Financials Orange S.A. Nyse

Equities

ORAN

US6840601065

Integrated Telecommunications Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-16 pm EDT			5-day change	1st Jan Change
11.71 ^USD	+0.77%		+2.99%	+2.45%

May. 14	Orange: solar power purchase agreement with ZE Energy	CF
May. 07	Orange SA Withdraws AGM Proposal for Board Appointment of Employee Shareholders Representative	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,783	25,874	24,775	24,661	27,400	28,609	-	-
Enterprise Value (EV) ¹	64,515	49,363	49,044	49,959	54,402	51,197	50,846	50,089
P/E ratio	12.9 x	5.69 x	-	12.7 x	12.1 x	10.5 x	9.42 x	8.63 x
Yield	5.34%	7.19%	7.44%	7.54%	6.79%	6.91%	7.13%	7.41%
Capitalization / Revenue	0.82 x	0.61 x	0.58 x	0.57 x	0.62 x	0.7 x	0.69 x	0.69 x
EV / Revenue	1.53 x	1.17 x	1.15 x	1.15 x	1.23 x	1.25 x	1.23 x	1.21 x
EV / EBITDA	5.02 x	3.89 x	3.9 x	3.85 x	4.17 x	4.12 x	4 x	3.91 x
EV / FCF	22.5 x	8.87 x	13.7 x	12.9 x	10.4 x	15.6 x	14.2 x	13.3 x
FCF Yield	4.44%	11.3%	7.29%	7.73%	9.63%	6.4%	7.03%	7.52%
Price to Book	1.1 x	0.75 x	0.77 x	0.78 x	0.86 x	0.86 x	0.84 x	0.81 x
Nbr of stocks (in thousands)	2,651,165	2,658,157	2,631,971	2,657,122	2,659,182	2,657,627	-	-
Reference price ²	13.12	9.734	9.413	9.281	10.30	10.76	10.76	10.76
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,238	42,270	42,522	43,471	44,122	41,022	41,296	41,454
EBITDA ¹	12,860	12,680	12,566	12,963	13,035	12,431	12,713	12,797
EBIT ¹	4,497	4,107	7,969	5,943	5,610	5,410	5,875	6,213
Operating Margin	10.65%	9.72%	18.74%	13.67%	12.71%	13.19%	14.23%	14.99%
Earnings before Tax (EBT) ¹	4,673	4,207	1,740	3,882	3,763	4,489	5,019	5,488
Net income ¹	3,006	4,822	233	2,146	2,440	2,760	3,069	3,345
Net margin	7.12%	11.41%	0.55%	4.94%	5.53%	6.73%	7.43%	8.07%
EPS ²	1.020	1.710	-	0.7300	0.8500	1.025	1.143	1.247
Free Cash Flow ¹	2,866	5,565	3,576	3,864	5,239	3,276	3,572	3,766
FCF margin	6.79%	13.17%	8.41%	8.89%	11.87%	7.99%	8.65%	9.09%
FCF Conversion (EBITDA)	22.29%	43.89%	28.46%	29.81%	40.19%	26.36%	28.1%	29.43%
FCF Conversion (Net income)	95.34%	115.41%	1,534.76%	180.06%	214.71%	118.72%	116.4%	112.6%
Dividend per Share ²	0.7000	0.7000	0.7000	0.7000	0.7000	0.7444	0.7672	0.7982
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	21,665	20,769	21,501	20,867	10,508	11,147	21,655	10,582	10,715	21,297	10,823	11,351	22,174	10,619	10,926	21,545	10,999	11,578	9,850	10,001	9,970	10,529
EBITDA ¹	6,902	5,914	6,766	5,837	3,550	3,179	6,729	2,620	3,314	5,934	3,582	3,448	7,029	2,590	3,305	5,895	3,596	3,544	2,406	3,062	3,271	3,257
EBIT	-	2,249	-	-	-	1,052	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	10.83%	-	-	-	9.44%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	927	3,895	-	-	1,388	3,002	-	-	1,218	-	-	928	-	-	877	-	-	-	-	-	-
Net margin	-	4.46%	18.12%	-	-	12.46%	13.86%	-	-	5.72%	-	-	4.19%	-	-	4.07%	-	-	-	-	-	-
EPS ²	-	-	-	-	0.5200	0.5200	-	-	-	-	0.1500	-	-	-	-	-	-	-	0.1700	0.1200	0.4400	0.4400
Dividend per Share	-	-	-	-	-	-	-	-	-	0.3000	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	7/30/20	2/18/21	7/29/21	10/26/21	2/17/22	2/17/22	4/26/22	7/28/22	7/28/22	10/25/22	2/16/23	2/16/23	4/26/23	7/26/23	7/26/23	10/24/23	2/15/24	4/24/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,732	23,489	24,269	25,298	27,002	22,587	22,236	21,479
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.312 x	1.852 x	1.931 x	1.952 x	2.071 x	1.817 x	1.749 x	1.679 x
Free Cash Flow ¹	2,866	5,565	3,576	3,864	5,239	3,276	3,572	3,766
ROE (net income / shareholders' equity)	9.64%	14.6%	6.1%	6.69%	7.67%	8.66%	9.24%	9.83%
ROA (Net income/ Total Assets)	2.96%	4.5%	0.22%	1.97%	2.22%	2.76%	2.87%	3.11%
Assets ¹	101,448	107,237	107,875	108,862	109,851	99,844	106,745	107,709
Book Value Per Share ²	12.00	13.00	12.20	12.00	12.00	12.60	12.90	13.30
Cash Flow per Share ²	3.780	4.730	4.230	4.180	4.530	3.400	3.650	3.750
Capex ¹	7,293	7,132	7,660	7,371	6,815	6,175	6,136	6,143
Capex / Sales	17.27%	16.87%	18.01%	16.96%	15.45%	15.05%	14.86%	14.82%
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Orange S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.76 EUR

Average target price

13.07 EUR

Spread / Average Target

+21.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+14.74%	206B
DEUTSCHE TELEKOM AG	+0.64%	118B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-11.90%	83.4B
CHINA TELECOM CORPORATION LIMITED	+19.25%	70.53B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+4.76%	61.13B
SAUDI TELECOM COMPANY	-5.94%	50.5B
CHARTER COMMUNICATIONS, INC.	-28.59%	39.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.11%	38.31B
BCE INC.	-10.39%	31.32B

Other Integrated Telecommunications Services