Core Insights - Ormat Technologies, Inc. is a prominent player in the geothermal and recovered energy power sector, with operations in the U.S. and international markets including Indonesia, Kenya, and Turkey [1] - The company is divided into three segments: Electricity, Product, and Energy Storage, focusing on the development, construction, and operation of power plants, as well as the design and sale of energy generation and storage equipment [1] Price Target Trends - The consensus price target for Ormat Technologies has risen from $97.33 last year to $120 last month, indicating increasing analyst confidence in the company's future performance [2] - Oppenheimer maintains a more conservative price target of $97, reflecting a cautious outlook on the company's prospects [2][3] - Piper Sandler has revised its price target for Ormat from $78 to $90, while keeping a Neutral rating, following a 33% increase in Ormat's share price year-to-date [4] Earnings Performance - Ormat's latest quarterly earnings report showed earnings of $0.48 per share, surpassing the Zacks Consensus Estimate of $0.37 and improving from $0.40 per share in the same quarter last year [5][6] - Despite the strong financial performance, there is an expectation of a decline in Ormat's earnings in the upcoming report, which poses a challenge for meeting earnings expectations [3][6]

Core Viewpoint - Orange has reached a non-binding agreement to acquire the remaining 50% stake in MasOrange for 4.25 billion euros, aiming for full ownership and strengthening its position in Spain, its second-largest market in Europe [1][2]. Group 1: Transaction Details - The acquisition price for the remaining stake in MasOrange is set at 4.25 billion euros in cash [1]. - A binding agreement is expected to be signed before the end of 2025, contingent upon final terms and conditions [2]. - The transaction will be presented to employee representative bodies and requires clearance from regulatory authorities, with completion anticipated in the first half of 2026 [3]. Group 2: Strategic Implications - This transaction aligns with Orange's strategic plan "Lead the Future," which focuses on enhancing service quality and operational efficiency [2][4]. - Full ownership of MasOrange reflects Orange's long-term commitment to the Spanish market and confidence in the management's ability to create stakeholder value [2]. Group 3: Company Overview - As of September 30, 2025, Orange reported revenues of 40.3 billion euros and a global workforce of 124,100 employees, with a customer base of 310 million [3]. - Orange operates in 26 countries and is a leading provider of IT and telecommunication services to multinational companies under the Orange Business brand [4].

Core Insights - Ormat Technologies and SLB have formed a partnership to accelerate the development and commercialization of integrated geothermal assets, particularly enhanced geothermal systems (EGS) [1][4] - The collaboration aims to streamline project deployment from concept to power generation, focusing on the design and construction of an EGS pilot project at an Ormat site [2][6] Company Overview - Ormat Technologies is a leading geothermal company with over six decades of experience, specializing in geothermal and recovered energy generation [6] - The company operates a total generating portfolio of 1,618 MW, which includes 1,268 MW from geothermal and solar generation across various countries [7] - SLB is a global technology company focused on energy innovation, with a presence in over 100 countries and a commitment to developing new energy systems [8] Project Details - The first joint demonstration project will develop new technologies and techniques for EGS, optimizing integration with surface facilities to enhance production and sustainability [4][5] - The U.S. Department of Energy estimates that next-generation geothermal could provide up to 90 GW by 2050, with a potential of 300 GW in the U.S. alone [5] Strategic Goals - The partnership aims to make both traditional hydrothermal and EGS technologies commercially viable and scalable to meet the growing global energy demand [5] - Following the pilot project, Ormat and SLB plan to pursue large-scale EGS commercialization for various customers, including independent power producers and data center operators [6]

Core Insights - Orange reported solid third-quarter results for 2025, leading to an increase in annual EBITDAaL growth guidance to at least 3.5% [6][8][10] Financial Performance - Group revenues for Q3 2025 reached €9,993 million, a 0.8% increase year-on-year, with EBITDAaL growing by 3.7% to €3,437 million [2][40] - eCAPEX (excluding licenses) increased by 8.3% in Q3 2025, totaling €1,466 million, driven by investments in growth areas [2][10] - EBITDAaL after eCAPEX was €1,971 million, reflecting a 0.6% increase [2][41] Regional Performance - Africa & Middle East revenues grew by 12.2% in Q3 2025, driven by strong retail services growth of 13.1% [20][21] - France experienced a revenue decline of 3.7% in Q3 2025, attributed to competitive pricing pressures and trends in wholesale services [16][19] - Europe saw a revenue increase of 4.7%, supported by a strong performance in retail services and IT & Integration Services [24][25] Customer Growth - The total customer base surpassed 300 million globally, with 8.2 million new customers added in Q3 2025 [3][8] - Mobile Financial Services, particularly Orange Money, reported 44 million active users, contributing to value creation [5][28] Strategic Initiatives - Orange announced a non-binding joint offer with Bouygues Telecom and Free-Groupe iliad to acquire a significant portion of Altice's activities in France, aimed at enhancing network resilience and cybersecurity investments [4][5] - The company is focused on operational efficiency and cost control, which have positively impacted EBITDAaL growth and margins [6][10] Future Outlook - The company aims to maintain double-digit EBITDAaL growth in the Africa & Middle East segment for 2025 [23] - Orange plans to present the evolution of its "Lead the Future" strategy at the Capital Markets Day scheduled for February 19, 2026 [7]

Market Performance - The Tel Aviv Stock Exchange experienced a decline, with the Tel Aviv 35 Index falling by 0.99% to 3,176.41 points, the Tel Aviv 125 Index decreasing by 0.98% to 3,249.61 points, and the BlueTech Global Index dropping by 0.97% to 579.01 points [1] - The All Bond corporate bond index saw a slight decrease of 0.02% to 418.33 points, with total turnover amounting to NIS 2.89 billion in equities and NIS 5.57 billion in bonds [1] Foreign Exchange Rates - The shekel-dollar exchange rate was set 0.664% lower at NIS 3.289/$, while the shekel-euro rate decreased by 0.951% to NIS 3.821/€ [2] Banking Sector Performance - Bank Hapoalim led the market decline, falling by 1.54% with the highest trading turnover, followed by Bank Leumi down 1.19%, Mizrahi Tefahot Bank down 1.70%, and Israel Discount Bank down 1.92% [2] Individual Stock Movements - Navitas Petroleum LP recorded the largest decline on the Tel Aviv 35 Index, falling by 4.06%, while Ormat Technologies Inc. and Teva Pharmaceutical Industries Ltd. fell by 2.85% and 0.44% respectively [3] - Clal Insurance Enterprise Holdings saw the largest increase on the Tel Aviv 35 Index, rising by 3.81%, with Phoenix Financial up 1.27% and Menora Mivtachim up 0.87% [3]

Core Viewpoint - Bouygues Telecom, Free-Groupe iliad, and Orange have noted the rejection of their non-binding joint offer for the acquisition of a significant portion of Altice France's telecom activities, submitted on October 14 [1] Group 1: Offer and Market Impact - The three operators remain convinced of the relevance of their proposal and the industrial project they are pursuing, which aims to preserve a competitive ecosystem benefiting consumers while promoting continued investments in national telecom infrastructure [2] - Bouygues Telecom, Free-Groupe iliad, and Orange are maintaining their offer and wish to create a constructive dialogue with Altice Group and its shareholders to explore how the project could prosper [3] Group 2: Company Profiles - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and 124,600 employees as of June 30, 2025, serving 300 million customers across 26 countries [4] - Free-Groupe iliad, established in the early 1990s, generated a revenue of €10.0 billion in 2024 and serves 51 million subscribers, with significant operations in France, Italy, and Poland [6] - Bouygues Telecom, a subsidiary of Bouygues Group, reported a revenue of €7.8 billion in 2024, employing 11,200 staff and serving 27.1 million mobile and 5.3 million fixed-line customers [8]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have expressed their commitment to pursuing their joint acquisition bid for a significant portion of Altice France's telecom activities, despite its rejection by Altice France [1][2]. Group Summaries Bouygues Telecom - Bouygues Telecom is a French digital communications operator with 27.1 million mobile customers and 5.3 million fixed customers, recognized as a leading operator for WiFi and fixed internet connections [7][8]. - The company aims to reduce its scope 1 and 2 carbon emissions by 29.4% and scope 3 emissions by 17.5% by 2027, with targets endorsed by the Science Based Targets initiative [8]. Free-iliad Group - The Free-iliad Group, a major European telecom player, generated €10.0 billion in revenues in 2024 and serves 51 million subscribers across its brands [6]. - In France, the Group operates as an integrated Fixed and Mobile Ultra-Fast Broadband operator with 23.1 million subscribers as of June 2025 [6]. Orange - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and serves 300 million customers worldwide [4]. - The Group operates in 26 countries and is a significant player in telecommunications services for multinational enterprises under the Orange Business brand [4].

Group 1 - Orange has acknowledged the decision of Group Altice to reject the joint non-binding offer made by Bouygues Telecom, Orange, and Free-Group Iliad [1] Group 2 - Orange is a leading telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 124,600 employees globally as of June 30, 2025, including 68,700 in France [2] - The company serves a total customer base of 300 million worldwide, comprising 262 million mobile customers and 22 million fixed broadband customers as of June 30, 2025 [2] - Orange operates in 26 countries and is a prominent provider of global IT and telecommunications services to multinational companies under the brand Orange Business [2] - The strategic plan "Lead the Future," introduced in February 2023, focuses on a new business model emphasizing responsibility and efficiency, leveraging network excellence to enhance service quality [2]

Core Insights - Orange has acknowledged the decision of Group Altice to reject the joint non-binding offer made by Bouygues Telecom, Orange, and Free-Group Iliad [1] Company Overview - Orange is a leading global telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 124,600 employees worldwide as of June 30, 2025, including 68,700 employees in France [2] - The company serves a total customer base of 300 million globally as of June 30, 2025, comprising 262 million mobile customers and 22 million fixed broadband customers, reflecting the deconsolidation of certain activities in Spain due to the creation of MASORANGE [2] - Orange operates in 26 countries, including non-consolidated regions, and is a prominent provider of global IT and telecommunications services to multinational companies under the Orange Business brand [2] - In February 2023, Orange introduced its strategic plan "Lead the Future," which focuses on a new business model emphasizing responsibility and efficiency, leveraging network excellence to enhance service quality [2]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a joint non-binding offer to acquire a significant portion of Altice's telecommunications activities in France, aiming to ensure service continuity for SFR customers in a mature market [1][2]. Summary by Sections Offer Details - The joint offer has a total enterprise value of €17 billion for the targeted Altice group assets in France, implying an enterprise value of over €21 billion for the entire Altice France [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Conditions and Process - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment [3]. - The transaction will require prior consultation with employee representative bodies and clearance from relevant regulatory authorities before completion [3]. Transition and Management - Any assets that cannot be immediately transferred will be managed by a joint company during a transition period, allowing for the gradual migration of customers, relying on Altice group employees [4]. Business Segmentation - The B2B business will primarily be taken over by Bouygues Telecom and Free-iliad Group, while the B2C business will be shared among Bouygues Telecom, Free-iliad Group, and Orange [6]. - Infrastructure and frequencies will also be shared among the three operators, except for SFR's mobile network in less densely populated areas, which will be taken over by Bouygues Telecom [6].