Orange SA: Sell-off opening up an attractive re-entry point. Reviewing the catalysts ahead

Research evidence excerpt

Orange SA: Sell-off opening up an attractive re-entry point. Reviewing the catalysts ahead

J P M O R G A N Europe Equity Research

07 July 2026

Orange SA Overweight

ORAN.PA, ORA FP

Sell-off opening up an attractive re-entry point. Price (06 Jul 26):€15.70

Reviewing the catalysts ahead Price Target (Dec-27):€21.80

Orange shares are -17% from their mid-May record highs. Contributing factors European Telecommunication

include growing satellite disruption fears (sector -11%), and profit taking Services

following the 7th June confirmation of a French consolidation deal with SFR. With Akhil Dattani AC

this sell-off coming against the backdrop of an impressive >100% rally over the (44-20) 7134-4725

prior 18 months, we believe it will tempt those investors who sat on the sidelines akhil.dattani@jpmorgan.com

to revisit the name. Catalysts ahead include: (1) Upgrades. We expect robust Q2 J.P. Morgan Securities plc

results underpinned by ongoing DD A&ME growth, as well as modest trend Ankur Baheti, CFA

improvements across both France and Spain. This, twinned with the MasOrange (91-86) 5796-8820

ankur.baheti@jpmchase.com

deal close, should afford both organic and inorganic guidance upgrades; (2) Merger J.P. Morgan India Private Limited

progress. The coming weeks should provide clarity over whether France or the EC

will have lead jurisdiction over the SFR deal. We suspect a French review would Specialist Sales contact details:

be most welcomed. Cost synergies alone support HSD EFCF accretion; (3) Scott Silver - Specialist Sales -

Satellite risks. We concede this thematic overhang (which we will explore in detail European TMT

over subsequent research) is likely to persist near-term. That said, we feel (44-20) 7134-0412

scott.silver@jpmorgan.com