Morningstar

Morningstar, Inc.

Equity Bottom-Up

We view Orange as one of the prime beneficiaries of the movement to converged services (the merging of the traditional triple play of fixed-line telephony, broadband, and pay television with wireless telephony). When service bundling is combined with 4G and fiber, which help to differentiate its networks, we think Orange is well positioned for the macroeconomic trends hitting European communication markets. Orange now has 6.1 million convergent customers in France (60% of its retail broadband…

We are placing our fair value estimate for Orange under review. We will publish an updated report and valuation by June 15.

Orange reported first-quarter results that were roughly in line with our expectations, and we don’t anticipate any significant changes to our EUR 19 per local share fair value estimate. Our narrow moat rating remains intact, and we believe the shares are undervalued. On a comparable basis, the firm reported that revenue declined 0.1% year over year versus our full-year projection of a 0.1% gain. On a historical basis, revenue grew 1%
However, in France, the firm’s main market, revenue dropped…

<p>We view Orange as one of the prime beneficiaries of the movement to converged services (the merging of the traditional triple play of fixed-line telephony, broadband, and pay television with wireless telephony). When service bundling is combined with 4G and fibre, which help to differentiate its networks, we think Orange is well positioned for the macroeconomic trends hitting European communication markets. Orange now has 6.1 million convergent customers in France or 60% of its retail broadband…</p>

France

Orange SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

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