EQUITY RESEARCH: ORANGE S.A.

This work aims to represent a company valuation of Orange S.A. within the scope of ISEG’s Master in Finance Masters Final Work Project. It follows the equity research format recommended by the CFA Institute. This research is issued considering all publicly available information on the company as of December 30th, 2021. The Discounted Cash Flows method was used to achieve the target price. The final recommendation is BUY, with a target price of €13.00/Share 2023YE and implying an upside potential of 25% with low risk. The recommendation is supported by expected revenue growth over the forecasting period, with the number of people using the internet increasing significantly after the pandemic and investment in 5G.