Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price15.34 EUR
Fair value21.80
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-28Read Markup14.02+9.5% to today ✓Distribution gives way to Markup after a 21% slide in 12 weeks
2026-08-07Read Distribution17.84-14.0% to today ✓Markup gives way to Distribution
2026-07-02Read Markup17.84-14.0% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Orange SA holds its Markup at $15.34. Consolidating, no directional conviction, held for 90 days.
As held on the ledger · 2026-11-05
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 90 days
Price at the screen
$15.34
Valuation
125.17 trailing · 12.82 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.26
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
7.00%
Below 33%
Interest-bearing debt is just 7.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
11.33%
Below 33%
Cash held in interest-bearing accounts and securities is 11.3% of assets, under the one-third limit.
Pass
Receivables
4.81%
Below 49%
Money owed to the company is 4.8% of assets, under the 49% limit.
Pass
Revenue purity
3.01%
Below 5%
Only 3.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Orange clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 7%, inside the ~33% line, and interest is about 3% of its income, under the ~5% line, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ORA.PA's ethical verdict changes
Today ORA.PA passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 30% discount to our 21.80 EUR fair value.
Fair value range in EUR, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 29.6% discount to the base estimate.
Where our models see it going: fair-value estimate 21.80 EUR, with a range of 19.33 EUR to 30.68 EUR, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
Trading at 12.8x forward earnings. That is a 30% discount to our 21.80 EUR fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 16 analysts rate it Buy with a 19.20 EUR average target, about 25% above the screened price.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to France and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ORA.PA trades on EURONEXT PARIS (the company is based in France). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markup · changed$14.02+0.0%Entry 8
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 47%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (17 analysts) rates it buy, with a mean price target of $18.
2026-10-21Distribution$14.02-6.7%Entry 7
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 47%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (17 analysts) rates it buy, with a mean price target of $18.
2026-10-02Distribution$15.02-15.8%Entry 6
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 15.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 17% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 47%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (17 analysts) rates it buy, with a mean price target of $18. Since the last review it entered the Tech 100; its composite score rose.
2026-09-08Distribution$17.84+0.0%Entry 5
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 17% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 47%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (17 analysts) rates it buy, with a mean price target of $18.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 17% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 47%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (17 analysts) rates it buy, with a mean price target of $18.
2026-07-18Markup$17.84+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 17% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 47%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (17 analysts) rates it buy, with a mean price target of $18.
2026-07-03Markup$17.84+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$17.84Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$18.25
-1.3%
·
$987
-1.3%
2 months
$17.94
+0.4%
·
$1,004
+0.4%
3 months
$17.07
+5.6%
·
$1,056
+5.6%
6 months
$13.73
+31.2%
·
$1,312
+31.2%
1 year
$12.27
+46.8%
$0.30
$1,493
+49.3%
2 years
$9.11
+97.7%
$1.05
$2,092
+109.2%
3 years
$9.04
+99.4%
$1.77
$2,189
+118.9%
5 years
$7.42
+142.8%
$3.67
$2,922
+192.2%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever ORA.PA does next, these words stay.
Orange SA · ORA.PA · Markup · $15.34
Recorded 2026-11-05 · before the outcome · scored mechanically