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BOUYGUES

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Orange CFO forecasts 'inevitable' merger within French telecoms

11/17/2021 | 02:37pm EST
FILE PHOTO: Mobile telecom transmitter relays and antenna are pictured in Bordeaux

PARIS (Reuters) - France will "inevitably" see the number of telecom operators fall from four to three, Orange's CFO said on Wednesday, adding that recent take-private deals by two of them, Iliad and Altice, could improve conditions for a merger.

The French telecoms market has not yet fully recovered from a protracted price war started by Iliad's Free Mobile services in 2012, with cut-throat offers successively hitting the performance of all four operators, including Bouygues Telecom.

This has prompted industry leaders to pursue consolidation, but all attempts have so far failed.

The exit of Iliad and Altice Europe from the stock market may facilitate deals, Orange finance chief Ramon Fernandez told the Morgan Stanley TMT conference.

"For companies which are private now, it's probably easier to consider... strategic options, maybe consolidation in the French market," Fernandez said.

"I'm not saying that we are now on the verge of seeing something happening in France. But when the time will come, and inevitably it will come, it will be easier for these players to engage into discussions," he added.

(Reporting by Mathieu Rosemain; Editing by Alexander Smith)

By Mathieu Rosemain


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOUYGUES -1.71% 31.7 Real-time Quote.0.67%
ORANGE -0.19% 9.897 Real-time Quote.5.14%
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Financials
Sales 2021 37 164 M 42 156 M 42 156 M
Net income 2021 1 069 M 1 212 M 1 212 M
Net Debt 2021 1 966 M 2 230 M 2 230 M
P/E ratio 2021 11,3x
Yield 2021 5,36%
Capitalization 12 125 M 13 752 M 13 754 M
EV / Sales 2021 0,38x
EV / Sales 2022 0,39x
Nbr of Employees 129 000
Free-Float -
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Number of Analysts 14
Last Close Price 31,70 €
Average target price 38,16 €
Spread / Average Target 20,4%
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Managers and Directors
Olivier Roussat Chief Executive Officer
Pascal Grangé Chief Financial Officer, Deputy CEO & SVP
Martin Bouygues Chairman & Chief Executive Officer
Gilles Zancanaro Senior Vice President-Digital, Innovation & Risks
Colette Lewiner Independent Director
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