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Orange Belgium S.A.

OBEL.BR
59
Telecommunications Services · Communication Services
Price
€22.00
-0.10 (-0.45%)
Market Cap
€1.48B
Exchange
Euronext Brussels
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Strong
Cash Flow
Exceptional
Stability
Strong
Valuation
Mixed
Dividends
Weak
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Share count rising — dilution

+12.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 59.9M (2021) → 67.4M (2025)

§Winston Score History

The full picture

Operating across Belgium and Luxembourg, Orange Belgium S.A. offers a comprehensive range of telecommunication services. The company provides mobile communication, high-speed internet, and television to residential customers, alongside mobile and fixed-line solutions for corporate and business clients. Its service portfolio also encompasses advanced connectivity and mobility services, including big data analysis and Internet of Things (IoT) solutions. For individual consumers, a network of 12 Orange retail stores in Brussels facilitates the sale of various telecommunication products and services. Headquartered in Brussels, Belgium, the company rebranded as Orange Belgium S.A. in May 2016, having previously been known as Mobistar NV/SA. It operates as a subsidiary of Atlas Services Belgium S.A.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
57.3%
Premium pricing power — 57.3% gross margin
Profit after running costs
Operating Margin
7.5%
Modest — 7.5% operating margin
Return on the money invested
ROCE
5.2%
Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-0.6%
Shrinking sales (-0.6% YoY)
Profit growth
EPS YoY
+47.2%
Earnings growing fast (+47.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
971%
Turns 971% of profit into real cash
Spare cash per sale
FCF Margin
12.3%
Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.77
Elevated debt (1.77)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.8x
Growth-priced — P/E 26.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.59%
Small dividend — 1.59% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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