Proximus supplies integrated telecommunications services on the Belgian market. Co.'s activities are divided into four segments: Consumer Business Unit (CBU), which sells voice products and services, internet and television, on fixed and mobile networks, to residential customers; Enterprise Business Unit (EBU), which caters to professional customers; Service Delivery Engine and Wholesale, which centralizes all the network and IT services and costs, provides services to CBU and EBU and sells these services to other telecom and cable operators; and International Carrier Services, which focuses on international carrier activities.
  • TickerBELG
  • ISINBE0003810273
  • ExchangeEuronext Brussels
  • SectorFixed Line Telecommunications
  • CountryBelgium

Analysts

ING
David Vagman, CFA

Proximus/4Q18 postview/SELL

We update our model and estimates following the 4Q18 results. We reiterate our SELL rating and target price of €18.00.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

Allan C. Nichols

Morningstar | Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued

Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued. In the consumer division, revenue declined 1% in the quarter, year over year, as declines in the traditional fixed line (down 3.3% to 2 million), and pre...

Allan C. Nichols

Morningstar | Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued. See Updated Analyst Note from 03 Mar 2019

Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued. In the consumer division, revenue declined 1% in the quarter, year over year, as declines in the traditional fixed line (down 3.3% to 2 million), and pre...

Allan C. Nichols

Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued

Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued. In the consumer division, revenue declined 1% in the ...

Proximus SA de droit public - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Proximus SA de droit public - December 2016 (LTM) 19 April 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

ING
David Vagman, CFA

Proximus/4Q18 postview/SELL

We update our model and estimates following the 4Q18 results. We reiterate our SELL rating and target price of €18.00.

Allan C. Nichols

Morningstar | Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued

Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued. In the consumer division, revenue declined 1% in the quarter, year over year, as declines in the traditional fixed line (down 3.3% to 2 million), and pre...

Allan C. Nichols

Morningstar | Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued. See Updated Analyst Note from 03 Mar 2019

Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued. In the consumer division, revenue declined 1% in the quarter, year over year, as declines in the traditional fixed line (down 3.3% to 2 million), and pre...

Allan C. Nichols

Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued

Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued. In the consumer division, revenue declined 1% in the ...

Alexander Makar ...
  • Cedric Duinslaeger
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ASC BB, BEKB BB, BBED NA, BCART BB, BOTHE BB, DIE BB, MITRA BB, PROX BB, ROU BB, SIOE BB, SMAR BB, SOLV BB, TERB BB, TUB BB, UCB BB, VGP BB

Ascencio: Trading update 1Q18-19 Bekaert: FY18 in line, cautious outlook Beter Bed Holding: A more solid base to build on Biocartis: Enticing framework for menu development Bone Therapeutics: ALLOB up for testing in phase III D'Ieteren: FY18 results, triple whammy Mithra: Getting close to commercialization with Estelle Proximus: Q4 results and 2019 outlook a tad below exp. Roularta: Sanoma benefits visible, no surprises on cash Sioen: Strong end of the year, cautious outlook Smartphoto group: Dividend of € 0.5 Solvac: FY18 results, 4.6% increase in profits Ter Beke: Results according to plan T...

A director sold 3,000 shares at 29.270EUR and

A director at Proximus sold 3,000 shares at 29.270EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/26/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/10/2018

...

James Ratzer

Global TMT: ASML, SKY, VOD, EU Mobile, US Policy, Bharti Inf, EU FTTH, BT, Italy, MTN, TEF

Global TMT: ASML, SKY, VOD, EU Mobile, US Policy, Bharti Inf, EU FTTH, BT, Italy, MTN, TEF For further details, please contact James Ratzer on 5 or email , or Charlie Gaynor on 1 or email {MSG CHARLIE GAYNOR }

PROXIMUS SA with less fundamental stars is reduced to Neutral

PROXIMUS SA (BE), a company active in the Integrated Telecommunications industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date January 15, 2019, the closing price was EUR 22.24 and its expected value was estimated a...

Ng Adrian

Proximus

Ng Adrian

Proximus

Ng Adrian

Proximus

Ng Adrian

Proximus

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Proximus and Royal Dutch Shell

Proximus (PROXBB) released satisfactory 4Q18 results this morning. Underlying sales declined 0.5% to €1,469m, with the Domestic operations reporting a 0.8% decrease and BICS a 0.5% improvement. Underlying EBITDA at group level was up 0.9% to €449m, resulting in a 2.4% rise to €1,866m in the full year.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AB InBev, Proximus and Orsted

AB InBev (ABIBB) was again in the limelight last Friday after its tender offer announcement and 6-tranche debt issue of the prior day. After the debt deal garnered much demand and AB InBev upsized the deal size to US$15.5bn from the initially targeted US$10bn, on Friday the company also upsized the tender offer to a grand total of US$16.5bn (initially US$11bn), indicating a US$1bn reduction in gross debt. With this exercise, AB InBev has kicked the can down the road as it moved a substantial part of its upcoming redemptions further out the curve.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Tesco, LeasePlan, Proximus, EDF and Veolia

Tesco (TSCOLN) has reported on 3Q and Christmas trading. The company reported +2.2% LFL growth over the six-week Christmas period in the UK, outpacing expectations of +1.1%, despite a ‘challenging market'. Tesco commented that it outperformed the UK market in terms of both volume and value. UK LFL growth came in at +0.7% in 3Q. CEO Dave Lewis commented that Tesco is on track to deliver on its FY plans and on the longer-term ambitions outlined in 2016. (For full stories please download the report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Proximus reported to be cutting 2,000 jobs

The Belgian telecom operator Proximus (PROXBB) is reported to be considering cutting 2,000 jobs, according to multiple Belgium media sources citing trade union ACOD. Proximus currently employs c.12,000 people. The plans have not been confirmed to trade unions by the company. Proximus' Board met yesterday to discuss the strategic plan for the next 3 years. Digitalization will be an important pillar, in addition to “cost optimizations”. Job losses at Proximus are a politically sensitive topic, with the Belgian State having a 53.5% stake in the company. CEO Dominic Leroy has to explain the plans ...

Proximus – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 19/04/2017

In general, Proximus is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 6, the Board of Directors seeks approval for the Company's remuneration report. In light of insufficient disclosure and our other concerns with regard to the executive compensation package, we recommend opposition.There are no further peculiarities.

Jérôme VINERIER

Analyse court terme - PROXIMUS : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 23,21 €. La rupture de 19,10 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - PROXIMUS : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €23.21. The break of €19.10 would endanger the trend.

Jérôme VINERIER

Analyse court terme - PROXIMUS : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 23,21 €. La rupture de 19,10 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - PROXIMUS : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €23.21. The break of €19.10 would endanger the trend.

Jérôme VINERIER

Analyse moyen terme - PROXIMUS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 25,68 €.

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