Oddo BHF maintains its 'outperform' rating on Orange shares, with an unchanged target price of 12 euros.

Orange has published a new, higher consensus, taking into account the consolidation of Belgian cable operator VOO, reports the analyst.

Thus, forecasts for sales, EBITDAaL or FCF are now up by 0.5-1% over 2023/2026. In detail, the consensus is higher for business in Spain (EBITDAaL raised by 5% over 2023/2026), Poland (+2%) and France (+0.2%).

Orange is thus one of the top 3 operators offering the highest FCF growth over 2023/2025, even though the stock is at a 10-20% discount to the sector", the research firm points out.


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