Orange SA

ORA: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€15.60	Gwfp	Nbscbhlqp

Orange Prints a Stable Quarter; Management Cautiously Optimistic About MasMovil Deal

Javier Correonero

Apr 26, 2022

No-moat Orange's results were nearly a replay of the trends already seen in the fourth quarter of 2021. Group sales grew by 0.7% year over year, while EBITDA (after leases) grew by 1.0%. For 2022, management has guided for a 2.5% to 3.0% growth in EBITDA, which we believe is reachable as management has guided for a stronger performance in the second half of the year. We are maintaining our EUR 13.40 fair value estimate.

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