Telecom services: Q1 2016 results: trend slowly improving

This morning Orange SA has published Q1 2016 results in line with the consensus, with revenues still growing, as well as EBITDA. Revenues in France remained under pressure, with a good commercial performance on the fixed side, but a more mixed one on the mobile side in our opinion, showing intense competition at the low end. The group reaffirmed its guidance for 2016 EBITDA higher than 2015.