Orange: Oddo BHF still a buyer ahead of trading update
(CercleFinance.com) - Oddo BHF confirms its "outperform" rating on Orange shares, along with its corresponding target price of E12, ahead of the telecom operator's trading update, with it expecting some improvement in Q3 2023, while warning that OBS and wholesale continue to weigh on its performance.
The broker forecasts organic sales growth of 2.2% in Q3 2023 to E1,147m, again driven by Africa (+12% on a comparable basis) and Europe excluding France (Poland, Spain).
Oddo BHF remains cautious on the corporate business, despite new management that is in place, which has launched a profound restructuring, although it believes that the group's 2023 targets (1.1% EBITDAaL growth, FCF at E3.5bn) should be confirmed.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker forecasts organic sales growth of 2.2% in Q3 2023 to E1,147m, again driven by Africa (+12% on a comparable basis) and Europe excluding France (Poland, Spain).
Oddo BHF remains cautious on the corporate business, despite new management that is in place, which has launched a profound restructuring, although it believes that the group's 2023 targets (1.1% EBITDAaL growth, FCF at E3.5bn) should be confirmed.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.