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1. Company Snapshot

1.a. Company Description

Orange Belgium S.A. provides telecommunication services in Belgium and Luxembourg.It provides mobile telecommunication, broadband internet, and television services to residential clients, as well as mobile and fixed line services to businesses and corporates.The company also provides connectivity and mobility services include big data and the Internet of Things.


It also sells telecommunications products and services for individuals through a network of 12 Orange shops in the Brussels.The company was formerly known as Mobistar NV/SA and changed its name to Orange Belgium S.A. in May 2016.Orange Belgium S.A. is based in Brussels, Belgium.


Orange Belgium S.A. is a subsidiary of Atlas Services Belgium S.A.

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1.b. Last Insights on OBEL

Orange Belgium's recent performance was driven by a solid commercial showing, with a 3.6% year-over-year increase in mobile postpaid customers and a 3.0% rise in cable customers. The company's EBITDAaL grew 4.7% in H1, despite a challenging market environment. A new Management Services Agreement with Orange SA and a Memorandum of Understanding with Proximus to expand fiber deployment in Wallonia also contributed positively. Additionally, the company's H1 revenues declined only 1.5% year-over-year, indicating resilience.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Amdocs (DOX) Q4 2025 Earnings Call Transcript

Nov -11

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Public announcement in accordance with article 7:97, § 4/1 of the Belgian Code of Companies and Associations ("CCA") concerning the signing of a Pledge Agreement and a Letter of Consent and Release with Enodia

Oct -01

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Belgium Telecom Market Report 2025-2033: Focus on Voice Services, Data Services, IoT Services, OTT, PayTV Services, Messaging, VAS

Sep -26

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How Strong Is the Case for Orange Belgium After Its 24% Rally in 2024?

Sep -20

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Societe Generale: shares & voting rights as of 31 August 2025

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.96%)

6. Segments

Mobile Only Service

Expected Growth: 4.73%

Orange Belgium's Mobile Only Service growth of 4.73% is driven by increasing demand for data-centric services, expanding 4G network coverage, and competitive pricing strategies. Additionally, the rise of mobile-first lifestyles, growing adoption of IoT devices, and strategic partnerships with digital service providers contribute to the segment's growth.

Convergent Service

Expected Growth: 4.83%

Orange Belgium's Convergent Service growth of 4.83% is driven by increasing demand for bundled services, expansion of 5G network coverage, and rising adoption of IoT devices. Additionally, strategic partnerships and investments in digital transformation have enhanced customer experience, leading to increased loyalty and retention.

Fixed Line Only Service

Expected Growth: 3.5%

The 3.5% growth of Fixed Line Only Service from Orange Belgium S.A. is driven by increasing demand for high-speed internet, bundled services, and converged offerings. Additionally, investments in fiber-optic infrastructure, competitive pricing, and targeted marketing campaigns contribute to the growth. Furthermore, the rise of remote work and online entertainment fuels the need for reliable and fast fixed-line connections.

Wholesale

Expected Growth: 4.83%

The 4.83% growth in wholesale from Orange Belgium S.A. is driven by increasing demand for mobile data and IoT services, coupled with the company's strategic partnerships and network infrastructure investments. Additionally, the growing need for low-latency and high-capacity connectivity solutions, particularly among enterprise customers, is also contributing to this growth.

Equipment

Expected Growth: 7.53%

Orange Belgium S.A.'s equipment segment growth of 7.53% is driven by increasing demand for 5G-enabled devices, expansion of IoT applications, and growing adoption of cloud-based services. Additionally, the company's strategic partnerships and investments in network infrastructure upgrades have contributed to the growth.

IT and Integration Service

Expected Growth: 7.77%

Orange Belgium S.A.'s 7.77% growth in IT and Integration Services is driven by increasing demand for digital transformation, cloud adoption, and cybersecurity solutions. Additionally, the company's strong partnerships with leading technology vendors and its expertise in 5G and IoT enable it to capitalize on emerging trends, further fueling growth.

Other

Expected Growth: 4.73%

Orange Belgium S.A.'s 4.73% growth in 'Other' segment is driven by increasing demand for digital services, expansion of IoT and smart home solutions, and growing adoption of 5G technology. Additionally, strategic partnerships and investments in innovative technologies, such as AI and cybersecurity, contribute to the segment's growth.

7. Detailed Products

Mobile Postpaid

A mobile phone subscription with a fixed monthly fee, offering a bundle of minutes, SMS, and data

Mobile Prepaid

A pay-as-you-go mobile phone subscription with flexible top-ups and no fixed monthly fee

Fixed Internet

High-speed internet connectivity for homes and businesses, with various speed options

TV

A digital TV service offering a range of channels, on-demand content, and recording capabilities

Fixed Telephony

A traditional landline phone service with various calling plans and features

Business ICT Solutions

Customized ICT solutions for businesses, including network infrastructure, cybersecurity, and cloud services

IoT Solutions

Internet of Things (IoT) solutions for businesses, enabling device connectivity and data analysis

8. Orange Belgium S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Orange Belgium S.A. is medium due to the presence of alternative telecommunications services such as VoIP and messaging apps.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of switching options and the high costs associated with changing telecommunications providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple network equipment providers and the moderate switching costs.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investments and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple telecommunications providers in the Belgian market, leading to intense competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 77.74%
Debt Cost 3.95%
Equity Weight 22.26%
Equity Cost 6.01%
WACC 4.41%
Leverage 349.33%

11. Quality Control: Orange Belgium 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

Stock-Card
Orange Belgium

A-Score: 5.3/10

Value: 5.8

Growth: 4.3

Quality: 2.7

Yield: 0.6

Momentum: 8.5

Volatility: 9.7

1-Year Total Return ->

Stock-Card
Helios Towers

A-Score: 5.2/10

Value: 3.0

Growth: 8.4

Quality: 4.8

Yield: 0.0

Momentum: 9.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
RADCOM

A-Score: 4.7/10

Value: 4.0

Growth: 6.9

Quality: 7.5

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

Stock-Card
LINK Mobility

A-Score: 4.6/10

Value: 5.8

Growth: 8.7

Quality: 3.1

Yield: 0.0

Momentum: 7.0

Volatility: 3.0

1-Year Total Return ->

Stock-Card
VEON

A-Score: 4.3/10

Value: 7.8

Growth: 2.0

Quality: 5.6

Yield: 0.0

Momentum: 6.5

Volatility: 4.0

1-Year Total Return ->

Stock-Card
Sinch

A-Score: 3.9/10

Value: 7.5

Growth: 6.3

Quality: 3.6

Yield: 0.0

Momentum: 5.5

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.1$

Current Price

19.1$

Potential

-0.00%

Expected Cash-Flows