Projected Income Statement: Orange

Forecast Balance Sheet: Orange

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 29,732 23,489 24,269 25,298 27,002 24,087 23,360 23,194
Change - -21% 3.32% 4.24% 6.74% -10.8% -3.02% -0.71%
Announcement Date 2/13/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1EUR in Million
Estimates

Cash Flow Forecast: Orange

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
CAPEX 1 7,293 7,132 7,660 7,371 6,815 6,409 6,362 6,359
Change - -2.21% 7.4% -3.77% -7.54% -5.96% -0.74% -0.04%
Free Cash Flow (FCF) 1 2,866 5,565 3,576 3,864 5,239 3,063 3,376 3,625
Change - 94.17% -35.74% 8.05% 35.58% -41.54% 10.22% 7.39%
Announcement Date 2/13/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1EUR in Million
Estimates

Forecast Financial Ratios: Orange

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026

Profitability

        
EBITDA Margin (%) 30.45% 30% 29.55% 29.82% 29.54% 30.09% 30.23% 30.55%
EBIT Margin (%) 10.65% 9.72% 18.74% 13.67% 12.71% 13.31% 14.13% 15.05%
EBT Margin (%) 11.06% 9.95% 4.09% 8.93% 8.53% 11.1% 12.3% 13.33%
Net margin (%) 7.12% 11.41% 0.55% 4.94% 5.53% 6.5% 7.31% 7.91%
FCF margin (%) 6.79% 13.17% 8.41% 8.89% 11.87% 7.6% 8.25% 8.77%
FCF / Net Income (%) 95.34% 115.41% 1,534.76% 180.06% 214.71% 116.89% 112.75% 110.9%

Profitability

        
ROA 2.96% 4.5% 0.22% 1.97% 2.22% 2.37% 2.78% 2.98%
ROE 9.64% 14.59% 6.1% 6.69% 7.67% 7.78% 8.46% 9.05%

Financial Health

        
Leverage (Debt/EBITDA) 2.31x 1.85x 1.93x 1.95x 2.07x 1.99x 1.89x 1.84x
Debt / Free cash flow 10.37x 4.22x 6.79x 6.55x 5.15x 7.86x 6.92x 6.4x

Capital Intensity

        
CAPEX / Current Assets (%) 17.27% 16.87% 18.01% 16.96% 15.45% 15.9% 15.54% 15.39%
CAPEX / EBITDA (%) 56.71% 56.25% 60.96% 56.86% 52.28% 52.83% 51.4% 50.37%
CAPEX / FCF (%) 254.47% 128.16% 214.21% 190.76% 130.08% 209.25% 188.45% 175.42%

Items per share

        
Cash flow per share 1 3.779 4.731 4.228 4.182 4.531 3.622 3.621 3.684
Change - 25.18% -10.64% -1.09% 8.35% -20.06% -0.02% 1.73%
Dividend per Share 1 0.7 0.7 0.7 0.7 0.7 0.744 0.767 0.7967
Change - 0% 0% 0% 0% 6.29% 3.09% 3.88%
Book Value Per Share 1 11.97 12.98 12.16 11.96 11.97 12.59 12.96 13.39
Change - 8.43% -6.33% -1.66% 0.1% 5.22% 2.94% 3.27%
EPS 1 1.02 1.71 - 0.73 0.85 0.9845 1.105 1.206
Change - 67.65% - - 16.44% 15.83% 12.24% 9.12%
Nbr of stocks (in thousands) 2,651,165 2,658,157 2,631,971 2,657,122 2,659,182 2,658,153 2,658,153 2,658,153
Announcement Date 2/13/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1EUR
Estimates
2024 *2025 *
P/E ratio 10.7x 9.55x
PBR 0.84x 0.81x
EV / Sales 1.29x 1.26x
Yield 7.05% 7.27%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
A
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
10.55EUR
Average target price
12.76EUR
Spread / Average Target
+20.96%
Consensus

Quarterly revenue - Rate of surprise