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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMUNICATIONS
- Q4 consensus implies Q4 Rev of EUR 11.6bn (+2% YoY), EBITDAal EUR 3.5bn (+1.7% YoY) and eCapEx EUR 2.1bn (-4.4% YoY)
- FY23 consensus is broadly in line with FY23 targets – EBITDAal is the only guided metric expected to miss but only by a small margin and some expect as much as 0.8% growth.
- Orange 10yr EUR spreads have widened slightly against a DT equivalent YTD and have widened close to 20bps against the Telia equivalent since early-Nov.
Metric | FY23 Target | FY23 Consensus | FY24 Consensus |
EBITDAal | Slight Growth | -0.25% | +3.4% |
eCapEx | Sig. Reduction | -7% | -1.1% |
Org CF From Telecoms | At least EUR 3.5bn | EUR 3.5bn | EUR 3.7bn |
EBITDAal Leverage | ~2x in the MT | ~2.1x | ~2x |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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