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Orange S.A (FTE) Fair Value & Analysis

Communication Services · DE · Market cap €43.4B · ISIN FR0000133308

What is Orange S.A really worth?

OS Orange S.A FTE · XETRA
Price€15.30
Fair Value€4.45
Upside−70.9%
Quality30/100

Below-average quality, and trading another 244% above our fair value of €4.45.

As of Aug 28, 2026, the fair value of Orange S.A is €4.45 per share against a price of €15.30, so the fair value sits 71% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Moderate debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −0.9 %/yr)
!Thin margins · 1.3% net margin
!Narrow moat 36/100

For context

·4.90% dividend yield
Evidence: High Range €3.34 – €6.66

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 9 days ago

Share price −3.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€6.66). The favourable scenario is already priced in.
  • Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (€3.34 to €6.66) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€18.29 €6.67 Fair Value €4.45 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range €6.67 – €18.29 · fair‑value band €3.34 – €6.66 · the €15.30 price screens above the €4.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Orange S.A (FTE) currently trades at €15.30, while our model-based Fair Value estimate is €4.45, implying the stock looks roughly 243.9% overvalued today. The Quality Score stands at 30/100 (below-average quality), in the Communication Services sector. Bull case: the Growth DCF group reads highest at a median of €9.02 per share, and 3 of the 24 models we run sit above the €15.30 price. Bear case: the Earnings-Based group reads lowest at €1.75, and 21 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Orange S.A generated revenue of €40.4B at a net margin of 1.3%. Revenue grew 0.1% year over year. It earns a return on equity of 3.2%. Net debt stands at €37.9B. Fundamentals as of Aug 28, 2026

Our scenario range runs from €3.34 (bear case) to €6.66 (bull case); at €15.30, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at −71%, FTE screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €5.23 €10.14 €19.34 76
Residual Income €6.76 €6.54 €5.28 76
Growth DCF €5.81 €10.58 €18.83 75
All 24 models by family
DCF Models
FCF DCF €5.23 €10.14 €19.34 76
Owner Earnings €1.52 €6.21 73
5Y Revenue Exit €3.77 €8.72 €15.95 69
5Y EBITDA Exit €18.55 €34.24 €55.11 73
5Y P/E Exit €0.7800 €2.76 68
10Y Revenue Exit €3.94 €7.76 €11.87 65
10Y EBITDA Exit €13.22 €23.67 €35.12 67
10Y P/E Exit €1.45 €2.81 €4.03 63
Earnings-Based
Graham-Dodd €1.38 €1.75 €1.99 67
EPV €0.4800 €1.80 €2.96 67
Dividend Discount
Gordon GGM €6.89 €7.54 €8.53 69
DDM Multi-Stage €6.89 €8.71 €11.21 67
Multiples
P/E Multiple €3.34 €4.45 €5.57 63
P/S Multiple €2.58 €3.44 €4.30 58
P/B Multiple €2.58 €3.44 €4.30 55
EV/EBIT €7.37 €12.32 €17.27 64
EV/EBITDA €32.61 €45.97 €59.33 67
EV/Revenue €3.79 €8.61 €13.43 51
Asset-Based
NCAV (Graham) €4.75 €6.36 €9.50 54
Growth DCF
Growth DCF €5.81 €10.58 €18.83 75
Rev-Margin DCF €3.77 €9.02 €15.50 69
Economic Profit
Residual Income €6.76 €6.54 €5.28 76
ROIC Compounder €0.4800 €1.80 €2.96 67
Growth Earnings
Growth-Adj P/E €2.35 €3.36 €4.37 67

Widest divergence: Growth DCF (€9.02) versus Earnings-Based (€1.75). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 139.1
P/S ratio 1.85 P/E × margin
EPS (TTM) €0.1100 price ÷ EPS = P/E 139.1
Dividend yield 4.9%
Net margin 1.3% FY2025
Return on equity 3.2% TTM
More key figures
Profitability
Return on assets (EBIT) 4.2% avg 5y
Operating margin 16.1% TTM
Growth
Revenue (TTM) €40.4B TTM
Revenue growth (YoY) +0.1% 3y avg −2.4%
EPS growth (YoY) −1.9%
Balance sheet & cash flow
Free cash flow €3.5B FY2025
Net debt €37.9B FY2025 · ≈ 10.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 30/100

Of which business quality 31 · Market factors (momentum, volatility) 58

Profitability 18
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Orange S.A. operates as a telecommunications operator in France and internationally. The company offers mobile services, such as voice, SMS, and data; and fixed broadband and narrowband services, as well as B2B fixed solutions and network services, including voice and data services.

Full company description

Orange S.A. operates as a telecommunications operator in France and internationally. The company offers mobile services, such as voice, SMS, and data; and fixed broadband and narrowband services, as well as B2B fixed solutions and network services, including voice and data services. It also sells handsets, broadband equipment, connected devices, and accessories. In addition, it provides IT and integration services comprising unified communication and collaboration services, such as LAN and telephony, consultancy, integration, and project management; hosting and infrastructure services, including cloud computing; customer relations management and other applications services; security services; and video conferencing, as well as sells related equipment. Further, the company offers national and international roaming services; online advertising services; and mobile virtual network operator, network sharing, and mobile financial services, as well as sells equipment to external distributors, brokers, and operators. It markets its products and services under the Orange brand name. The company has a strategic collaboration with Nokia and NVIDIA for the development and evaluation of AI-RAN technologies The company was formerly known as France Telecom and changed its name to Orange S.A. in July 2013. Orange S.A. was incorporated in 1991 and is headquartered in Issy-les-Moulineaux, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Orange S.A reported revenue of €40.4B in FY2025 versus €42.5B in FY2021, a compound −1.3%/yr. Reported net income was €538M in FY2025, compounding −8.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€40.4B
Latest YoY
+0.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.9%
Avg. revenue growth/yr (28Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−34.0% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−38.9%
Dividend yield4.9%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −38.9% vs 10Y −20.8%, flattening
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13.1% (2020) → 8.1% (2025) · falling
Worst earnings drop89% (2025) · in EUR
Revenue −1.3%/yr
FY21 €42.5B
FY22 €43.5B
FY23 €44.1B
FY24 €40.3B
FY25 €40.4B
Net income −8.8%/yr
FY21 €776M
FY22 €2.1B
FY23 €2.4B
FY24 €2.4B
FY25 €538M
Character of growth · EPS growth decomposed (2014-2025) −5.6 % p.a.
Revenue per share −3.1 %

of which total revenue +0.4 % · buybacks/dilution −3.4 %

EBIT margin −0.4 %
Tax rate −0.9 %
Residual (interest, one-offs) −1.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

FTE screens 244% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "Orange S.A Fair Value". https://www.fairvalue-calculator.com/stock/FTE.XETRA

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.49 $95.42 +260%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.00 $39.79 +73%
Singapore Telecommunications Limited Z77 4.53 SGD 3.03 SGD −33%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Orange S.A (FTE) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of €4.45 versus a price of €15.30, about −71% upside (overvalued).
What is the fair value of FTE?
Our model-based fair value for Orange S.A is €4.45 (as of Aug 28, 2026), built from audited fundamentals. The current price: €15.30.
What is the quality score of FTE?
Orange S.A has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Orange S.A (FTE)?
Our model-based price target is the fair value of €4.45 (as of Aug 28, 2026) from 24 valuation models. Cautious scenario €3.34, optimistic scenario €6.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Orange S.A stock forecast for 2026?
Our models put fair value at €4.45, about −71% upside versus a price of €15.30 (overvalued). Cautious scenario €3.34, optimistic scenario €6.66. The calculation is refreshed regularly with new filings.
What is the revenue of Orange S.A (FTE)?
Orange S.A reported trailing-twelve-month revenue of about €40.4B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of FTE?
The net profit margin of Orange S.A is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.
Does Orange S.A pay a dividend?
Orange S.A currently shows a dividend yield of about 4.90% relative to its recent price (as of Aug 28, 2026).
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