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    ORA   FR0000133308

ORANGE

(ORA)
  Report
Real-time Euronext Paris  -  11:39 2022-10-06 am EDT
9.119 EUR   -2.19%
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Orange shares spooked by drop in enterprise earnings

07/28/2022 | 02:02am EDT

* Shares fall by more than 3%

* Confirms earnings targets

* CEO to present strategic plan in February 2023

PARIS, July 28 (Reuters) - Shares in Orange SA, France's biggest telecom firm, fell on Thursday as investors worried about a plunge in first-half profits at its enterprise and IT services division.

The stock was down more than 3% at 0751 GMT, the third-worst performer on France's blue chip index, despite the group reporting second-quarter results in line with analyst forecasts.

Orange said its enterprise division saw core operating profit, or EBITDAaL, drop more than 25% in the first half from a year earlier, fuelling concerns over the group's ability to reach its full-year profit targets, which it confirmed.

"They're a little bit behind their guidance for the year in terms of EBITDAaL, so that might be a little bit of a concern in terms of their ability to still meet the annual target," said Oddo BHF analyst Stephane Beyazian.

Less profitable IT integration services did not fully offset a steep fall in voice services contracts, Orange said. The group aims to halve the unit's core profit decline in the second half with a turnaround plan that will entail cost cutting, it said.

Group earnings before interest, taxes, depreciation and amortisation after leases (EBITDAaL) rose by 0.5% to 3.31 billion euros ($3.38 billion) in the first half.

Orange confirmed its full-year target for core operating profit growth of 2.5% to 3.0%.

The group has struggled to revive its stock valuation and renew growth in its two biggest markets, France and Spain, as it faces costly investments to deploy fixed and broadband networks on top of stiff competition in the two countries.

Orange's Spanish market in particular has weighed on profits lately. The group expects that division's earnings to grow again from next year, potentially helped by the unit's planned $19 billion tie-up with MasMovil.

New group CEO Christel Heydemann will present a strategic plan in February.

($1 = 0.9800 euros) (Reporting by Mathieu Rosemain; Editing by Shounak Dasgupta and Mark Potter)


© Reuters 2022
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Analyst Recommendations on ORANGE
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Financials
Sales 2022 43 326 M 42 581 M 42 581 M
Net income 2022 2 815 M 2 766 M 2 766 M
Net Debt 2022 25 918 M 25 473 M 25 473 M
P/E ratio 2022 8,57x
Yield 2022 7,86%
Capitalization 24 241 M 23 824 M 23 824 M
EV / Sales 2022 1,16x
EV / Sales 2023 1,12x
Nbr of Employees 136 566
Free-Float 86,6%
Chart ORANGE
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Orange Technical Analysis Chart | MarketScreener
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Technical analysis trends ORANGE
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 9,12 €
Average target price 12,32 €
Spread / Average Target 35,1%
EPS Revisions
Managers and Directors
Christel Heydemann Chief Executive Officer & Director
Ramón Fernández EVP-Finance, Performance & Development
Jacques Aschenbroich Non-Executive Chairman
Michaël Trabbia Chief Technology & Innovation Officer
Jean-Michel Sévérino Independent Director
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