Orange S.A. (ORA.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Orange S.A. provides various fixed telephony and mobile telecommunications, data transmission, and other value-added services to customers, businesses, and other telecommunications operators in France and internationally.It operates through France; Spain and Other European Countries; The Africa and Middle East; Enterprise; International Carriers & Shared Services; and Mobile Financial Services segments. The company offers mobile services, such as voice, SMS, and data; fixed broadband and narrowband services, as well as fixed network business solutions, including voice and data; and convergence packages.

It also sells mobile handsets, mobile terminals, broadband equipment, connected devices, and accessories.In addition, the company provides IT and integration services comprising unified communication and collaboration services, such as LAN and telephony, consultancy, integration, and project management; hosting and infrastructure services, including cloud computing; customer relations management and other applications services; security services; and video conferencing, as well as sells related equipment.Further, it offers national and international roaming services; online advertising services; and mobile virtual network operators, network sharing, and mobile financial services, as well as sells equipment to external distributors and brokers.

Orange S.A. markets its products and services under the Orange brand.The company was formerly known as France Telecom and changed its name to Orange S.A. in July 2013.Orange S.A. was founded in 1990 and is headquartered in Issy-les-Moulineaux, France.

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1.b. Last Insights on ORA

Orange S.A.'s recent performance was driven by strong financial results, with EBITDAaL growth of 3.8% and Organic Cash Flow up 8.3% to €3.7 billion. The company's "Lead the Future" 2023-2025 strategic plan achieved its objectives, with significant net additions in France, Europe, and Africa & Middle East. A new strategic chapter, "Trust the future," focuses on trust as a key competitive advantage. Additionally, partnerships with Tech Mahindra and Foresight Autonomous Holdings' Eye-Net Mobile subsidiary expanded Orange's offerings in digital transformation and intelligent mobility services.

1.c. Company Highlights

Last Price	17.77
Change Percentage	1.46%
Open	17.52
Previous Close	17.52
Market Cap ( Millions)	47243
Volume	4237670
Year High	18.35
Year Low	12.27
M A 50	17.61
M A 200	15.1

FCF Yield	7.32%
Dividend Yield	4.22%
ROE	1.97%
Debt / Equity	198.17%
Net Debt / EBIDTA	312.04%
Price To Book	2.57
Price Earnings Ratio	120.71
Price To FCF	13.66
Price To sales	1.17
EV / EBITDA	7.02

2. Transcript Summary

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3. NewsRoom

Orange: Orange announces the signing of a €1.3 billion financing agreement with CaixaBank and BNP Paribas, intended for the acquisition of Scorefit

Apr -28

Source:

Nokia Alliances With Orange And RUCKUS Test AI Network Rerating

Apr -26

Source:

Orange: Shareholders' Meeting 19 May 2026 - Details concerning the availability of information on the Combined Ordinary and Extraordinary Shareholders' Meeting

Apr -24

Source:

Orange SA (ORANY) Q1 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic ...

Apr -24

Source:

Orange: Orange achieved very solid first-quarter growth with revenues +3.5% and EBITDAaL +6.6%

Apr -23

Source:

JPM stays constructive on French telcos with or without consolidation

Apr -17

Source:

5 Space Stocks Already Climbing Ahead of the SpaceX IPO

Apr -14

Source:

Orange (ENXTPA:ORA) Valuation Check After Strong Multi‑Period Shareholder Returns

Mar -15

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.10%)

6. Segments

France

Expected Growth: 1.0%

The French market is saturated, and growth is limited by intense competition. However, the increasing demand for advanced telecommunications services is expected to drive moderate growth. The expected growth is slightly lower than the global hypothesis due to the mature nature of the market.

Orange Business

Expected Growth: 2.0%

The demand for IT and telecommunications services among multinational companies is increasing, driven by the need for digital transformation. Orange Business is well-positioned to benefit from this trend, driving growth above the global average.

Africa & Middle East

Expected Growth: 3.0%

The Africa and Middle East region is characterized by a growing population and increasing mobile penetration. The demand for telecommunications services is expected to drive growth above the global average, driven by the need for mobile services and data.

Other European Countries

Expected Growth: 1.1%

The segment operates in a competitive market, but the demand for telecommunications services is expected to drive growth in line with the global average. The growth is supported by the increasing demand for advanced telecommunications services.

International Carriers & Shared Services

Expected Growth: 1.1%

The segment is expected to grow in line with the global average, driven by the demand for international telecommunications services. The growth is supported by the increasing demand for global connectivity.

Totem

Expected Growth: 0.0%

As a holding company, Totem does not directly drive revenue growth. Its growth is dependent on the performance of its subsidiaries.

Eliminations

Expected Growth: 0.0%

Eliminations represent the removal of intersegment transactions and do not contribute to revenue growth.

7. Detailed Products

Mobile Telephony

Orange S.A. offers mobile telephony services, providing customers with voice and data plans, as well as a range of mobile devices.

Fixed Telephony

Orange S.A. provides fixed telephony services, offering landline phone connections and internet services to homes and businesses.

Internet Services

Orange S.A. offers a range of internet services, including broadband, fiber-optic, and satellite internet connections.

TV and Entertainment

Orange S.A. provides TV and entertainment services, including live TV, on-demand content, and streaming services.

Cloud and Cybersecurity

Orange S.A. offers cloud and cybersecurity services, providing businesses with secure and scalable IT infrastructure solutions.

IoT and Data Analytics

Orange S.A. provides IoT and data analytics services, helping businesses to collect, analyze, and act on data insights.

International Carriers

Orange S.A. provides international carrier services, offering wholesale voice, data, and IP services to carriers and operators.

8. Orange S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Orange S.A. faces moderate threat from substitutes, as customers have limited alternatives for telecommunications services.

Bargaining Power Of Customers

Orange S.A. has a large customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Orange S.A. relies on a few large suppliers for network equipment and services, giving them moderate bargaining power.

Threat Of New Entrants

The telecommunications industry has high barriers to entry, making it difficult for new entrants to compete with Orange S.A.

Intensity Of Rivalry

The telecommunications industry is highly competitive, with several major players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	62.89%
Debt Cost	3.95%
Equity Weight	37.11%
Equity Cost	4.52%
WACC	4.16%
Leverage	169.49%

11. Quality Control: Orange S.A. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Orange

A-Score: 7.2/10

Value: 6.2

Growth: 3.9

Quality: 4.4

Yield: 9.4

Momentum: 9.5

Volatility: 10.0

1-Year Total Return ->

AT&T

A-Score: 7.0/10

Value: 7.5

Growth: 2.6

Quality: 5.5

Yield: 9.0

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

Verizon

A-Score: 6.9/10

Value: 8.0

Growth: 3.1

Quality: 5.8

Yield: 10.0

Momentum: 4.5

Volatility: 10.0

1-Year Total Return ->

Orange Polska

A-Score: 6.7/10

Value: 7.1

Growth: 4.1

Quality: 4.6

Yield: 8.1

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

Swisscom

A-Score: 6.1/10

Value: 4.6

Growth: 2.7

Quality: 5.1

Yield: 6.9

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

Vodafone

A-Score: 6.1/10

Value: 9.0

Growth: 1.2

Quality: 2.1

Yield: 8.1

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-5.20%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.16%

Orange S.A. - FR0000133308

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ORA

1.c. Company Highlights

Less Volatile

Higher Yield

Fairly Valued

Earnings Beats

Revenues Miss

Weak Momentum

Revenues Beats

Cheaper

Earnings Miss

Stable Momentum

Average Quality

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.10%)

6. Segments

France

Expected Growth: 1.0%

Orange Business

Expected Growth: 2.0%

Africa & Middle East

Expected Growth: 3.0%

Other European Countries

Expected Growth: 1.1%

International Carriers & Shared Services

Expected Growth: 1.1%

Totem

Expected Growth: 0.0%

Eliminations

Expected Growth: 0.0%

7. Detailed Products

Mobile Telephony

Fixed Telephony

Internet Services

TV and Entertainment

Cloud and Cybersecurity

IoT and Data Analytics

International Carriers

8. Orange S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Orange S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.77$

Current Price

17.77$

Potential

12.e Scoring ^Insights

12.f DCF ^BETA