Orange is one of the largest telcos in the world. As of the end of 3Q20, its global rank was 9 based upon total employees and annualized capex, and 12 if based upon annualized revenues. Within the Europe region, it is second only to Deutsche Telekom on a revenue basis. In the MEA region, Orange is the 6th largest telco overall based on revenues, and second largest (to Vodafone) among Europe-based operators. Orange has achieved modest incremental revenue growth for each of the last 6 years, rising from 39.4B Euros in 2014 to 42.3B Euros in 2020. The company's revenue base remains well below the 45.3B Euros achieved in 2011. However, its profitability improved in 2019-20, with free cash flow as a percentage of revenues rising from 4.8% in 2018 to 6.5% in 2019 and 12.8% in 2020. It does have a high level of debt, though, like many telcos, and its quick ratio and current ratio are both below 1.  While many large telcos have made efforts to branch out into non-telecom areas such as media, Orange has remained close to its telco roots. Nearly 100% of its reported revenues come from telecommunications activities. Orange's one major non-telecom venture is Orange Bank, started in 2017. Across the entire Orange footprint, total number of mobile subscribers (exluding MVNOs) has been rising modestly, from 203.6M in 2016 to 214.1M in 2020. Fixed line subscribers have been dropping slightly, from 46.8M in 2018 to 45.1M in 2020. FTTH and cable subscribers within the fixed division, however, have been rising on the back of heavy fiber investments, from 6.3M in 2018 to 9.6M in 2020. The company says it has 48.3M "connectable" homes over FTTH and cable networks, from 32.5M in 2018, so Orange sees significant upside in increasing penetration rates. Roughly half of these connectable homes are in France, with the other half across other European countries (Spain and Poland, mainly). Network infrastructure Orange has a large network scattered across multiple countries and operating entities. That includes an incumbent network in France (Orange France), subsidiaries with incumbent origins overseas (e.g. Orange Polska), and subsidiaries with roots as competitive mobile operators (e.g. Orange Egypt). Orange also has substantial subsea network assets. Overall, about 43% of its net PP&E value comes from the wireline access network, which has grown its share recently as Orange has picked up investments in FTTH and searched for capex savings in the RAN via tactics like RAN sharing. Other net PP&E categories include wireless access (19.4% of net PP&E at end of 2020), core & transmission (10.8%), terminals & CPE (3.9%), software (12.9%), land & buildings (6.0% and falling), IT equipment (2.4%), and other (1.3%). Network spending In 2020, Orange's spending on network infrastructure included the following: -->Total Capex: $8.31B, or 17.2% of revenues (2019: 17.7%). By region, Orange's capex in 2020 was Read more