Projected Income Statement: Orange

Forecast Balance Sheet: Orange

Forecast Balance Sheet - Orange
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 24,269 25,298 27,002 22,482 22,526 39,769 38,845 36,907
Change - 4.24% 6.74% -16.74% 0.2% 76.55% -2.32% -4.99%
Announcement Date 2/17/22 2/16/23 2/15/24 2/13/25 2/18/26 - - -
1EUR in Million
Estimates

Cash Flow Forecast: Orange

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 7,660 7,371 6,815 6,425 6,208 7,383 7,701 7,648
Change - -3.77% -7.54% -5.72% -3.38% 18.93% 4.31% -0.69%
Free Cash Flow (FCF) 1 3,576 3,864 5,239 3,770 4,572 4,314 4,915 5,307
Change - 8.05% 35.58% -28.04% 21.27% -5.65% 13.95% 7.98%
Announcement Date 2/17/22 2/16/23 2/15/24 2/13/25 2/18/26 - - -
1EUR in Million
Estimates

Forecast Financial Ratios: Orange

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 29.55% 29.82% 29.54% 30.08% 30.87% 32.67% 32.69% 33.25%
EBIT Margin (%) 18.74% 13.67% 12.71% 13.63% 11.31% 13.6% 14.1% 14.33%
EBT Margin (%) 4.09% 8.93% 8.53% 10.57% 5.47% 12.72% 10.33% 11.38%
Net margin (%) 0.55% 4.94% 5.53% 5.84% 1.33% 8.85% 6.35% 7.05%
FCF margin (%) 8.41% 8.89% 11.87% 9.36% 11.32% 9.51% 9.99% 10.6%
FCF / Net Income (%) 1,534.76% 180.06% 214.71% 160.43% 849.81% 107.53% 157.19% 150.24%

Profitability

        
ROA 0.22% 1.97% 2.22% 2.2% 0.51% 3.98% 3.27% 3.44%
ROE 6.1% 6.69% 7.67% 7.39% 1.75% 10.82% 8.92% 9.31%

Financial Health

        
Leverage (Debt/EBITDA) 1.93x 1.95x 2.07x 1.86x 1.81x 2.68x 2.41x 2.22x
Debt / Free cash flow 6.79x 6.55x 5.15x 5.96x 4.93x 9.22x 7.9x 6.95x

Capital Intensity

        
CAPEX / Current Assets (%) 18.01% 16.96% 15.45% 15.96% 15.37% 16.28% 15.65% 15.27%
CAPEX / EBITDA (%) 60.96% 56.86% 52.28% 53.06% 49.78% 49.84% 47.87% 45.93%
CAPEX / FCF (%) 214.21% 190.76% 130.08% 170.42% 135.78% 171.17% 156.69% 144.12%

Items per share

        
Cash flow per share 1 4.228 4.182 4.531 3.833 4.052 4.306 4.586 4.682
Change - -1.09% 8.35% -15.4% 5.72% 6.26% 6.5% 2.1%
Dividend per Share 1 0.7 0.7 0.7 0.72 0.75 0.7872 0.8196 0.8513
Change - 0% 0% 2.86% 4.17% 4.96% 4.11% 3.87%
Book Value Per Share 1 12.16 11.96 11.97 11.95 11.19 11.81 12.54 12.91
Change - -1.66% 0.1% -0.14% -6.39% 5.6% 6.12% 2.97%
EPS 1 - 0.73 0.85 0.82 0.14 1.41 1.168 1.292
Change - - 16.44% -3.53% -82.93% 907.44% -17.2% 10.59%
Nbr of stocks (in thousands) 2,631,971 2,657,122 2,659,182 2,658,153 2,658,600 2,657,769 2,657,769 2,657,769
Announcement Date 2/17/22 2/16/23 2/15/24 2/13/25 2/18/26 - - -
1EUR
Estimates
2026 *2027 *
P/E 9.83x 11.9x
PBR 1.17x 1.11x
EV / Sales 1.69x 1.54x
Yield 5.68% 5.91%

EPS & Dividend

EPS & Dividend - Orange


Y-o-Y evolution of P/E

Valuation ratios - P/E - Orange
 

Year-on-year evolution of the Yield

Valuation ratios - Yield - Orange
Trader
Investor
Global
Quality
ESG MSCI
BBB
Ratings Surperformance© - Orange
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
13.87EUR
Average target price
18.99EUR
Spread / Average Target
+36.90%

Quarterly revenue - Rate of surprise

Rate of surprise - Net sales - Quarterly - Orange