0.

5
27-Nov-19 0.39 19-Dec-19 6.51% 2-Dec-19 0.7 4-Dec-19

31-May-19 0.40 0.80 27-Jun-19 4.97% 4-Jun-19 0.7 0.70 6-Jun-19

30-Nov-18 0.41 21-Dec-18 5.26% 5.1% 4-Dec-18 0.7 6-Dec-18

1-Jun-18 0.38 0.75 22-Jun-18 4.60% 5-Jun-18 0.4 0.65 7-Jun-18

1-Dec-17 0.37 22-Dec-17 4.11% 4.4% 5-Dec-17 0.25 7-Dec-17

7-Jun-17 0.33 0.67 6-Jul-17 4.04% 12-Jun-17 0.4 0.6 14-Jun-17

2-Dec-15 0.34 29-Dec-15 4.10% 4.1% 5-Dec-16 0.2 7-Dec-16

4.51%

Price
ADR FR
Apr 11.84 11.14 1.062837
mar 12.08 11.14 1.084381
feb 12.19 13.38 0.911061
jan 12.8 14.09 0.908446
dec 13.12 14.59 0.899246
nov 15 16.32 0.919118
5.23% 2019
4.96% 2018 1.144214 FX
4.91% 2018 4.94%
4.63% 2017 1.160154 FX
4.75% 2017 4.69%
4.22% 1.11425 FX
4.15% 4.19%
4.60%
 Orange ADR Industry Orange SA Industry
P/E Ratio TTM 10.57 65.95 10.92 20.64
Price to Sales TTM 0.69 1.91 0.7 1.87
Price to Book MRQ 0.9 3.4 0.93 2.04

Gross margin TTM 57.63% 59.02%

Gross Margin 5YA 58.23% 60.95%
Operating margin TTM 14.03% 16.23%
Operating margin 5YA 11.48% 15.69%
Pretax margin TTM 11.06% 13.79%
Pretax margin 5YA 7.95% 13.53%
Net Profit margin TTM 7.64% 9.63%
Net Profit margin 5YA 5.31% 10.34%

Basic EPS ANN 1.13 2.32 1.03 1.77

Diluted EPS ANN 1.12 2.31 1.02 1.74
Book Value/Share MRQ 13.15 19.19 11.97 17.49

Return on Equity TTM 8.78% 26.91% 9.16%

Return on Equity 5YA 5.55% 14.03% 10.70%
Return on Assets TTM 3.18% 5.04% 3.50%
Return on Assets 5YA 2.30% 5.44% 3.62%
Return on Investment TTM 4.62% 6.49% 4.81%
Return on Investment 5YA 3.28% 7.34% 4.77%

Quick Ratio MRQ 0.87 1 0.67

Current Ratio MRQ 0.9 1.02 0.7
LT Debt to Equity MRQ 120.94% 145.46% 116.36%
Total Debt to Equity MRQ 150.79% 160.44% 134.59%

Dividend Yield ANN 6.61% 4.24% 4.49% 3.63%

Dividend Yield 5 Year
4.57% 5.49% 4.26% 5.30%
Avg. 5YA
Payout Ratio TTM 67.82% 67.82%
 Orange SA Industry
P/E Ratio TTM 10.92 20.64
P/BV MRQ 0.93 2.04
Return on Equity TTM 8.78% 9.16%
Return on Equity 5YA 5.55% 10.70%
Return on Investment TTM 4.62% 4.81%
Return on Investment 5YA 3.28% 4.77%
Dividend Yield ANN 4.49% 3.63%
Dividend Yield 5 Year Avg. 5YA 4.26% 5.30%
Market Cap. 28.91B
EV/EBITDA 1.73
PEG
 Debt Ratings - Sept. 2019
Standard & Poor's Moody's Fitch Ratings Japan Credit Rating

Long-term period debt BBB+ Baa1 BBB+ A

Outlook Stable Stable Stable Stable
2000 5,926.42 68.1 1% Price Open High Low Vol.

2001 4,624.58 −1,301.84 -22% 20-Jan 5,806.34 6,016.61 6,109.81 5,799.04

2002 3,063.91 −1,560.67 -34% 19-Dec 5,978.06 5,910.12 6,065.00 5,697.06

2003 3,557.90 493.99 1612% 19-Nov 5,905.17 5,749.48 5,966.79 5,739.70

2004 3,821.16 263.26 740% 19-Oct 5,729.86 5,696.20 5,778.24 5,393.49

2005 4,715.23 894.07 2340% 19-Sep 5,677.79 5,483.43 5,696.25 5,441.18

2006 5,541.76 826.53 1753% 19-Aug 5,480.48 5,500.91 5,563.65 5,170.77

2007 5,614.08 72.32 131% 19-Jul 5,518.90 5,584.13 5,672.77 5,496.77

2008 3,217.97 −2,396.11 −42.68 19-Jun 5,538.97 5,171.61 5,582.24 5,152.30

2009 3,936.33 718.36 2232% 19-May 5,207.63 5,568.20 5,573.16 5,160.91

2010 3,804.78 −131.55 −3.34 19-Apr 5,586.41 5,394.50 5,601.38 5,376.18

2011 3,159.81 −644.97 −16.95 19-Mar 5,350.53 5,267.14 5,443.10 5,211.76

2012 3,641.07 481.26 1523% 19-Feb 5,240.53 5,004.65 5,248.50 4,946.14

2013 4,295.95 654.88 1799% 19-Jan 4,992.72 4,642.18 5,016.28 4,606.20

2014 4,272.75 −23.20 −0.54 18-Dec 4,730.69 5,112.58 5,115.13 4,555.99

2015 4,637.06 364.31 853% 18-Nov 5,003.92 5,076.55 5,168.11 4,894.30

2016 4,862.31 225.25 486% 18-Oct 5,093.44 5,494.93 5,519.94 4,896.80

2017 5,312.56 450.25 926% 18-Sep 5,493.49 5,400.70 5,546.80 5,226.31

2018 4,730.69 −581.87 −10.95 18-Aug 5,406.85 5,520.33 5,539.41 5,287.18

2019 5,978.06 1,247.37 2637% 18-Jul 5,511.30 5,264.40 5,529.03 5,242.64

18-Jun 5,323.53 5,440.42 5,560.62 5,246.41

18-May 5,398.40 5,511.46 5,657.44 5,381.38

18-Apr 5,520.50 5,144.63 5,521.44 5,094.69

18-Mar 5,167.30 5,304.81 5,315.77 5,038.12

18-Feb 5,320.49 5,510.59 5,529.40 5,051.21

18-Jan 5,481.93 5,318.74 5,567.03 5,258.66

17-Dec 5,312.56 5,374.13 5,429.03 5,299.06

17-Nov 5,372.79 5,524.38 5,536.40 5,267.22

17-Oct 5,503.29 5,332.92 5,513.53 5,326.66

17-Sep 5,329.81 5,117.19 5,329.81 5,050.09

17-Aug 5,085.59 5,116.90 5,231.65 4,995.07

17-Jul 5,093.77 5,151.19 5,259.47 5,092.14

17-Jun 5,120.68 5,290.84 5,372.97 5,117.23

17-May 5,283.63 5,284.88 5,442.10 5,238.51

17-Apr 5,267.33 5,130.18 5,296.52 4,980.41

17-Mar 5,122.51 4,897.48 5,122.51 4,897.48

17-Feb 4,858.58 4,786.85 4,932.35 4,733.82

17-Jan 4,748.90 4,845.96 4,929.60 4,748.90

16-Dec 4,862.31 4,571.20 4,864.29 4,490.15

16-Nov 4,578.34 4,532.34 4,606.66 4,344.88

16-Oct 4,509.26 4,447.54 4,579.28 4,370.65

16-Sep 4,448.26 4,448.03 4,569.62 4,310.88

16-Aug 4,438.22 4,469.99 4,528.00 4,293.34

16-Jul 4,439.81 4,261.09 4,474.67 4,062.07

16-Jun 4,237.48 4,502.84 4,507.22 3,955.98

16-May 4,505.62 4,455.76 4,536.63 4,245.17

16-Apr 4,428.96 4,331.28 4,607.69 4,229.12

16-Mar 4,385.06 4,343.93 4,580.97 4,323.18

16-Feb 4,353.55 4,418.14 4,422.61 3,892.46

16-Jan 4,417.02 4,582.05 4,586.11 4,084.68

15-Dec 4,637.06 4,960.38 4,975.71 4,472.65

15-Nov 4,957.60 4,848.86 5,011.65 4,751.03

15-Oct 4,897.66 4,518.03 4,947.02 4,386.10

15-Sep 4,455.29 4,586.33 4,733.05 4,278.57

15-Aug 4,652.95 5,076.80 5,217.80 4,230.49

15-Jul 5,082.61 4,849.43 5,184.74 4,601.90

15-Jun 4,790.20 5,029.05 5,095.04 4,712.97

15-May 5,007.89 5,060.50 5,193.77 4,874.90

15-Apr 5,046.49 5,009.63 5,283.71 4,987.26

15-Mar 5,033.64 4,937.43 5,106.04 4,856.14

15-Feb 4,951.48 4,613.31 4,951.48 4,584.37

15-Jan 4,604.25 4,294.05 4,679.26 4,076.16

14-Dec 4,272.75 4,354.19 4,427.74 3,926.34

14-Nov 4,390.18 4,225.81 4,403.55 4,118.50

14-Oct 4,233.09 4,400.61 4,427.76 3,789.11

14-Sep 4,416.24 4,383.62 4,509.58 4,334.01

14-Aug 4,381.04 4,236.35 4,401.52 4,109.31

14-Jul 4,246.14 4,438.77 4,490.72 4,238.27

14-Jun 4,422.84 4,523.90 4,598.65 4,407.18

14-May 4,519.57 4,473.83 4,536.83 4,400.91

14-Apr 4,487.39 4,408.74 4,504.14 4,319.28

14-Mar 4,391.50 4,338.79 4,432.50 4,183.00

14-Feb 4,408.08 4,160.28 4,420.94 4,080.60

14-Jan 4,165.72 4,307.40 4,351.21 4,098.71

13-Dec 4,295.95 4,294.65 4,309.31 4,051.25

13-Nov 4,295.21 4,302.03 4,356.28 4,211.82

13-Oct 4,299.89 4,151.92 4,309.92 4,105.67

13-Sep 4,143.44 3,974.79 4,227.21 3,927.63

13-Aug 3,933.78 3,996.81 4,123.89 3,933.78

13-Jul 3,992.69 3,761.57 4,007.23 3,668.77

13-Jun 3,738.91 3,929.68 3,979.53 3,575.17

13-May 3,948.59 3,828.62 4,072.24 3,819.04

13-Apr 3,856.75 3,729.82 3,886.45 3,584.38

13-Mar 3,731.42 3,712.42 3,871.58 3,661.21

13-Feb 3,723.00 3,734.66 3,787.53 3,600.81

13-Jan 3,732.60 3,702.66 3,793.26 3,680.61

12-Dec 3,641.07 3,567.90 3,684.16 3,563.02

12-Nov 3,557.28 3,420.48 3,584.73 3,341.52

12-Oct 3,429.27 3,348.07 3,542.58 3,348.62

12-Sep 3,354.82 3,401.96 3,588.02 3,354.82

12-Aug 3,413.07 3,298.70 3,523.85 3,232.46

12-Jul 3,291.66 3,197.04 3,334.82 3,065.47

12-Jun 3,196.65 3,028.30 3,196.65 2,922.26

12-May 3,017.01 3,265.12 3,273.72 2,970.10

12-Apr 3,212.80 3,439.17 3,473.20 3,088.36

12-Mar 3,423.81 3,444.53 3,600.48 3,362.56

12-Feb 3,452.45 3,320.32 3,489.48 3,320.32

12-Jan 3,298.55 3,158.24 3,368.66 3,114.45

11-Dec 3,159.81 3,151.35 3,244.89 2,941.40

11-Nov 3,154.62 3,162.57 3,228.11 2,793.22

11-Oct 3,242.84 2,913.07 3,411.22 2,808.22

11-Sep 2,981.96 3,273.05 3,295.54 2,693.21

11-Aug 3,256.76 3,718.11 3,722.59 2,891.11

11-Jul 3,671.28 3,981.96 4,023.59 3,645.79

11-Jun 3,982.21 4,014.84 4,015.85 3,742.31

11-May 4,006.94 4,137.75 4,137.97 3,884.55

11-Apr 4,106.92 4,014.58 4,110.41 3,862.40

11-Mar 3,989.18 4,126.66 4,145.73 3,693.94

11-Feb 4,110.35 4,037.14 4,169.87 3,984.36

11-Jan 4,005.50 3,847.63 4,079.30 3,790.96

10-Dec 3,804.78 3,634.61 3,936.06 3,620.64

10-Nov 3,610.44 3,865.04 3,961.70 3,591.78

10-Oct 3,833.50 3,722.93 3,894.91 3,638.34

10-Sep 3,715.18 3,507.87 3,824.98 3,478.85

10-Aug 3,490.79 3,675.88 3,802.94 3,414.84

10-Jul 3,643.14 3,386.79 3,720.63 3,321.35

10-Jun 3,442.89 3,481.66 3,759.54 3,343.59

10-May 3,507.56 3,796.79 3,847.21 3,287.57

10-Apr 3,816.99 3,996.53 4,086.00 3,749.53

10-Mar 3,974.01 3,739.56 4,028.64 3,724.84

10-Feb 3,708.80 3,713.17 3,831.38 3,545.91

10-Jan 3,739.46 3,952.21 4,088.18 3,688.79

9-Dec 3,936.33 3,720.28 3,976.92 3,714.78

9-Nov 3,680.15 3,603.64 3,868.16 3,549.65

9-Oct 3,607.69 3,802.03 3,913.81 3,600.46

9-Sep 3,795.41 3,676.95 3,856.67 3,535.49

9-Aug 3,653.54 3,427.45 3,724.34 3,396.60

9-Jul 3,426.27 3,163.53 3,455.51 2,957.83

9-Jun 3,140.44 3,339.38 3,399.59 3,097.39

9-May 3,277.65 3,180.26 3,355.95 3,115.27

9-Apr 3,159.85 2,792.59 3,194.25 2,741.27

9-Mar 2,807.34 2,632.92 2,918.23 2,465.46

9-Feb 2,702.48 2,929.19 3,146.69 2,644.19

9-Jan 2,973.92 3,240.75 3,426.04 2,770.09

8-Dec 3,217.97 3,261.33 3,342.84 2,956.75

8-Nov 3,262.68 3,513.12 3,691.09 2,838.50

8-Oct 3,487.07 4,071.39 4,112.24 2,959.29

8-Sep 4,032.10 4,455.59 4,558.56 3,844.63

8-Aug 4,482.60 4,345.01 4,552.26 4,267.29

8-Jul 4,392.36 4,410.79 4,448.05 4,002.87

8-Jun 4,434.85 5,008.94 5,012.01 4,348.31

8-May 5,014.28 5,057.52 5,142.10 4,893.86

8-Apr 4,996.54 4,689.65 5,030.76 4,681.24

8-Mar 4,707.07 4,723.22 4,782.86 4,416.71

8-Feb 4,790.66 4,935.79 5,027.26 4,644.74

8-Jan 4,869.79 5,609.98 5,665.94 4,505.14

7-Dec 5,614.08 5,654.10 5,795.22 5,465.98

7-Nov 5,670.57 5,851.76 5,855.35 5,358.76

7-Oct 5,847.95 5,670.79 5,882.07 5,630.80

7-Sep 5,715.69 5,683.10 5,752.89 5,378.04

7-Aug 5,662.70 5,622.11 5,766.56 5,217.70

7-Jul 5,751.08 6,021.10 6,156.16 5,608.28

7-Jun 6,054.93 6,113.18 6,168.15 5,837.14

7-May 6,104.00 5,985.20 6,121.87 5,927.51

7-Apr 5,960.04 5,623.40 5,981.55 5,609.28

7-Mar 5,634.16 5,502.09 5,674.26 5,295.58

7-Feb 5,516.32 5,664.09 5,771.69 5,458.65

7-Jan 5,608.31 5,575.76 5,658.08 5,473.47

6-Dec 5,541.76 5,341.62 5,553.86 5,239.84

6-Nov 5,327.64 5,351.36 5,518.43 5,272.47

6-Oct 5,348.73 5,268.63 5,458.21 5,196.07

6-Sep 5,250.01 5,181.98 5,285.34 5,018.18

6-Aug 5,165.04 5,010.95 5,196.91 4,932.41

6-Jul 5,009.42 4,967.07 5,034.06 4,710.61

6-Jun 4,965.96 4,927.13 5,023.17 4,564.69

6-May 4,930.18 5,187.34 5,329.16 4,798.81

6-Apr 5,188.40 5,251.56 5,261.60 5,058.35

6-Mar 5,220.85 5,008.71 5,247.31 4,927.59

6-Feb 5,000.45 4,946.77 5,085.20 4,875.80

6-Jan 4,947.99 4,731.92 4,970.21 4,719.33

5-Dec 4,715.23 4,581.73 4,780.05 4,580.18

5-Nov 4,567.41 4,432.91 4,633.44 4,398.64

5-Oct 4,436.45 4,610.01 4,651.11 4,288.15

5-Sep 4,600.02 4,423.70 4,620.85 4,392.74

5-Aug 4,399.36 4,457.49 4,527.11 4,313.34

5-Jul 4,451.74 4,224.66 4,483.47 4,089.27

5-Jun 4,229.35 4,125.85 4,254.80 4,123.77

5-May 4,120.73 3,928.71 4,142.54 3,920.88

5-Apr 3,911.71 4,068.00 4,143.93 3,882.42

5-Mar 4,067.78 4,025.84 4,108.00 4,009.01

5-Feb 4,027.16 3,914.21 4,056.69 3,908.80

5-Jan 3,913.69 3,830.58 3,913.92 3,804.92

4-Dec 3,821.16 3,751.74 3,838.88 3,735.55

4-Nov 3,753.75 3,697.94 3,856.01 3,697.94

4-Oct 3,706.82 3,656.30 3,787.39 3,599.37

4-Sep 3,640.61 3,609.17 3,740.51 3,601.07

4-Aug 3,594.28 3,622.85 3,656.57 3,452.41

4-Jul 3,647.10 3,749.31 3,773.64 3,530.96

4-Jun 3,732.99 3,668.14 3,778.76 3,613.42

4-May 3,669.63 3,652.30 3,734.69 3,520.61

4-Apr 3,674.28 3,647.96 3,831.54 3,624.19

4-Mar 3,625.23 3,735.30 3,789.33 3,489.53

4-Feb 3,725.44 3,660.29 3,765.66 3,594.71

4-Jan 3,638.44 3,563.39 3,724.29 3,548.18

3-Dec 3,557.90 3,450.66 3,566.76 3,417.56

3-Nov 3,424.79 3,381.98 3,472.83 3,287.93

3-Oct 3,373.20 3,137.10 3,417.64 3,122.36

3-Sep 3,134.99 3,335.98 3,435.79 3,110.93

3-Aug 3,311.42 3,200.81 3,353.94 3,105.37

3-Jul 3,210.27 3,085.59 3,220.55 3,008.72

3-Jun 3,084.10 3,018.66 3,228.60 2,990.32

3-May 2,991.75 2,945.41 3,070.62 2,814.34

3-Apr 2,953.67 2,627.72 3,015.42 2,599.28

3-Mar 2,618.46 2,770.68 2,909.96 2,401.15

3-Feb 2,754.07 2,973.93 2,983.99 2,633.19

3-Jan 2,937.88 3,057.06 3,232.34 2,733.51

2-Dec 3,063.91 3,327.07 3,393.04 2,984.02

2-Nov 3,326.65 3,125.20 3,360.29 2,979.43

2-Oct 3,150.04 2,789.69 3,236.15 2,612.03

2-Sep 2,777.45 3,345.64 3,402.30 2,666.04

2-Aug 3,366.21 3,426.94 3,601.41 3,013.80

2-Jul 3,415.38 3,886.12 3,973.93 2,898.60

2-Jun 3,897.99 4,247.58 4,294.50 3,561.24

2-May 4,274.64 4,474.63 4,497.46 4,239.72

2-Apr 4,462.74 4,673.03 4,688.16 4,390.98

2-Mar 4,688.02 4,442.40 4,696.18 4,436.94

2-Feb 4,462.99 4,483.90 4,499.68 4,210.30

2-Jan 4,461.87 4,617.95 4,720.04 4,385.57

1-Dec 4,624.58 4,439.55 4,735.21 4,328.77

1-Nov 4,476.06 4,325.19 4,686.62 4,276.61

1-Oct 4,341.29 4,097.22 4,546.42 3,914.39

1-Sep 4,079.02 4,712.09 4,712.09 3,463.07

1-Aug 4,689.34 5,073.75 5,204.20 4,668.19

1-Jul 5,085.51 5,215.75 5,299.90 4,773.17

1-Jun 5,225.33 5,453.29 5,546.60 4,967.61

1-May 5,454.19 5,661.08 5,728.52 5,378.36

1-Apr 5,640.03 5,218.48 5,653.14 4,872.92

1-Mar 5,180.45 5,334.23 5,507.26 4,804.40

1-Feb 5,367.48 5,936.31 5,970.30 5,302.79

1-Jan 5,998.49 5,956.15 5,999.18 5,603.92

Dec-00 5,926.42 5,942.36 6,126.41 5,673.87

Nov-00 5,928.08 6,434.90 6,459.50 5,893.54

Oct-00 6,397.66 6,150.49 6,434.50 5,828.14

Sep-00 6,266.63 6,648.64 6,944.77 6,085.40

Aug-00 6,625.42 6,524.67 6,712.30 6,354.93

Jul-00 6,542.49 6,462.03 6,631.48 6,374.52

Jun-00 6,446.54 6,428.46 6,780.66 6,391.64

May-00 6,426.26 6,489.04 6,591.44 6,003.90

Apr-00 6,419.72 6,382.28 6,461.52 5,752.44

Mar-00 6,286.05 6,272.13 6,590.35 6,144.07

Feb-00 6,190.96 5,700.87 6,396.97 5,700.87

Jan-00 5,659.81 6,024.38 6,102.12 5,388.85

Change %

1.64B -2.87%

1.46B 1.23%

1.58B 3.06%

1.89B 0.92%

1.73B 3.60%

1.78B -0.70%

1.58B -0.36%

1.73B 6.36%

1.95B -6.78%

1.60B 4.41%

1.81B 2.10%

1.74B 4.96%

1.81B 5.54%

1.85B -5.46%

1.91B -1.76%

2.33B -7.28%

1.79B 1.60%

1.58B -1.90%

1.79B 3.53%

1.94B -1.39%

1.90B -2.21%

1.59B 6.84%

2.00B -2.88%

1.97B -2.94%

1.76B 3.19%

1.49B -1.12%

1.80B -2.37%

1.63B 3.25%

1.89B 4.80%

1.60B -0.16%

1.69B -0.53%

2.02B -3.08%

2.36B 0.31%

2.10B 2.83%

2.26B 5.43%

1.97B 2.31%

1.98B -2.33%

2.12B 6.20%

2.43B 1.53%

2.01B 1.37%

2.19B 0.23%

1.76B -0.04%

2.14B 4.77%

3.11B -5.95%

2.14B 1.73%

2.45B 1.00%
2.70B 0.72%

3.02B -1.44%

2.76B -4.75%

2.74B -6.47%

2.48B 1.22%

2.82B 9.93%

2.88B -4.25%

2.66B -8.45%

2.70B 6.10%

2.95B -4.35%

2.43B -0.76%

2.98B 0.26%

2.89B 1.66%

2.58B 7.54%

3.07B 7.76%

2.47B -2.67%

2.41B 3.71%

3.83B -4.15%

2.22B 0.80%

2.22B 3.18%

2.41B -4.00%

2.31B -2.14%

2.31B 0.72%

2.35B 2.18%

2.68B -0.38%

2.39B 5.82%

2.51B -3.03%

1.73B 0.02%

1.71B -0.11%

2.00B 3.78%

2.02B 5.33%

1.82B -1.48%

1.99B 6.79%

2.03B -5.31%

2.03B 2.38%

2.38B 3.36%

2.21B 0.23%

2.20B -0.26%

2.04B 2.51%

2.35B 2.36%

3.13B 3.73%

3.35B 2.22%

3.15B -1.71%

2.84B 3.69%

3.80B 2.97%

3.86B 5.95%

3.72B -6.09%
3.67B -6.16%

3.34B -0.83%

3.31B 4.67%

3.12B 4.39%

2.64B 0.16%

3.82B -2.72%

3.69B 8.75%

4.55B -8.44%

5.10B -11.29%

3.56B -7.81%

2.92B -0.62%

2.93B -2.43%

2.39B 2.95%

2.78B -2.95%

3.24B 2.62%

2.91B 5.28%

2.27B 5.38%

3.19B -5.82%

2.57B 3.18%

3.04B 6.43%

2.51B -4.18%

3.03B 5.82%

3.56B -1.84%

4.73B -8.11%

2.92B -3.95%

2.88B 7.15%

3.20B -0.82%

2.58B -5.00%

2.18B 6.96%

2.88B 2.01%

3.39B -4.95%

3.35B 3.88%

2.63B 6.63%

2.83B 9.10%

2.92B -4.19%

3.04B 3.73%

3.42B 12.56%

4.01B 3.88%

3.11B -9.13%

3.14B -7.58%

2.83B -1.37%

3.52B -6.43%

6.16B -13.52%

4.82B -10.05%

2.80B 2.05%

4.37B -0.96%

3.71B -11.56%
2.75B 0.36%

3.22B 6.15%

3.55B -1.74%

3.71B -1.62%

4.77B -13.26%

2.40B -1.00%

3.56B -3.03%

3.17B 2.31%

3.17B 0.94%

3.82B -1.54%

3.02B -5.02%

3.13B -0.80%

2.62B 2.42%

2.34B 5.78%

3.32B 2.14%

2.52B -1.64%

2.91B 1.20%

2.27B 4.02%

2.39B -0.39%

2.52B 1.88%

2.38B 1.65%

2.06B 3.11%

2.26B 0.88%

3.11B 0.73%

3.22B -4.98%

2.01B -0.62%

2.85B 4.41%

2.41B 1.06%

2.61B 4.94%

1.77B 3.24%

2.16B 2.95%

2.22B -3.56%

2.25B 4.56%

1.74B -1.18%

2.23B 5.26%

2.18B 2.64%

1.86B 5.34%

2.17B -3.84%

1.88B 1.01%

2.06B 2.90%

1.90B 2.42%

1.80B 1.80%

2.03B 1.27%

2.18B 1.82%

2.29B 1.29%

1.72B -1.45%

1.84B -2.30%
 2.08B 1.73%

2.13B -0.13%

2.27B 1.35%

2.53B -2.69%

1.96B 2.39%

2.30B 2.26%

1.69B 3.89%

2.01B 1.53%

2.15B 7.60%

2.70B -5.33%

1.75B 3.15%

- 4.09%

- 3.09%

- 1.29%

- 12.80%

- -4.92%

- -6.26%

- -4.11%

- -7.90%

- 5.61%

- 13.41%

- -17.49%

- -1.44%

- -12.38%

- -8.81%

- -4.21%

- -4.81%

- 5.04%

- 0.03%

- -3.52%

- 3.32%

- 3.10%

- 6.43%

- -13.02%

- -7.79%

- -2.68%

- -4.20%

- -3.30%

- 8.87%

- -3.48%

- -10.52%

- 1.22%

978.58M -0.03%

1.03B -7.34%

1.06B 2.09%

947.65M -5.42%

776.51M 1.27%
712.38M 1.49%

795.40M 0.32%

762.17M 0.10%

526.10M 2.13%

637.75M 1.54%

649.73M 9.38%

637.00M -5.01%

27.22%
1.36%
 Income Statement 2019 2018 2017 2016
Total Revenue 42,238 41,381 40,859 40,918

COGS 17,627 17,382 17,233 17,125

Gross Profit 24,611 23,999 23,626 23,793

GPM % 58.27% 58.00% 57.82% 58.15%

Operating expenses 36311 36552 36081 37594

Operating profit 5927 4829 4778 3324 1.22737626837855

OPM % 14.03% 11.67% 11.69% 8.12%
Interest Income (Expense), Net Non-
-1155 -1394 -1561 -1336
Operating
Provision for Income Taxes 1447 1309 1052 970

Minority Interest -220 -204 -197 -328

Net Income Before Extraordinary Items 3006 1954 1814 682

Total Extraordinary Items 0 0 29 2253

Net Income 3006 1954 1843 2935 1.53838280450358

NPM % 7.12% 4.72% 4.51% 7.17%

DPS - Common Stock Primary Issue 0.5 0.7 0.65 0.6

Diluted Normalized EPS 1.02 0.66 0.74 0.55 1.54545454545455

Balance Sheet 2019 2018 2017 2016

Current Assets 24,987 21,891 21,737 19,849

Total Assets 106,303 96,592 95,349 94,668

Current Liabilities 27,695 30,296 29,057 25,904

Total Liabilities 74,575 65,923 64,374 63,980

Total Equity 31,728 30,669 30,975 30,688

Total Liabilities & Shareholders' Equity 106,303 96,592 95,349 94,668

Debt ratio 70% 68% 68% 68%

Total shares outstanding 2,650.31 2,652.84 2,659.56 2,660.03

BV / share 11.97 11.56 11.65 11.54

Cash Flow 2019 2018 2017 2016

Net Income/Starting Line 3,006 1,954 1,843 2,935

Cash From Operating Activities 9,939 9,302 9,977 8,422

Cash From Investing Activities (9,370) (8,552) (7,941) (4,879)

Capital Expenditures (8,422) (7,642) (7,527) (8,492)

Cash From Financing Activities 55 (1,131) (2,738) (1,883)

Total Cash Dividends Paid (1,857) (1,860) (1,729) (1,596)

Issuance (Retirement) of Stock, Net (34) (98) (4) 119

 Issuance (Retirement) of Debt, Net 1,948 1,284 (456) (33)

Foreign Exchange Effects 3 1 (40) (102)

Net Change in Cash 624 (381) (702) 1,660

 Income Statement 2019 2018 2017 2016
Total Revenue 42,238 41,381 40,859 40,918

Gross Profit 24,611 23,999 23,626 23,793

GPM % 58.27% 58.00% 57.82% 58.15%

Operating profit 5927 4829 4778 3324

OPM % 14.03% 11.67% 11.69% 8.12%

Net Income 3006 1954 1843 2935

NPM % 7.12% 4.72% 4.51% 7.17%

DPS - Common Stock Primary Issue 0.5 0.7 0.65 0.6

Diluted Normalized EPS 1.02 0.66 0.74 0.55

Balance Sheet 2019 2018 2017 2016

Current Assets 24,987 21,891 21,737 19,849

Total Assets 106,303 96,592 95,349 94,668

Current Liabilities 27,695 30,296 29,057 25,904

Total Liabilities 74,575 65,923 64,374 63,980

Total Equity 31,728 30,669 30,975 30,688

Total Liabilities & Shareholders' Equity 106,303 96,592 95,349 94,668

Debt ratio 70% 68% 68% 68%

Total shares outstanding 2,650.31 2,652.84 2,659.56 2,660.03

BV / share 11.97 11.56 11.65 11.54

Cash Flow 2019 2018 2017 2016

Cash From Operating Activities 9,939 9,302 9,977 8,422

Capital Expenditures (8,422) (7,642) (7,527) (8,492)

Cash From Investing Activities (9,370) (8,552) (7,941) (4,879)

Total Cash Dividends Paid (1,857) (1,860) (1,729) (1,596)

Issuance (Retirement) of Debt, Net 1,948 1,284 (456) (33)

Cash From Financing Activities 55 (1,131) (2,738) (1,883)

Net Change in Cash 624 (381) (702) 1,660

Free Cash Flow 1,737 1,864 2,647 258

Free cash flow to Equity (431) 376 2,906 (37)

Beta 0.52 Perpetuity Growth rate

RM 6.25% 0.50% 0.75% 1.00% 1.25% 1.50%

RF 1.50% 2.5% 33.94 38.64 44.50 52.96 65.64

Discount rate 2.50% 3.0% 27.09 29.85 33.31 37.75 43.68

Disount Rate
Return on Equity TTM 8.78% 3.5% 22.53 24.38 26.60 29.31 32.70

Return on Equity 5YA 5.55% 4.0% 19.45 20.60 22.36 23.94 26.12

Payout Ratio TTM 67.82% 4.5% 16.85 17.82 18.94 20.23 21.74

5.0% 14.95 15.71 16.55 17.51 18.61

Growth rate 2.95% 5.5% 13.44 14.04 15.70 15.44 16.27

Perpetuity growth rate 1.50%

2019 2020 2021 2022 2023

Dividends $0.50 ### $0.60 $0.65 $0.70
Terminal Value $62.80 $71.05
Dividends Value $2.85
Fair Value $65.64
Market France

Sector Services

Industry Communications

Seasonality non-Cyclical

Currency € - EUR

Exchange NYSE Euronext

Symbol ORAN

Last close € 10.78

Market Cap. 28,91B

Avg. volume (3M) 11,937M

52 week range 8.84 - 15.38

Change YTD -17.87%

Change (12M) -22.61%

Recommendation Buy

Fair Value € 22.36

Sector GDP %
Agriculture 2%

Contruction 6%

Manufacte 13%
80%
Services 70%

Transport 5% 70%

Utilities 3%
60%

50%

40%

30%

20%

10%

0%
GDP %

Agriculture Contruction Manufacte Services Transport Utilities

ces Transport Utilities
 Month Price Change %
May-20 10.89 -2.20% 16
Apr-20 11.14 0.00%
14
Mar-20 11.14 -8.65%
Feb-20 12.19 -4.77% 12
Jan-20 12.8 -2.44%
10 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20
Dec-19 13.12 -12.53%
Nov-19 15 3.88% 8
Oct-19 14.44 0.35%
6
Sep-19 14.39 4.28%
Aug-19 13.8 2.76% 4
Jul-19 13.43 -3.17%
2
Jun-19 13.87 -1.21%
0

Change % Price
 6.00%
4.00%
2.00%
0.00%
Dec-19 Feb-20 Apr-20
-2.00%
-4.00%
-6.00%
-8.00%
-10.00%
-12.00%
-14.00%

nge % Price
 Deaths/1M of
Country Total cases Total deaths
population
USA 1,216,820 70,587 213
Spain 250,561 25,613 548
Italy 213,013 29,315 485
UK 190,584 28,734 423
France 169,462 25,201 386
 Avg peer
Orange SA Industry AT&T Vodafone Telefonica
companies
P/E Ratio TTM 10.92 20.64 14.21 14.99 - 19.19
P/BV MRQ 0.93 2.04 1.14 1.19 0.58 1.98
Return on Equity TTM 8.78% 9.16% 6.39% 7.94% -3.68% 11.42%
Return on Equity 5YA 5.55% 10.70% 8.18% 9.62% -0.02% 11.83%

Return on Investment TTM 4.62% 4.81% 3.67% 3.35% -1.42% 3.13%

Return on Investment 5YA 3.28% 4.77% 4.64% 3.75% 0.23% 3.38%

Dividend Yield ANN 4.49% 3.63% 6.69% 7.03% 6.86% 6.12%

Dividend Yield 5YA 4.26% 5.30% 4.71% 5.34% 5.69% 3.89%
Market Cap. 28,91B 215.55B 30.11B 22.36B
LT Debt to Equity MRQ 120.94% 116.36% 128.02% 82.80% 109.05% 315.53%

Total Debt to Equity MRQ 150.79% 134.59% 150.69% 92.40% 124.11% 379.51%

EV/EBITDA 1.73 12.89 38.23 7.21 5.6

Avg peer
Orange SA Industry AT&T Vodafone Telefonica
companies
Gross margin TTM 57.63% 55.86% 62.25% 53.85% 31.50% 73.39%
Gross Margin 5YA 58.23% 58.52% 54.05% 53.19% 28.28% 52.17%
Operating margin TTM 14.03% 18.82% 11.10% 15.75% 3.87% 9.59%
Operating margin 5YA 11.48% 19.07% 11.72% 15.06% 4.43% 11.41%
Pretax margin TTM 11.06% 14.50% 8.93% 10.81% -0.54% 6.40%
Pretax margin 5YA 7.95% 14.12% 10.42% 12.03% 2.37% 6.93%
Net Profit margin TTM 7.64% 11.25% 6.07% 8.70% -3.89% 5.16%
Net Profit margin 5YA 5.31% 10.36% 7.48% 8.60% 0.57% 5.29%
China Mobile

8.45
0.81
9.89%
11.28%

9.61%

11.18%

6.74%
3.93%
1.23T
4.68%

6.73%

0.5

China Mobile

90.27%
82.54%
15.17%
15.99%
19.05%
20.34%
14.32%
15.46%
112.84
China mobile
China mobile