jun 30 2023	n/a	n/a	€2b
Mar 31 2023	n/a	n/a	€2b
Dec 31 2022	€2m	€668k	€2b
Sep 30 2022	n/a	n/a	€3b
Jun 30 2022	n/a	n/a	€4b
Mar 31 2022	n/a	n/a	€2b
Dec 31 2021	€58k	n/a	€8m
Sep 30 2021	n/a	n/a	€440m
Jun 30 2021	n/a	n/a	€871m
Mar 31 2021	n/a	n/a	€3b
Dec 31 2020	€56k	n/a	€5b
Sep 30 2020	n/a	n/a	€4b
Jun 30 2020	n/a	n/a	€3b
Mar 31 2020	n/a	n/a	€3b
Dec 31 2019	€50k	n/a	€3b

名称	ポジション	在職期間	報酬	所有権
Christel Heydemann	CEO & Executive Director	4.1yrs	€3.16m	0.000040% $ 22.6k
Laurent Martinez	GExecutive Vice President of Finance	2.7yrs	データなし	データなし
Bruno Zerbib	Executive VP and Group Chief Technology & Innovation Officer	no data	データなし	データなし
Constance Gest	Group Head of Investor Relations & Financial Communication	2.2yrs	データなし	データなし
Brigitte Bourgoin	Group Chief Compliance Officer	no data	データなし	データなし
Caroline Guillaumin	Executive Vice President of Communications	3.3yrs	データなし	データなし
Vincent Lecerf	Executive Vice President of Human Resources for the Group	3.4yrs	データなし	データなし
Jerome Henique	Executive VP	no data	データなし	データなし
Marie-Noelle Jego-Laveissiere	Executive VP & CEO of Orange in Europe	5.7yrs	データなし	データなし
Michael Trabbia	Executive VP & CEO of Orange Wholesale	2.9yrs	データなし	データなし
Hugues Foulon	Executive VP of the Orange group & CEO of Orange Cyberdefense	no data	データなし	データなし
Paul Louis de Leusse	Deputy Chief Executive Officer of Mobile Financial Services	8yrs	データなし	データなし

名称	ポジション	在職期間	報酬	所有権
Christel Heydemann	CEO & Executive Director	8.8yrs	€3.16m	0.000040% $ 22.6k
Jacques Aschenbroich	Independent Non-Executive Chairman of Board	4yrs	€459.37k	0.00030% $ 169.8k
Frederic Sanchez	Independent Director	6yrs	€90.00k	0.000040% $ 22.6k
Celine Fornaro	Representative Director	3.2yrs	€95.00k	データなし
Gilles Grapinet	Independent Director	3yrs	€116.00k	0.000080% $ 45.3k
Alexandre Bompard	Independent Director	9.4yrs	€70.00k	0.000040% $ 22.6k
Thierry Sommelet	Representative Director	13yrs	€63.00k	データなし
Anne-Gabrielle Heilbronner	Independent Director	7yrs	€90.00k	0.000040% $ 22.6k
Anne Lange	Non-Independent Director	11yrs	€69.00k	データなし
Valerie Paule Beaulieu-James	Independent Director	4yrs	€81.00k	0.000040% $ 22.6k
Sebastien Crozier	Employee Representative Director	8.4yrs	€81.00k	0.000030% $ 17.0k
Vincent Gimeno	Employee Representative Director	4.4yrs	€63.00k	0.000080% $ 45.3k

データ	最終更新日（UTC時間）
企業分析	2026/05/06 07:15
終値	2026/05/06 00:00
収益	2025/12/31
年間収益	2025/12/31

パッケージ	データ	タイムフレーム	米国ソース例
会社財務	10年	損益計算書キャッシュ・フロー計算書貸借対照表	SECフォーム10-K SECフォーム10-Q
アナリストのコンセンサス予想	+プラス3年	予想財務アナリストの目標株価	アナリストリサーチレポート Blue Matrix
市場価格	30年	株価配当、分割、措置	ICEマーケットデータ SECフォームS-1
所有権	10年	トップ株主インサイダー取引	SECフォーム4 SECフォーム13D
マネジメント	10年	リーダーシップ・チーム取締役会	SECフォーム10-K SECフォームDEF 14A
主な進展	10年	会社からのお知らせ	SECフォーム8-K

アナリスト	機関
Andrew Charles Beale	Arete Research Services LLP
null null	Argus Research Company
Alvaro del Pozo Maroto	Banco de Sabadell. S.A.

Orange マネジメント

マネジメント 基準チェック /44

主要情報

経営陣の近況

Orange Announces Board and Committee Changes

Orange S.A., Annual General Meeting, May 31, 2025

Orange S.A., Annual General Meeting, May 22, 2024

Orange S.A. Appoints Momar Nguer and Gilles Grapinet to Its Board of Directors

Orange S.A., Annual General Meeting, May 23, 2023

Recent updates

Orange S.A. Proposes Dividend for 2025, Payable on June 15, 2026

Bouygues Telecom SA, FREE SAS and Orange S.A. (ENXTPA:ORA) proposed to acquire Société Française de Radiotéléphone (SFR) SA from Altice France S.A. for an enterprise value of €20.4 billion.

Orange Announces Board and Committee Changes

Orange Business Unveils Next-Generation Innovation with Launch of Trusted Ai, Cloud and Secure Connectivity Offers

Orange S.A. Provides Dividend Guidance for the Year 2028

Bouygues SA (ENXTPA:EN), FREE SAS and Orange S.A. (ENXTPA:ORA) submit a joint non-binding offer to acquire large part of the telecommunications activities of the Altice group in France from Altice International S.à r.l. for an enterprise value of €17 billion.

Orange Reportedly Looks to Sell a Stake in Several Data Centres in France

Orange S.A. to Report Q1, 2026 Results on Apr 23, 2026

Eye-Net Mobile Ltd. in Collaboration with Orange's Mobile Application, Achieves 99% Detection Rate in French Urban Mobility Trials

Shiftmove GmbH agreed to acquire Ocean from Orange S.A. (ENXTPA:ORA).

BT Group Approaches AT&T, Orange over Global Unit Tie-Up

Orange S.A., Annual General Meeting, May 31, 2025

Orange S.A. Announces Interim Dividend for 2024, Payable on 5 December 2024

Orange S.A. to Report Fiscal Year 2024 Results on Feb 13, 2025

Orange S.A.: The Upside Must Be Understood

Orange: Set Up For Significant Outperformance Over Time

Orange S.A. (ENXTPA:ORA) commences an Equity Buyback Plan for 265,886,460 shares, representing 10% for €6,384.14 million, under the authorization approved on May 22, 2024.

Orange S.A. - Why The Company Is Still Attractive Here

Orange S.A. Proposes Dividend Guidance for the Year 2024

Orange S.A.: European Consolidation Is Positive, Learning From The U.S.

Orange S.A. Announces Dividend for the 2023 Fiscal Year

Orange S.A., Annual General Meeting, May 22, 2024

Orange: Growth Rate Questionable

Orange, Masmovil Reportedly to Sell Assets to Digi as Remedy for Tie-Up Deal

Orange S.A. Confirms an Interim Dividend Cash Payment for 2023, Payable on 6 December 2023

Orange - This Pressured Telco Is Nonetheless Still A Buy

Orange S.A. to Report Fiscal Year 2023 Results on Feb 15, 2024

Orange S.A. Announces Interim Dividend in Respect of 2023, Payable on December 6, 2023

Orange S.A.: Reiterate Buy Position But Eyes Are On H2 2023 Performance

Orange S.A. to Report Q3, 2023 Results on Oct 24, 2023

Orange S.A. Appoints Momar Nguer and Gilles Grapinet to Its Board of Directors

Orange: Improvement In FCF Is More Important Than Anything Else

Orange S.A., Annual General Meeting, May 23, 2023

Should You Buy Orange For Its 7% Yield?

Top Dividend Stocks For 2023: Our Top Pick Is Orange

Orange S.A. reports Q3 results

Orange S.A. to Report Q1, 2023 Results on Apr 27, 2023

Veolia Water Technologies join hands with Orange Business Services

Orange, Netskope partner to offer co-managed SSE solution

Orange Remains A Superb Investment - Even Now

Revisiting Orange - The Upside Is, In Fact, Intact

Orange S.A. Announces Dividend for the Year 2021, Payable on June 9, 2022; Provides Dividend Guidance for the Year 2022

Orange: Analyzing The Spanish Business In Light Of A Possible MasMovil Merger

A Consideration Of Orange As A Bond Proxy In A Strategic Context

Orange S.A.: The Upside Is Mostly Unchanged

CEO報酬分析

CEO

リーダーシップ・チーム

取締役

企業分析と財務データの現状

データソース

分析モデルとスノーフレーク

業界およびセクターの指標

アナリスト筋

マネジメント基準チェック /44