Mas Appeal. T/P up, reiterate BUY

Research evidence excerpt

Mas Appeal. T/P up, reiterate BUY

Deutsche Bank

Research

Rating Company Date

Buy Orange SA 18 June 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 17 Jun 2026 (EUR) 16.94

ORAN.PA ORA FP PAR ORAN

Price Target (EUR) 20.50

Telecommunications

ADR ISIN 52-week range (EUR) 18.74 - 12.64

Wireline Services

ORAN US6840601065

Valuation & Risks

Roshan Ranjit, CFA

Real scope for a better long-term market setup Research Analyst

With the French MoU signed and terms of the SFR carve up decided, focus now +44-20-754-52908

shifts to the regulatory review with the deal expected to close H2 27. Whilst the

Robert Grindle, Ph.D.

market needs patience through this period, we note some near term excitement Research Analyst

could be tempered until there is visibility. However, the long term benefits of a more +44-20-754-58490

rational market with scope for price indexation alongside ongoing upselling should

Keval Khiroya, CFA

drive further upside. With the MasORA deal closed, we now consolidate the asset.

Research Analyst

Our valuation moves up to EUR 20.5 (+EUR 2). Reiterate BUY.

+44-20-754-18164

Vijay Saravanan

Simply RED, brand alignment supportive

Research Associate

ORA will acquire 4m SFR post-paid subs as part of the deal, o/w 1.5m MVNO

brands. We believe this split supports a more rational market with greater scope for

ORA to upsell showcasing network leadership. ILD will acquire all 6m SFR RED Ankit Sharma

subs, which could reflect a 'premiumisation' of the Free brand given unlimited plans

launched in March. We highlight c.10% valn upside from pricing indexation.

Key changes

MasOrange synergy upside potential near term Target Price 18.50 to 20.50 ↑ 10.8%

Whilst competitive dynamics in Spain remain tough, synergy momentum at Source: Deutsche Bank