Rankings Software, cloud & internet Orange
Orange
88
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Debt−5
- ROIC−4
- Quality of growth−3
Strengths
- Raised guidance+2
- Growth engine in Africa and the Middle East+2
- Dividend covered by cash flow+1
How the score is built
From 100 to 88, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 14.69 EUR
- Median analyst target
- 19.30 EUR
- Upside to median
- +31.4%
- Analysts
- 16
- Target range
- 15.00 – 22.60 EUR
- 52-week change
- +5%
- P/E (trailing)
- 11.1
- Forward P/E
- 12.3
- PEG
- 0.24
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −3Quality of growthRevenue is largely unchanged in five years (€42.5bn in 2021, 41.5bn TTM). H1 2026 delivered +3.5% organic, but without a one-off income of €75m in French wholesale, EBITDAaL growth was only about 3.7%, and mobile ARPU in France fell €0.9 year on year.
- −4ROICROIC 5.8% TTM and 3.0–6.2% in 2021–2025 (3.4% in 2025) in a capital-intensive grid business with eCapex of about 15% of revenue; the return has not become stronger.
- −2Future segmentOrange Business (IT and network solutions for business) fell 3.5% in H1 2026 to €1.8bn due to the phase-out of older technology and competition; the segment has shrunk from €7.9bn (2022–2023) to 7.1bn TTM. Only Cyberdefense is growing at double digits.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own historyForward P/E 11.1 vs 8.0–13.0 in 2021–2025, EV/EBITDA 6.5 vs 5.1–7.2 and P/B 1.05 vs 0.70–1.14 – in the upper half of its own range, even after the September fall. Analysts expect adjusted EPS −17% in 2027. The FCF yield is high (organic cash flow about €4.3bn vs a market cap of €37bn).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−9 of −35
- −5DebtNet financial debt rose €13.2bn to €35.7bn in H1 2026 after the purchase of the rest of MasOrange; leverage 2.4x EBITDAaL vs the target of about 2x, total debt including leases €56.8bn, interest cover 3.5x and Altman Z 0.72. Morgan Stanley downgraded to Sell on 18/9-2026, citing rising leverage and lower earnings growth.
- −2Competition in SpainMasOrange (now 100% owned and consolidated from 1 June) had EBITDA of −3.1% in H1 2026; management itself points to price pressure from the low-cost operator Digi and expects only low single-digit growth in H2.
- −2SFR acquisition (regulation and execution)Orange, Bouygues and Iliad want to buy SFR from Altice France at an enterprise value of €20.4bn; Orange is to take over about 5m customers and spectrum. The competition authority is examining the deal, and closing is only expected in H2 2027 – more debt and integration risk on top of MasOrange.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Raised guidance2026 guidance raised after H1: EBITDAaL growth above 4% (previously above 3%) and organic cash flow about €4.3bn (previously about €4bn); organic cash flow in H1 rose €0.5bn to €2.2bn.
- +2Growth engine in Africa and the Middle EastAfrica and the Middle East have had double-digit revenue growth for 13 quarters in a row and EBITDA +16% in H1 2026; the segment has grown from EUR 6.4bn (2021) to 8.9bn TTM.
- +1Dividend covered by cash flowDividend €2.2bn + buybacks €0.5bn (TTM) vs. FCF after leasing of about €3.5bn; the dividend for 2026 is expected to be raised from €0.75 to €0.79.
Caveats
What the score does not capture, or where the data is weak.
Telecom does not fit the industry list; 'Software, cloud & internet' was chosen as the nearest (same as Deutsche Telekom and Telenor). Trailing P/E 10.5 is lifted by a one-off gain on the revaluation of MasOrange to fair value; forward P/E and analysts' EPS (€1.41 in 2026, €1.17 in 2027) are adjusted figures. stockanalysis shows +22% in share count over a year, but the cash flow statement shows no share issuance – the figure looks wrong, and no deduction was made for dilution. The French state (directly and via Bpifrance) is the largest shareholder – mentioned without points. The SFR deal has not yet been approved.
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