06:18 AM EDT, 07/13/2026 (MT Newswires) -- Berenberg forecasts "solid" second-quarter results from Orange SA (ORA.PA), updating its estimates as the telecommunications company consolidates Spain-based MasOrange, followed by a portion of SFR/Altice France. "We lower our 2026 EPS estimates due to a one-month, rather than three-month, contribution from MasOrange and our 2027 EPS due to higher restructuring charges. Our EPS and cash-flow forecasts from 2028 are more or less unchanged, and our price target remains at EUR20 per share - offering 25% upside and a 5% dividend yield," analysts said in a Monday note. Sales projections were also updated, with the 2026 and 2027 estimates reduced, while the 2028 estimate was nudged higher. The research firm expects MasOrange to add one month to the group's consolidated results for the quarter, or 619 million euros in revenue and 201 million euros in EBITDA. For Orange France, Berenberg forecasts a 1.1% fall in headline revenue, against the 2.3% growth seen in the prior three-month period. "We also change our Orange France forecasts as we replace our previous estimate of consolidation synergies with the detail in the full deal announcement. We add the EUR1.7bn of revenue, EUR500m initial EBITDAaL, EUR500m of synergies and EUR1.3bn of restructuring costs disclosed, as well as 50bp of extra top-line growth. Savings will be slow as the SFR SA structure and staff will stay in place until 2029, but cash-flow accretion on our revised estimates reaches 13% by 2032," analysts said. The stock's buy rating is unchanged.

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