Orange: Oddo BHF upgrades stock

(CercleFinance.com) - Oddo BHF has upgraded Orange shares to 'outperform', nudging up its target price for them from E11.
2 to E11.7, pointing out that the stock has underperformed the sector by around 24% over the past year due to the price war on cell phones in France.

If this risk does not disappear, management's indications on Orange's commercial resilience call for a correction, especially as price risk has since appeared for other stocks in the sector (markets in Germany, Portugal, Belgium, etc.), it judges...), it believes.

The broker has raised its FCF estimates by around 5% in the wake of its estimates for France, and believes that the probability of consolidation in the French market is no longer 0%, but 30%-50%.

The stock is trading at a P/E of 9x-10x, below the sector average (13x), and on its lows (historical range of 7x-10x during a price war, and a peak of 18x during the 2022-2023 recovery period), the analyst adds.


Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.