NEWS BITES - EUROPE
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Orange's (FR: ORA EUR10.53) stock price decreased 7.0c (0.7%) from its previous trading session to close at EUR10.53.
Compared with the CAC 40 Index which fell 13.5 points (0.2%) in the day, the relative price change was -0.3%.
Orange is France's largest Fixed line telecommunications company by market cap.
In the French market, the stock's relative price strength percentile is slipping at 79 for 6 months, 64 for 3 months, and 20 for 30 days. A price fall combined with a slipping relative strength is a bearish signal.
There were 4,110,000 shares worth EUR43.3 million ($46.7 million) traded today. The volume was 0.6 times the average daily trading volume of 7.1 million shares.
ORANGE (ORA) Stock Dashboard [traded in Euro, EUR] End-of-Day
| Exchange | FRENCH [CHI-X (France), Paris] | 52-Week Price Range | 8.48 - 11.44 |
| Currency | 1.000 EUR = 1.078 USD | Sector | Fixed Line Telecommunications |
| Jun 09, 2023 | EUR10.53 | Independent Rating | Ranked 528 in Forbes 2000 |
| EPS (FY2020) | EUR2.0 | Market Cap | EUR28 billion [US$30 billion] |
| ORA Dividend Yield % (TTM) | Stock 6.7; Sector 5.3 | Shares Outstanding | 2,660,056,599 |
| DPS (past 12 months) | EUR1 | ORA in Indices | CAC 40 |
| EPS Growth (FY2020 vs FY2019) | 100% | PVEUR1000 (1 yr) PVUS$1000 (1 yr) | EUR1,114 US$1,118* |
| Ave Daily Volume | 7,069,320 shares |
*If You Invested $1,000 in Orange a year ago, This is How Much You Would Have Today: $1,118. USD1000 would have bought EUR938 for 92.6 shares (@the then price of 10.13) worth EUR1,114 @10.53 today. Dividends reinvested are worth $75.
INDEX
SECTION 1 RECENT NEWS AND RESEARCH
SECTION 2 TODAY'S BULLISH SIGNALS
SECTION 3 ONGOING BULLISH PARAMETERS
SECTION 4 TODAY'S BEARISH SIGNALS
SECTION 5 ONGOING BEARISH PARAMETERS
SECTION 6 CORPORATE PROFILE AND INDEPENDENT RATINGS
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS
GLOSSARY
SECTION 1 RECENT NEWS AND RESEARCH
ex-Dividend since Jun 5
ORANGE EX-DIVIDENDS SINCE JUN 5
The shares decreased 2.5% in the 4 trading sessions since the ex-dividend date of June 05. The company paid a dividend of 40.0c per share. Based on dividends of 70.0c per share for the trailing twelve months and the last price of EUR10.53 the dividend yield is 6.7%.
Bullish Turning Point
Relative Strength Index (RSI)
The Relative Strength Index (RSI) of 24.9 has breached the oversold line of 30, suggesting the price decrease of 5.8% in the last 14 days is unusually high. The RSI was previously 37.3.
Orange issued 97 new patents in the past quarter
Orange (ORA) has been issued 97 new patents by the USPTO & EPO.
This corresponds to an average of 32 patents a month, up 52.4% from an average of 21 patents per month in 2022.
To view details, click on link shown in the DATA & ARCHIVE DOWNLOAD CENTER.
SECTION 2 TODAY'S BULLISH SIGNALS
2.1 Relative Value Indicators: Undervaluation compared with sector averages
Price/Earnings:
Orange stock is trading at the second lowest P/E multiple in the CAC 40 Index.
Brand Value/Enterprise Value:
- Brandirectory have estimated Orange brand value at EUR15.2 billion ($16.3 billion). The Brand Value represents an impressive 19.8% of the estimated Enterprise Value of EUR76.4 billion ($82.4 billion). Enterprise Value is defined as MCap of EUR28 billion plus net debt of EUR48.4 billion.Orange stock is the seventh highest dividend yielding stock in the CAC 40 Index.
2.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield
Dividend Yield > Bond Yield of 3.0%:
The dividend yield of 6.65% is 2.22 times the triple-A bond yield of 3.0%. The times factor of 2.22 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
| Dividend Yield | 6.65 |
| Bond Yield | 3.0 |
| Spread | 3.65 |
The Dividend Yield of 6.7% is better than the Index average of 2.8%
- The relative yield of the stock, defined by its yield of 6.7%, divided by average yield of dividend yielding stocks in the CAC 40 Index of 2.8% is 240.9%. This suggests the stock is undervalued in dividend yield terms.
| Sector | P/E | Dividend Yield % | |
| Forbes 2000 | Stock: 5.8; Sector: 15.3 | Stock: 6.7; Sector: 1.0 | undervalued |
2.3 Rank in the top 18% by Relative Valuation in the French market
| Description | Value | Rank |
| Price/Earnings | 5.8 | In Top 13% |
| Dividend Yield % | 6.7% | In Top 18% |
2.4 Rank in the top 22% by Price Performance in the French market
| Description | Value | Rank |
| Rel Strength 6 mo | 79 | In Top 22% |
2.5 Uptrend
Price/Moving Average Price of 1.08:
- The Price/MAP 200 for Orange is 1.08. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the CAC 40 Index of 1.06, a second bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of EUR10.97 is higher than the 200-day MAP of EUR9.77, a third bullish indicator.
Past Quarter:
- In the last three months the stock has hit a new 52-week high four times, pointing to an uptrend.
Relative Strength (6 months) 79 percentile:
- The stock has a 6-month relative strength of 79 in the French market of 510 stocks indicating it has outperformed 79% of the market.
2.6 Oversold/Bullish Signals:
- The Relative Strength Index (RSI) of 24.9 has breached the oversold line of 30, suggesting the price decrease of 5.8% in the last 14 days is unusually high.
- The stock is oversold according to the Williams % R indicator of -94.5, suggesting the price is close to its 14-day low of EUR10.49.
- The Money Flow Index [MFI] is 16.6 suggesting an oversold 14-day trend, being under 20. The Money Ratio of 0.2 suggests positive money flow was 0.2 times negative money flow.
SECTION 3 ONGOING BULLISH PARAMETERS
3.1 Orange sees dividend rise for a second consecutive year
Orange reported dividends per share of 70.0c in the past year, up 40.0% from the previous year. This is the second consecutive dividend increase. In the past 2 years average annual compound growth rate of dividends was 32.3%.
3.2 Rank in the top 6% by Size in the French market
| Description | Value | Rank |
| Ave daily Turnover | EUR43.3 million ($46.7 million) | In Top 4% |
| MCap | $30 billion | In Top 6% |
3.3 Present Value of EUR1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVEUR1000 > 1,045
| PVEUR1,000 | 3 mo ago | 1 yr ago | 3 yrs ago |
| ORA.FR | EUR1,046 | EUR1,114 | EUR1,274 |
| Fixed Line Telecommunications sector | EUR951 | EUR888 | EUR868 |
| CAC 40 Index | EUR1,007 | EUR1,134 | EUR1,415 |
3.4 Past quarter: price rise of 0.8%
3-Month price change of 0.8% for Orange outperformed the change of -% in the CAC 40 Index for a relative price change of 0.8%.
| Price Change % | Quarter |
| Orange | 0.8 |
| Fixed Line Telecommunications sector | -4.9 |
| CAC 40 Index | - |
3.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 8.2%
| TSR % | 1 yr | 3 yrs | 10 yrs |
| ORA.FR | 11.4 | 8.3 | 9.9 |
3.6 Increased Volume, up 6% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 6.3% to 7.1 million shares.
Avg. Daily Volume Traded 12 months ended Jun 09, million shares
| Year | ADVT |
| 2023 | 7.1 |
| 2022 | 7.6 |
| 2021 | 7.8 |
| 2020 | 8.0 |
| 2019 | 6.7 |
3.7 Patents see a fourth year of consecutive rise
Orange was issued 333 patents in the past year, up 90.3% from the previous year. This is the fourth consecutive year of increase in patents. A total of 901 patents were issued to Orange in the past 5 years. Of these 496 (or 55.0%) were issued by the USPTO and 405 (or 45.0%) were issued by the EPO.
Patents issued to Orange in the last five years
| 12 months ended Jun 09 | No. of Patents Issued |
| 2023 | 333 |
| 2022 | 175 |
| 2021 | 161 |
| 2020 | 132 |
| 2019 | 100 |
In the past year the monthly average of patents issued is 28; this is 2.3 times the average of 12 patents issued in the four years prior to that.
SECTION 4 TODAY'S BEARISH SIGNALS
4.1 Rank in the bottom 17% by Relative Valuation in the French market
| Description | Value | Rank |
| EV/EBITDA | 6.0 | In Bottom 17% |
4.2 Rank in the bottom 21% by Price Performance in the French market
| Description | Value | Rank |
| 1-month Price Change % | -6.7 | In Bottom 21% |
4.3 Downtrend
Negative MACD:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 10.75 minus the 26-day EMA of 10.86 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.
Past Month:
- Falls to Rises: In the past month the number of falls outnumbered rises 17:5 or 3.4:1.
Past Quarter:
The Worst 3 weeks in the past quarter
The past month witnessed the worst 2 weeks in the past quarter. In the past quarter the steepest fall of 3.2% took place in the week beginning Monday May 29. The fall was exacerbated by volume of 1.2 times average.
| Mon-Fri | Change % | CAC 40 Index Change % | Vol Ind [1 is avg] |
| May 29-Jun 02 | -3.2 | -0.7 | 1.2 |
| Mar 13-17 | -2.8 | -4 | 1.7 |
| May 15-19 | -2.1 | 1.1 | 0.7 |
4.4 Other Bearish Signals
- Total Liabilities/EBITDA of 5.8 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.
SECTION 5 ONGOING BEARISH PARAMETERS
5.1 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < 4%
| TSR % | 5 yrs |
| ORA.FR | 3.9 |
5.2 Declining VWAP, down 12% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has decreased by 12.3% to EUR9.77. Based on a dynamic start date of five years ago, there have been declines in VWAP in 3 out of 5 years.
Past five years, 12 months ended Jun 09 (EUR)
| Year | High Price | VWAP | Low Price |
| 2023 | 11.44 | 9.77 | 8.48 |
| 2022 | 11.15 | 9.32 | 8.23 |
| 2021 | 9.52 | 8.69 | 7.36 |
| 2020 | 12.87 | 10.53 | 7.4 |
| 2019 | 11.91 | 11.13 | 10.47 |
5.3 Declining share turnover, down 8% in 5 years
In the past five years, average daily share turnover has decreased 8.2% to EUR69 million ($74.4 million). This suggests decreased liquidity.
Past five years, 12 months ended Jun 09 (EUR million)
| Year | Average Daily Turnover |
| 2023 | 69.0 |
| 2022 | 73.7 |
| 2021 | 70.0 |
| 2020 | 86.5 |
| 2019 | 75.2 |
5.4 Satisfies 3 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Return on Assets improvement [from 3% to 4.7%].
- Improvement in long-term debt to total assets from 0.4 to 0.3.
- Improvement in gross margin [from 58.3% to 58.5%].
But does not meet the following 6 criteria of Joseph Piotroski:
- Improvement in current ratio.
- Total shares on issue unchanged (or reduction in total shares on issue).
- Improvement in asset turnover.
SECTION 6 CORPORATE PROFILE AND INDEPENDENT RATINGS
6.1 Activities
Orange is the French leader of telecommunications company. Net sales break down by activity as follows: - telecommunication services for individuals (84.5%): mobile telephone services (81.6% of sales; 132.6 million clients in 2009; Orange name in France, the United Kingdom and Caribbean, FTP Espana in Spain and PTK Centertel in Poland), fixed telephone services and Internet access (15.5%). The remaining sales (2.9%) concerns services intended for telecommunication operators; - telecommunication services to businesses (15.5%): fixed telephone services (41.9% of sales), network services (28.7%), integration and information management for communication applications (18.1%), and other (11.3%). Net sales break down geographically as follows: France (44%), the United Kingdom (9.5%), Spain (7.2%), Poland (7.1%), Europe (16.7%) and other (15.5%). It is France's largest Fixed line telecommunications company by market capitalisation.
6.2 Independent Ratings and Relative Value Indicators
+ Carbon Disclosure Project (CDP):
Orange is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.
+ Industryweek 1000:
It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 79.
+ Newsweek 500:
It was ranked 124 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 9.2% in Carbon productivity, 8.1% in Waste productivity and 6.2% in Energy productivity.
6.3 Contact Details
| Website | http://www.orange.com |
| Physical Address | 78 rue Olivier de Serres 75505 Paris Cedex 15 France |
| Phone | +33 (0)1 44 44 22 22 |
| Fax | +33 (0)2 32 94 91 20 |
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
ORA: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
+ PRICE VOLUME - 5-YEAR HISTORY
+ PEER COMPARISON - STOCK IN INDICES
+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 854 :
ORA: LINKS IN HTML TO FURTHER INFORMATION:
+ NEWS ARCHIVES - ORA PAST 4 YEARS IN HTML:
+ USD vs EUR EXCHANGE RATE CHARTS IN HTML
APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS
II.1 Primary Exchange and Other Listings: Trading Currency and Volume (Excl ADR)
| Exchange | Ticker | Currency | Last | ADVT | Vol % of Total | Today's VI |
| Paris | ORA | EUR | 10.53 | 7,069,320 | 99.6 | 0.6 |
| Xetra | FTE | EUR | 10.6 | 3,305 | 0.4 | 4.8 |
| Total | 100.00 |
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)
II.2 Stock Identifiers
ISIN: FR0000133308
PermID: 4295867447
RIC: ORAN.PA
GLOSSARY
ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Cash/MCap: Cash plus Liquids/Market Capitalisation (times)
Current Ratio: Current Assets/Current Liabilities (times)
Dividend Yield: Dividend Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Price/Earnings: Share Price/Earnings Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.
Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.
Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.
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