J.P. Morgan maintains overweight ratings on Orange SA and Bouygues, citing double‑digit equity free cash flow CAGR.
Analysts set December 2027 price targets €62 for Bouygues and €21 for Orange, implying 13% and 11% EFCF yields respectively.
J.P. Morgan values XpFibre at €7.6bn EV, SFR’s 50% stake at €1.3bn, insufficient for €0.9bn (2028) and €2.6bn (2029) debt maturities.
The consortium’s revised SFR offer must exceed €23.6bn, with projected synergies €1.4bn annually (~9.5% of combined opex‑capex).