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Orange SA ADR ORAN Stock Quote

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Morningstar‘s Stock Analysis ORAN

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Orange Posts a Stable Q1; MasMovil Deal Will Be a Test for Regulatory Behavior

Javier Correonero Equity Analyst

Business Strategy and Outlook

| Javier Correonero |

Orange operates in several countries, but its strongest region is France where it enjoys a comfortable position as it is the incumbent operator and has good relationships with the government, which owns 23% of the company. Its strategy in France is simple: maintain market share in mobile and fixed markets, and offset potential pricing pressures with employee cost reductions, where Orange is limited by French regulations. Orange has also been the main builder of fiber optics in France, which will result in better unit economics for the company in the long-term as the payment scheme set by French regulators favors players that took more risks in the buildout phase. In the mobile segment Orange has maintained a relatively stable market share for the past decade but with shrinking average revenue per user caused by Iliad’s entrance, which has pruned the company’s revenue. Over the past decade Orange has managed to maintain its EBITDA margins in France, offsetting low revenue growth with cost reductions. We expect this to be the strategy in future.

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Business Description

Orange is the incumbent telecom operator in France, formerly known as France Telecom. The company operates fixed and wireless businesses in France, where it is the market leader ahead of Iliad, Bouygues and SFR. Orange also has fixed and wireless (convergent) operations in Spain, Poland, Belgium, Luxembourg and Central Europe (Romania, Slovakia, Moldova). Around 15% of revenue comes from emerging African markets, where the company only operates wireless networks and 20% comes from the enterprise segment, which serves companies with more than 50 employees in France and internationally.

111 Guai du President Roosevelt
Paris, 92130, France
T +33 144442105
Industry Telecom Services
Most Recent Earnings Dec 31, 2008
Fiscal Year End Dec 31, 2022
Employees 136,566

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