Orange: A High-Yield European Telecom Giant Still Trading At A Discount

Orange S.A. is reiterated as a Buy, supported by robust fundamentals, attractive dividends, and continued growth from strategic initiatives. ORANY's Q1 showed 6.6% EBITDAaL growth, strong African/Middle East momentum, and advancing synergies from the MasOrange merger and potential SFR acquisition. EBITDAaL guidance for 2026 was raised, while still targeting €4 billion organic cash flow and net debt reduction to ~2x in the medium-term, with dividends set to rise through 2027.