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Orange

ENXTPA:ORA
Snowflake Description

Undervalued average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ORA
ENXTPA
€35B
Market Cap
  1. Home
  2. FR
  3. Telecom
Company description

Orange S.A. provides a range of fixed telephony and mobile telecommunications, data transmission, and other value-added services to consumers, businesses, and other telecommunications operators in Europe, Africa, and the Middle East. The last earnings update was 183 days ago. More info.


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ORA Share Price and Events
7 Day Returns
0.5%
ENXTPA:ORA
1.1%
FR Telecom
-1%
FR Market
1 Year Returns
-2.9%
ENXTPA:ORA
0.5%
FR Telecom
21.3%
FR Market
ORA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Orange (ORA) 0.5% -1.4% -10.8% -2.9% -9.4% -16.2%
FR Telecom 1.1% -0.8% -6% 0.5% -16.9% -24%
FR Market -1% -0.2% 5.1% 21.3% 28.1% 37.7%
1 Year Return vs Industry and Market
  • ORA underperformed the Telecom industry which returned 0.5% over the past year.
  • ORA underperformed the Market in France which returned 21.3% over the past year.
Price Volatility
ORA
Industry
5yr Volatility vs Market
Related Companies

ORA Value

 Is Orange undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Orange to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Orange.

ENXTPA:ORA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 25 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.7%
Perpetual Growth Rate 10-Year FR Government Bond Rate -0.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:ORA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.1%
Telecom Unlevered Beta Simply Wall St/ S&P Global 0.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.369 (1 + (1- 33%) (125.18%))
0.784
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.11% + (0.8 * 6.07%)
4.75%

Discounted Cash Flow Calculation for ENXTPA:ORA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Orange is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

ENXTPA:ORA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 4.75%)
2020 2,757.10 Analyst x12 2,632.18
2021 2,823.85 Analyst x11 2,573.75
2022 3,267.20 Analyst x5 2,842.91
2023 3,526.50 Analyst x2 2,929.50
2024 3,407.00 Analyst x1 2,702.00
2025 3,330.41 Est @ -2.25% 2,521.58
2026 3,276.90 Est @ -1.61% 2,368.65
2027 3,238.96 Est @ -1.16% 2,235.15
2028 3,211.64 Est @ -0.84% 2,115.88
2029 3,191.62 Est @ -0.62% 2,007.41
Present value of next 10 years cash flows €24,929.00
ENXTPA:ORA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €3,191.62 × (1 + -0.11%) ÷ (4.75% – -0.11%)
€65,653.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €65,653.05 ÷ (1 + 4.75%)10
€41,293.38
ENXTPA:ORA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €24,929.00 + €41,293.38
€66,222.38
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €66,222.38 / 2,650.31
€24.99
ENXTPA:ORA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €24.99
Current discount Discount to share price of €13.09
= -1 x (€13.09 - €24.99) / €24.99
47.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Orange is available for.
Intrinsic value
48%
Share price is €13.09 vs Future cash flow value of €24.99
Current Discount Checks
For Orange to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Orange's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Orange's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Orange's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Orange's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:ORA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.82
ENXTPA:ORA Share Price ** ENXTPA (2020-01-24) in EUR €13.09
Europe Telecom Industry PE Ratio Median Figure of 58 Publicly-Listed Telecom Companies 21.08x
France Market PE Ratio Median Figure of 405 Publicly-Listed Companies 18.48x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Orange.

ENXTPA:ORA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:ORA Share Price ÷ EPS (both in EUR)

= 13.09 ÷ 0.82

16.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Orange is good value based on earnings compared to the Europe Telecom industry average.
  • Orange is good value based on earnings compared to the France market.
Price based on expected Growth
Does Orange's expected growth come at a high price?
Raw Data
ENXTPA:ORA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts
7.3%per year
Europe Telecom Industry PEG Ratio Median Figure of 32 Publicly-Listed Telecom Companies 1.81x
France Market PEG Ratio Median Figure of 249 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

ENXTPA:ORA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.02x ÷ 7.3%

2.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Orange is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Orange's assets?
Raw Data
ENXTPA:ORA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €11.43
ENXTPA:ORA Share Price * ENXTPA (2020-01-24) in EUR €13.09
France Telecom Industry PB Ratio Median Figure of 5 Publicly-Listed Telecom Companies 1.82x
France Market PB Ratio Median Figure of 590 Publicly-Listed Companies 1.48x
ENXTPA:ORA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:ORA Share Price ÷ Book Value per Share (both in EUR)

= 13.09 ÷ 11.43

1.15x

* Primary Listing of Orange.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Orange is good value based on assets compared to the FR Telecom industry average.
X
Value checks
We assess Orange's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
  5. Orange has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ORA Future Performance

 How is Orange expected to perform in the next 1 to 3 years based on estimates from 25 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Orange expected to grow at an attractive rate?
  • Orange's earnings growth is expected to exceed the low risk savings rate of -0.1%.
Growth vs Market Checks
  • Orange's earnings growth is positive but not above the France market average.
  • Orange's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:ORA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:ORA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts 7.3%
ENXTPA:ORA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 25 Analysts 0.9%
Europe Telecom Industry Earnings Growth Rate Market Cap Weighted Average 14.8%
Europe Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.9%
France Market Earnings Growth Rate Market Cap Weighted Average 11.7%
France Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:ORA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:ORA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 43,922 3,670 1
2023-12-31 43,532 10,785 3,623 3
2022-12-31 42,849 10,848 3,025 5
2021-12-31 42,703 10,249 2,950 21
2020-12-31 42,391 10,087 2,768 25
2020-01-24
2019-12-31 41,948 9,810 2,582 24
ENXTPA:ORA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 41,692 9,468 1,911
2019-03-31 41,537 9,487 1,786
2018-12-31 41,381 9,506 1,661
2018-06-30 41,033 9,599 1,735
2018-03-31 40,946 9,887 1,641
2017-12-31 40,859 10,174 1,547
2017-06-30 40,927 9,646 77
2017-03-31 40,923 9,198 236
2016-12-31 40,708 8,750 273
2016-09-30 40,838 9,007 1,232

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Orange's earnings are expected to grow by 7.3% yearly, however this is not considered high growth (20% yearly).
  • Orange's revenue is expected to grow by 0.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:ORA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below

All data from Orange Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:ORA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 1.37 1.38 1.35 2.00
2023-12-31 1.30 1.44 1.18 3.00
2022-12-31 1.14 1.28 1.00 4.00
2021-12-31 1.11 1.31 0.84 19.00
2020-12-31 1.04 1.23 0.88 22.00
2020-01-24
2019-12-31 0.98 1.22 0.78 20.00
ENXTPA:ORA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.82
2019-03-31 0.71
2018-12-31 0.63
2018-06-30 0.68
2018-03-31 0.63
2017-12-31 0.58
2017-06-30 0.03
2017-03-31 0.08
2016-12-31 0.10
2016-09-30 0.47

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Orange is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Orange's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Orange has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ORA Past Performance

  How has Orange performed over the past 5 years?

  • Orange's last earnings update was 183 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Orange's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Orange's year on year earnings growth rate has been positive over the past 5 years.
  • Orange's 1-year earnings growth exceeds its 5-year average (10.1% vs 6.5%)
  • Orange's earnings growth has exceeded the Europe Telecom industry average in the past year (10.1% vs 0.5%).
Earnings and Revenue History
Orange's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Orange Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:ORA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 41,692.00 1,911.00 2,031.00
2019-03-31 41,536.50 1,786.00 2,031.00
2018-12-31 41,381.00 1,661.00 2,031.00
2018-06-30 41,033.00 1,735.00 1,993.00
2018-03-31 40,946.00 1,641.00 1,993.00
2017-12-31 40,859.00 1,547.00 1,993.00
2017-06-30 40,927.00 77.00 2,050.00
2017-03-31 40,922.50 236.00 2,050.00
2016-12-31 40,708.00 273.00 2,050.00
2016-09-30 40,838.00 1,231.50 1,549.50
2016-06-30 40,758.00 2,280.00 1,049.00
2016-03-31 40,497.00 2,149.00 1,531.00
2015-12-31 40,236.00 1,912.00 2,013.00
2015-06-30 39,410.00 1,034.00 1,963.00
2015-03-31 39,427.50 995.50 1,980.00
2014-12-31 39,445.00 957.00 1,997.00
2014-06-30 39,970.00 1,430.00 2,089.00
2014-03-31 40,475.50 1,674.00 2,131.00
2013-12-31 40,981.00 1,918.00 2,173.00
2013-09-30 41,628.00 1,011.50 2,200.00
2013-06-30 42,275.00 150.00 2,227.00
2013-03-31 42,895.00 485.00 2,257.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Orange has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Orange used its assets less efficiently than the Europe Telecom industry average last year based on Return on Assets.
  • Orange's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Orange's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Orange has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ORA Health

 How is Orange's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Orange's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Orange's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Orange's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Orange's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Orange Company Filings, last reported 6 months ago.

ENXTPA:ORA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 32,778.00 37,082.00 8,824.00
2019-03-31 32,778.00 37,082.00 8,824.00
2018-12-31 33,249.00 34,343.00 8,582.00
2018-06-30 32,737.00 34,073.00 7,926.00
2018-03-31 32,737.00 34,073.00 7,926.00
2017-12-31 33,512.00 33,359.00 11,805.00
2017-06-30 32,601.00 34,593.00 8,767.00
2017-03-31 32,601.00 34,593.00 8,767.00
2016-12-31 33,845.00 34,152.00 11,365.00
2016-09-30 33,174.00 34,750.00 8,274.00
2016-06-30 33,571.00 33,562.00 7,695.00
2016-03-31 33,571.00 33,562.00 7,695.00
2015-12-31 33,267.00 34,447.00 6,139.00
2015-06-30 32,100.00 34,924.00 6,313.00
2015-03-31 32,100.00 34,924.00 6,313.00
2014-12-31 31,701.00 35,263.00 7,051.00
2014-06-30 28,573.00 36,555.00 6,487.00
2014-03-31 28,573.00 36,555.00 6,487.00
2013-12-31 26,334.00 38,846.00 6,268.00
2013-09-30 26,334.00 38,846.00 6,230.00
2013-06-30 26,202.00 37,350.00 6,142.00
2013-03-31 26,202.00 37,350.00 6,142.00
  • Orange's level of debt (113.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (127.8% vs 113.1% today).
  • Debt is well covered by operating cash flow (25.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.8x coverage).
X
Financial health checks
We assess Orange's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Orange has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ORA Dividends

 What is Orange's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.35%
Current annual income from Orange dividends. Estimated to be 5.95% next year.
If you bought €2,000 of Orange shares you are expected to receive €107 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Orange's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.49%).
  • Orange's dividend is above the markets top 25% of dividend payers in France (4.48%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:ORA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below
Europe Telecom Industry Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4.9%
France Market Average Dividend Yield Market Cap Weighted Average of 309 Stocks 2.8%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.5%
France Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:ORA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 0.91 2.00
2023-12-31 0.90 5.00
2022-12-31 0.85 7.00
2021-12-31 0.77 21.00
2020-12-31 0.73 26.00
2020-01-24
2019-12-31 0.71 25.00
ENXTPA:ORA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-21 0.700 5.042
2018-02-21 0.650 4.588
2017-07-27 0.650 4.588
2017-03-31 0.650 4.438
2016-02-16 0.600 4.163
2015-04-28 0.600 4.050
2015-02-18 0.600 3.877
2014-10-23 0.700 4.995
2014-06-12 0.600 5.260
2014-03-06 0.800 7.096
2013-04-12 0.780 9.161
2012-07-26 1.380 15.595
2012-02-22 1.400 13.301
2011-07-28 1.400 11.406
2011-02-24 1.400 9.237
2010-07-29 1.400 8.622
2010-02-25 1.400 8.716
2009-07-30 1.400 8.023
2009-05-27 1.600 9.811

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Orange's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Orange's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Orange afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Orange has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ORA Management

 What is the CEO of Orange's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stéphane Richard
COMPENSATION €2,263,637
AGE 58
TENURE AS CEO 8.8 years
CEO Bio

Mr. Stéphane Richard has been the Chairman and Chief Executive Officer at Orange SA since March 1, 2011. Mr. Richard serves as Managing Partner of SCI du at 18 rue Philippe-Hecht. He serves as the Chairman and Chief Executive Officer of Orange Holding S.A. and Orange Group. He serves as a Director of France Industrie. He serves as the Chief Executive Officer of France Telecom at Orange Business Services SAS. He joined Orange group in September 2009 and has successively occupied the positions of Deputy Chief Executive Officer in charge of French Operations, Chief Executive Officer of Delegate and Chief Executive Officer. He served as the Chairman and Chief Executive Officer of Orange France. He served as the Head of Transporation Division of Veolia Environnement S.A. since February 2003 and served as its Executive Vice President and Member of Management Board. He served as the Chairman of Management Board and Member of the Management Board at Nexity S.A. He served as the Head of Operations in France at Orange and also served as its Deputy Chief Executive Officer from January 1, 2010 to March 1, 2010. He served as the Chief Executive Officer, Managing Director and General Manager of Transdev Ile-de-France SA until May 2007. From 1992 to 2003, he was successively Deputy to the Chief Financial Officer of Compagnie Générale des Eaux, Chief Executive Officer of Compagnie Immobilière Phénix and Chairman of Nexity (Formerly known as (CGIS) Compagnie Générale d’Immobilier et de Services). From 2003 to 2007, he served as Deputy Managing Director of Veolia Environnement and Chief Executive Officer of Veolia Transport, as well as being a director of Orange SA. From 2007 to 2009, he served as the Chief of Staff to the French Minister for the Economy, Industry and Employment. He serves as a Permanent Representative of Atlas Countries Services in Médi Télécom. He serves as a Manager of EURL Rieutord Capital, SCI Carré Gabriel, SARL Carré Gabriel and EURL Ginger. He has been a Director of Orange SA since June 9, 2010. He serves as a Director of the Opéra National de Paris and the Cercle de l’Industrie and Raise Investissement, SAS. Mr. Richard serves as Member of Strategy Board at ESL & Network Holding SA. He served as a Manager of Rieutord LLC until September 2016. He served as a Director of APRR, SA (formerly Societe Des Autoroutes Paris-rhin-rhone) and Cinémathèque Française. He served as a Director of the Fondation du Collège de France. He served as a Member of the Supervisory Board of Atemi SAS. He is a Knight of the French Legion of Honor. He is a Graduate of École des hautes études commerciales (HEC) and École nationale d’administration (ENA).

CEO Compensation
  • Stéphane's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Stéphane's remuneration is about average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Orange management team in years:

6.3
Average Tenure
58
Average Age
  • The average tenure for the Orange management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Stéphane Richard

TITLE
Chairman & CEO
COMPENSATION
€2M
AGE
58
TENURE
8.8 yrs

Ramon Fernandez

TITLE
Delegate Chief Executive Officer of Finance
COMPENSATION
€1M
AGE
52
TENURE
5.3 yrs

Gervais Gilles Pellissier

TITLE
Delegate CEO of Group Transformation & President of Orange Business Services
COMPENSATION
€1M
AGE
60
TENURE
8.2 yrs

Mari-Noëlle Jégo-Laveissière

TITLE
Deputy CEO of Technology & Global Innovation
AGE
51
TENURE
5.8 yrs

Patrice De Diesbach

TITLE
Senior VP & Head of Investor Relations
AGE
63

Brigitte Bourgoin

TITLE
Group Chief Compliance Officer
AGE
65

Béatrice Mandine

TITLE
Executive Director of Communications & Brand
AGE
51
TENURE
6.7 yrs

Valérie Le Boulanger

TITLE
Executive Director of Group Human Resources
AGE
57
TENURE
1.7 yrs

Patrick Roussel

TITLE
Executive Vice President for Consumer Sales
TENURE
6.3 yrs

Christine Albanel

TITLE
Senior EVP of CSR
AGE
64
Board of Directors Tenure

Average tenure and age of the Orange board of directors in years:

4.1
Average Tenure
55.5
Average Age
  • The tenure for the Orange board of directors is about average.
Board of Directors

Stéphane Richard

TITLE
Chairman & CEO
COMPENSATION
€2M
AGE
58
TENURE
8.8 yrs

Bernard Ramanantsoa

TITLE
Independent Director
COMPENSATION
€59K
AGE
71
TENURE
3.6 yrs

Charles-Henri Filippi

TITLE
Lead Director
COMPENSATION
€63K
AGE
67
TENURE
3.1 yrs

Nicolas Dufourcq

TITLE
Director
COMPENSATION
€30K
AGE
56
TENURE
6.7 yrs

Helle Kristoffersen

TITLE
Independent Director
COMPENSATION
€42K
AGE
55
TENURE
8.6 yrs

Jean-Michel Severino

TITLE
Independent Director
COMPENSATION
€48K
AGE
62
TENURE
8.6 yrs

Anne Lange

TITLE
Director
COMPENSATION
€46K
AGE
51
TENURE
4.7 yrs

Alexandre Bompard

TITLE
Independent Director
COMPENSATION
€24K
AGE
47
TENURE
3.1 yrs

Christel Heydemann

TITLE
Independent Director
COMPENSATION
€46K
AGE
45
TENURE
2.5 yrs

Sébastien Crozier

TITLE
Director
COMPENSATION
€254K
AGE
51
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Orange's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Orange has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ORA News

Simply Wall St News

A Look At Orange S.A.'s (EPA:ORA) Exceptional Fundamentals

ORA is a notable dividend-paying company that has been a rockstar for income investors, currently trading at an attractive share price. … Good value average dividend payer ORA's shares are now trading at a price below its true value based on its discounted cash flows, indicating a relatively pessimistic market sentiment. … Also, relative to the rest of FR companies with similar levels of earnings, ORA's share price is trading below the group's average.

Simply Wall St -

Are Investors Undervaluing Orange S.A. (EPA:ORA) By 47%?

(EPA:ORA) by estimating the company's future cash flows and discounting them to their present value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €3.0b €3.1b €3.2b €3.5b €3.6b €3.7b €3.7b €3.8b €3.9b €3.9b Growth Rate Estimate Source Analyst x11 Analyst x9 Analyst x3 Analyst x2 Est @ 3.46% Est @ 2.64% Est @ 2.07% Est @ 1.67% Est @ 1.39% Est @ 1.19% Present Value (€, Millions) Discounted @ 6.05% €2.8k €2.8k €2.7k €2.7k €2.7k €2.6k €2.5k €2.4k €2.3k €2.2k ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €25.5b After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.1%.

Simply Wall St -

Do You Know What Orange S.A.'s (EPA:ORA) P/E Ratio Means?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Orange: P/E of 16.4 = €13.4 ÷ €0.82 (Based on the trailing twelve months to June 2019.) Is A High Price-to-Earnings Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' How Does Orange's P/E Ratio Compare To Its Peers?

Simply Wall St -

Where Orange S.A. (EPA:ORA) Stands In Terms Of Earnings Growth Against Its Industry

Well, let’s take a look at whether it is solely owing to an industry uplift, or if Orange has seen some company-specific growth. … I recommend you continue to research Orange to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for ORA’s future growth? … We aim to bring you long-term focused research analysis driven by fundamental data.

Simply Wall St -

Is Orange (EPA:ORA) Using Too Much Debt?

See our latest analysis for Orange How Much Debt Does Orange Carry? … ENXTPA:ORA Historical Debt, July 15th 2019 A Look At Orange's Liabilities Zooming in on the latest balance sheet data, we can see that Orange had liabilities of €30.3b due within 12 months and liabilities of €33.0b due beyond that. … Since Orange does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time.

Simply Wall St -

If You Had Bought Orange (EPA:ORA) Stock Five Years Ago, You Could Pocket A 24% Gain Today

Furthermore, you'd generally like to see the share price rise faster than the market But Orange S.A. … (EPA:ORA) has fallen short of that second goal, with a share price rise of 24% over five years, which is below the market return. … In the long term, though, it will be hard for the share price rises to continue without improving EPS.

Simply Wall St -

What Should We Expect From Orange S.A.'s (EPA:ORA) Earnings In The Next Couple Of Years?

Below, I've presented key growth figures on how market analysts view Orange's earnings growth trajectory over the next few years and whether the future looks even brighter than the past. … Check out our latest analysis for Orange Market analysts' prospects for this coming year seems optimistic, with earnings increasing by a significant 67%. … ENXTPA:ORA Past and Future Earnings, June 26th 2019 Even though it’s helpful to be aware of the growth each year relative to today’s value, it may be more beneficial gauging the rate at which the company is moving on average every year.

Simply Wall St -

Is Orange S.A.'s (EPA:ORA) CEO Paid Enough Relative To Peers?

View our latest analysis for Orange How Does Stéphane Richard's Compensation Compare With Similar Sized Companies? … A first glance this seems like a real positive for shareholders, since Stéphane Richard is paid less than the average total compensation paid by other large companies. … Shareholders should note that compensation for Stéphane Richard is under the median of a group of large companies.

Simply Wall St -

What Can We Learn From Orange S.A.’s (EPA:ORA) Investment Returns?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Orange: 0.074 = €4.9b ÷ (€97b - €30b) (Based on the trailing twelve months to December 2018.) Therefore, Orange has an ROCE of 7.4%. … What Are Current Liabilities, And How Do They Affect Orange's ROCE? … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual.

Simply Wall St -

Orange S.A. (EPA:ORA): Can Growth Justify Its May Share Price?

Orange is available at price-to-earnings ratio of 22.31x, showing us it is overvalued based on current earnings compared to the Telecom industry average of 18.77x , and overvalued compared to the FR market average ratio of 16.43x. … However, since Orange is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … This means that, when we account for Orange's growth, the stock can be viewed as slightly overvalued , based on its fundamentals.

Simply Wall St -

ORA Company Info

Description

Orange S.A. provides a range of fixed telephony and mobile telecommunications, data transmission, and other value-added services to consumers, businesses, and other telecommunications operators in Europe, Africa, and the Middle East. The company offers mobile services, such as voice, SMS, and data; fixed broadband and narrowband services, as well as fixed network business solutions, including voice and data; and convergence packages. It also sells mobile phones, broadband equipment, and connected objects and accessories. In addition, the company provides IT and integration services comprising unified communication and collaboration services, such as LAN and telephony, advising, integration, and project management; hosting and infrastructure services, including cloud computing; customer relations management and other applications services; security services; and video conferencing, as well as sells related equipment. Further, it offers national and international roaming services; and mobile virtual network operators, network sharing, and mobile financial services, as well as sells equipment to external distributors and brokers. The company markets its products and services under the Orange brand. Orange S.A. was formerly known as France Telecom and changed its name to Orange S.A. in July 2013. Orange S.A. was founded in 1990 and is headquartered in Paris, France.

Details
Name: Orange S.A.
ORA
Exchange: ENXTPA
Founded: 1990
€34,692,605,429
2,650,313,631
Website: http://www.orange.com
Address: Orange S.A.
78, rue Olivier de Serres,
Paris,
Ile-de-France, 75015,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA ORA Ordinary Shares Euronext Paris FR EUR 20. Oct 1997
OTCPK FNCT.F Ordinary Shares Pink Sheets LLC US USD 20. Oct 1997
DB FTE Ordinary Shares Deutsche Boerse AG DE EUR 20. Oct 1997
XTRA FTE Ordinary Shares XETRA Trading Platform DE EUR 20. Oct 1997
LSE 0OQV Ordinary Shares London Stock Exchange GB EUR 20. Oct 1997
SWX ORA Ordinary Shares SIX Swiss Exchange CH CHF 20. Oct 1997
BIT ORA Ordinary Shares Borsa Italiana IT EUR 20. Oct 1997
WBAG ORA Ordinary Shares Wiener Boerse AG AT EUR 20. Oct 1997
BATS-CHIXE ORAP Ordinary Shares BATS 'Chi-X Europe' GB EUR 20. Oct 1997
NYSE ORAN SPONSORED ADR New York Stock Exchange US USD 20. Oct 1997
DB FTEU 5.25%-FRN SUB EMTN PERP EUR100000 'REGS' Deutsche Boerse AG DE EUR 30. Jan 2014
DB FTE1 SPONSORED ADR Deutsche Boerse AG DE EUR 20. Oct 1997
BMV ORAN N SPONSORED ADR Bolsa Mexicana de Valores MX MXN 20. Oct 1997
Number of employees
Current staff
Staff numbers
150,711
Orange employees.
Industry
Integrated Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/01/24 20:36
End of day share price update: 2020/01/24 00:00
Last estimates confirmation: 2020/01/22
Last earnings filing: 2019/07/25
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.