Orange SA

ORA: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€91.30	Bzkt	Rnmbljgnt

Orange Earnings: Steady Performance; On Track to Achieve 2023 Guidance

Javier Correonero

Oct 24, 2023

No-moat Orange continued its steady performance in the third quarter of the year. Revenue and EBITDA after leases were up by 1.8% and 1.4%, reaching EUR 11 billion and EUR 3.6 billion, respectively. Management reaffirmed its 2023 guidance, which now seems easily achievable. Capital expenditure was down by 7%, in line with the previous two quarters, thanks to the reduced capital intensity in France. We maintain our EUR 13.40 fair value estimate.

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