EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Orange (ORA FP) France

Communications

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).

Edition: 139

- 08 July, 2022