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Ottavio Adorisio

Senior Analyst at Richard Bernstein Advisors LLC

Ottavio Adorisio is a Senior Analyst at Bernstein specializing in the Technology sector, with direct coverage of leading communications and media companies such as Liberty Global and Telecom Italia. He is recognized for his strong performance, maintaining a 76.92% success rate and a 4.25-star ranking on TipRanks, with active coverage of 17 stocks and a track record for delivering insightful equity research and investment recommendations. Adorisio began his sell-side analyst career prior to joining Bernstein, and now represents the firm in high-profile industry events and major earnings calls, including those for Deutsche Telekom. He holds professional credentials typical for senior analysts at Bernstein, which often include FINRA registrations and relevant securities licenses, and is sought after for his independent and data-driven research insights.

Ottavio Adorisio's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

Question · Q1 2026

Ottavio Adorisio from Bernstein questioned the pace of the OXG fiber rollout in Germany, noting that the current rate seems insufficient to meet the 7 million household target in the planned timeframe and asking about the plan for acceleration.

Answer

Group CEO Margherita Della Valle acknowledged the need for acceleration and stated the company is in "catch-up mode." She explained that after a slow start, the build-out is now progressing well with over 30 construction partners engaged, and the ambition remains to accelerate further to meet the original business case. She confirmed the OXG joint venture is fully funded with no investment constraints.

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Question · Q2 2024

Asked why Vodafone sold its Spanish business rather than attempting a turnaround itself, given it retains some financial exposure. He also asked about the large working capital swings between H1 and H2 and what would be done to smooth them.

Answer

Margherita Della Valle clarified the Spain deal is a 'clean exit' with no direct downside exposure, driven by the market's extreme fragmentation. This allows Vodafone to focus on markets with better growth prospects. Luka Mucic addressed working capital, stating the H1 swing was anticipated and that he will explore levers like handset receivables financing to create a smoother profile in the future.

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Ottavio Adorisio's questions to ORANGE (FNCTF) leadership

Question · Q1 2025

Ottavio Adorisio questioned if the French retail service revenue growth would return to its 2-4% CAGR target range for the full year after a lower Q1, and asked about MASORANGE's IPO conditions, specifically if Orange would take a controlling stake even if the gearing is above the 3.5x target.

Answer

CEO Christel Heydemann confirmed the company remains within its 2-4% CAGR guidance for 2023-2025, with 2025 expected to be low single-digit growth, similar to Q1. Regarding MASORANGE, she stated the management team is actively working to reduce leverage below the 3.5x level. While keeping all options open for gaining control, she emphasized Orange's commitment to maintaining its own low leverage and carefully monitoring the balance sheet impact of any potential consolidation.

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Fintool can predict ORANGE logo FNCTF's earnings beat/miss a week before the call