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1. Company Snapshot

1.a. Company Description

Orange S.A. provides various fixed telephony and mobile telecommunications, data transmission, and other value-added services to customers, businesses, and other telecommunications operators in France and internationally.It operates through France; Spain and Other European Countries; The Africa and Middle East; Enterprise; International Carriers & Shared Services; and Mobile Financial Services segments. The company offers mobile services, such as voice, SMS, and data; fixed broadband and narrowband services, as well as fixed network business solutions, including voice and data; and convergence packages.


It also sells mobile handsets, mobile terminals, broadband equipment, connected devices, and accessories.In addition, the company provides IT and integration services comprising unified communication and collaboration services, such as LAN and telephony, consultancy, integration, and project management; hosting and infrastructure services, including cloud computing; customer relations management and other applications services; security services; and video conferencing, as well as sells related equipment.Further, it offers national and international roaming services; online advertising services; and mobile virtual network operators, network sharing, and mobile financial services, as well as sells equipment to external distributors and brokers.


Orange S.A. markets its products and services under the Orange brand.The company was formerly known as France Telecom and changed its name to Orange S.A. in July 2013.Orange S.A. was founded in 1990 and is headquartered in Issy-les-Moulineaux, France.

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1.b. Last Insights on ORA

Recent positive drivers behind Orange S.A.'s performance include the company's strong revenue growth and robust cash flow, driven by growth in retail and Middle East and Africa. The company's AI integration in contact centers and business solutions also contributed to revenue and earnings growth in Q3 2024. Additionally, Orange has accelerated the implementation of its Lead the Future strategic plan, achieving its 2024 targets and raising its Organic Cash Flow target to at least 3.6 billion euros. The company has also signed an agreement on Employment and Career Path Planning, aiming to anticipate staffing needs and develop necessary competencies.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Total number of shares and voting rights at November 30, 2025

Dec -04

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Foresight: Eye-Net Together with Renault Group and Orange Enter Large-Scale Live Public Transportation Safety Trial in France

Nov -20

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Orange (ENXTPA:ORA): Evaluating Valuation After a Strong Share Price Rally

Nov -09

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Orange: Orange successfully completes a bond issuance in 5 tranches for a total amount of 5 billion euros

Nov -06

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Total number of shares and voting rights at October 31, 2025

Nov -05

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Orange: Orange announces a non-binding agreement with Lorca to acquire their 50% stake in MasOrange and fully own the leading operator* in Spain

Oct -31

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Orange: Solid third-quarter results, leading to an increase in annual EBITDAaL growth guidance

Oct -23

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Orange (ENXTPA:ORA): Assessing Valuation After Recent Share Price Gains

Oct -19

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.10%)

6. Segments

France

Expected Growth: 1.0%

The French market is saturated, and growth is limited by intense competition. However, the increasing demand for advanced telecommunications services is expected to drive moderate growth. The expected growth is slightly lower than the global hypothesis due to the mature nature of the market.

Orange Business

Expected Growth: 2.0%

The demand for IT and telecommunications services among multinational companies is increasing, driven by the need for digital transformation. Orange Business is well-positioned to benefit from this trend, driving growth above the global average.

Africa & Middle East

Expected Growth: 3.0%

The Africa and Middle East region is characterized by a growing population and increasing mobile penetration. The demand for telecommunications services is expected to drive growth above the global average, driven by the need for mobile services and data.

Other European Countries

Expected Growth: 1.1%

The segment operates in a competitive market, but the demand for telecommunications services is expected to drive growth in line with the global average. The growth is supported by the increasing demand for advanced telecommunications services.

International Carriers & Shared Services

Expected Growth: 1.1%

The segment is expected to grow in line with the global average, driven by the demand for international telecommunications services. The growth is supported by the increasing demand for global connectivity.

Totem

Expected Growth: 0.0%

As a holding company, Totem does not directly drive revenue growth. Its growth is dependent on the performance of its subsidiaries.

Eliminations

Expected Growth: 0.0%

Eliminations represent the removal of intersegment transactions and do not contribute to revenue growth.

7. Detailed Products

Mobile Telephony

Orange S.A. offers mobile telephony services, providing customers with voice and data plans, as well as a range of mobile devices.

Fixed Telephony

Orange S.A. provides fixed telephony services, offering landline phone connections and internet services to homes and businesses.

Internet Services

Orange S.A. offers a range of internet services, including broadband, fiber-optic, and satellite internet connections.

TV and Entertainment

Orange S.A. provides TV and entertainment services, including live TV, on-demand content, and streaming services.

Cloud and Cybersecurity

Orange S.A. offers cloud and cybersecurity services, providing businesses with secure and scalable IT infrastructure solutions.

IoT and Data Analytics

Orange S.A. provides IoT and data analytics services, helping businesses to collect, analyze, and act on data insights.

International Carriers

Orange S.A. provides international carrier services, offering wholesale voice, data, and IP services to carriers and operators.

8. Orange S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Orange S.A. faces moderate threat from substitutes, as customers have limited alternatives for telecommunications services.

Bargaining Power Of Customers

Orange S.A. has a large customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Orange S.A. relies on a few large suppliers for network equipment and services, giving them moderate bargaining power.

Threat Of New Entrants

The telecommunications industry has high barriers to entry, making it difficult for new entrants to compete with Orange S.A.

Intensity Of Rivalry

The telecommunications industry is highly competitive, with several major players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.89%
Debt Cost 3.95%
Equity Weight 37.11%
Equity Cost 4.52%
WACC 4.16%
Leverage 169.49%

11. Quality Control: Orange 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

A-Score: 7.2/10

Value: 6.3

Growth: 3.9

Quality: 4.4

Yield: 9.4

Momentum: 9.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
AT&T

A-Score: 7.0/10

Value: 7.1

Growth: 2.6

Quality: 5.7

Yield: 9.0

Momentum: 8.5

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Verizon

A-Score: 6.9/10

Value: 7.0

Growth: 3.1

Quality: 5.5

Yield: 10.0

Momentum: 5.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Orange Polska

A-Score: 6.5/10

Value: 7.3

Growth: 4.1

Quality: 4.5

Yield: 8.1

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Vodafone

A-Score: 6.1/10

Value: 9.4

Growth: 1.2

Quality: 2.0

Yield: 8.8

Momentum: 7.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Swisscom

A-Score: 6.1/10

Value: 5.0

Growth: 2.8

Quality: 6.4

Yield: 6.9

Momentum: 5.5

Volatility: 10.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.74$

Current Price

13.74$

Potential

-0.00%

Expected Cash-Flows