Communications

Report by Arete Research

Squeezing the juice - consensus is not pricing in peak capex. Market scepticism over weak dividend cover should dissipate as FCF doubles by ’24E, with further potential upside from Masmovil JV. The possibility of Totem merging with Vantage Towers is ORA’s €9bn hidden gem, which further fuels the positive train. Meanwhile, the French outlook remains bullish and should the possibility of consolidation become a reality, this will also play in ORA’s favour. TP increased to €16 with a 57% TSR by YE23E (excluding potential for special dividends).