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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe N.V.    ATC   NL0011333752

ALTICE EUROPE N.V.

(ATC)
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French telecoms group Orange to cut dividend by 30%

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04/17/2020 | 02:37am EDT
Logo of French telecoms operator Orange

Orange, France's biggest telecoms operator, said on Friday it would cut its dividend for the 2019 financial year by 30% and that it would review dividend policy for the 2020-2023 period in the wake of the coronavirus outbreak.

State-controlled Orange's move aims to protect the company's balance sheet when investors are looking closely at companies' cash resources as the world economy is facing recession.

It also comes amid heightened political pressure, with calls from the French government to limit or cancel dividend payments, especially companies that benefit from some state-supported schemes.

Orange now plans to pay 0.50 euro per share for 2019, a 20 euro cents decrease compared to the previously expected payment of 0.70 euro per share.

The Paris-based group had also previously said it would pay at least the same amount over the 2020-2023 period.

This represents a total reduction of 530 million euros ($576 million) in dividends for 2019, bringing the total payment for that year to 1.33 billion, Chief Financial Officer Ramon Fernandez told reporters on a call.

"Based on currently available information , Orange does not expect a significant deviation from its 2020 objectives, but we are closely monitoring the situation and its developments," Orange's Chief Executive Stephane Richard said in written comments.

Orange said earlier this year that it planned to have "flat positive" core operating profit for the 2020 financial year, as well as an organic cash flow of more than 2.3 billion euros for its telecom activities.

French companies that make use of state financial support to see them through the coronavirus crisis must scrap dividend payments to their shareholders, the government said last month.

"If you do not have the cash to pay tax or social security charges, then you also don't have cash to pay your shareholders, so don't pay a dividend," French Finance Minister Bruno Le Maire said at the time.

(Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta and Jane Merriman)

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ALTICE EUROPE N.V. 2.47% 3.811 Delayed Quote.-33.70%
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JUST GROUP PLC -4.49% 48.9 Delayed Quote.-38.10%
ORANGE -0.79% 10.74 Real-time Quote.-18.14%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
WILL GROUP, INC. 0.32% 636 End-of-day quote.-49.20%
WORLD CO., LTD. -1.19% 1496 End-of-day quote.-44.41%
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Financials
Sales 2020 14 973 M 16 842 M 16 842 M
Net income 2020 -418 M -471 M -471 M
Net Debt 2020 31 055 M 34 931 M 34 931 M
P/E ratio 2020 -12,2x
Yield 2020 -
Capitalization 4 620 M 5 194 M 5 196 M
EV / Sales 2019
EV / Sales 2020 2,38x
Nbr of Employees 45 409
Free-Float 45,4%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 5,67 €
Last Close Price 3,81 €
Spread / Highest target 320%
Spread / Average Target 48,7%
Spread / Lowest Target -18,7%
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Managers
NameTitle
Alain Weill Chief Executive Officer & Executive Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
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