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Orange FY23 Earnings Preview

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  • 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.

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  • 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