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
Research Department

Benelux Morning Notes

AB InBev: You beauty, right on target. Accell: Solid 1H results, leverage ratio drops to 1.7x. Acomo: Not so nuts. Befimmo: Still bridging the gap. Belgian telecoms: OBEL's new Love Duo packs priced at €15 discount to the Love packs. Beter Bed: Financing secured to execute MC disposal. Cofinimmo: Killing the zombie. Gecina: Hikes guidance, steady growth. Wereldhave: WHA Belgium reports 1H19. Wessanen: Slow food movement

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/12/2019

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the turm...

Alexandre Iatrides

Proximus : Proximus and Orange Belgium announce network sharing

>Proximus and Orange Belgium announce 2G/3G/4G/5G network sharing - Orange Belgium and Proximus have announced a network sharing agreement in Belgium, whose rollout is set to begin by the end of the year. The aim is to improve coverage, rise to the 5G challenge and also the particularly draconian constraints in place in Belgium regarding exposure to electromagnetic waves and environmental constraints, since network sharing enables energy savings of 20%. The agreement ...

Alan Vandenberghe ...
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs

Morning Note: KDS NA, OBEL BB, PROX BB, WES NA

Kiadis: Adjunctive HSCT therapies looking for solid ground Orange Belgium: Reaches mobile network sharing deal with Proximus Proximus: Reaches mobile network sharing deal with OBEL Wessanen: Launch of recommended cash offer

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/07/2019

Nous tablons sur un S1 2019 difficile, pénalisé par des effets de base et des conditions climatiques volatiles. Nous confirmons notre hiérarchie sectorielle, les prises de profits pré-publication pourraient permettre de se repositionner, à bon compte, sur le secteur des Matériaux alors que celui de la Construction/Concessions pourrait constituer un refuge. Saint-Gobain et Eiffage restent nos valeurs préférées. - Cf. étude publiée hier soir après la clôture. - ...

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
Research Department

Benelux Morning Notes

AB InBev: You beauty, right on target. Accell: Solid 1H results, leverage ratio drops to 1.7x. Acomo: Not so nuts. Befimmo: Still bridging the gap. Belgian telecoms: OBEL's new Love Duo packs priced at €15 discount to the Love packs. Beter Bed: Financing secured to execute MC disposal. Cofinimmo: Killing the zombie. Gecina: Hikes guidance, steady growth. Wereldhave: WHA Belgium reports 1H19. Wessanen: Slow food movement

Alexandre Iatrides

Proximus : Proximus and Orange Belgium announce network sharing

>Proximus and Orange Belgium announce 2G/3G/4G/5G network sharing - Orange Belgium and Proximus have announced a network sharing agreement in Belgium, whose rollout is set to begin by the end of the year. The aim is to improve coverage, rise to the 5G challenge and also the particularly draconian constraints in place in Belgium regarding exposure to electromagnetic waves and environmental constraints, since network sharing enables energy savings of 20%. The agreement ...

Alan Vandenberghe ...
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs

Morning Note: KDS NA, OBEL BB, PROX BB, WES NA

Kiadis: Adjunctive HSCT therapies looking for solid ground Orange Belgium: Reaches mobile network sharing deal with Proximus Proximus: Reaches mobile network sharing deal with OBEL Wessanen: Launch of recommended cash offer

Alexandre Iatrides

Proximus : Proximus et OBEL annoncent un partage de réseau

>Proximus et OBEL annoncent un partage de réseau 2G/3G/4G/5G - Orange Belgium et Proximus ont annoncé un accord de partage de réseau en Belgique dont la mise en place commencerait d’ici la fin de l’année. L’objectif est d’améliorer la couverture, faire face à l’enjeu de la 5G, aux contraintes particulièrement draconiennes en Belgique concernant l’exposition aux ondes et enfin aux contraintes environnementales, le partage permettant une économie d’énergie de 20%. L’acc...

ING
Research Department

Benelux Morning Notes

DWS: 2Q19F results – Improved AuM to drive revenue. Orange Belgium: Network sharing agreement with Proximus, a big potential positive. Proximus: Network sharing agreement with Orange Belgium. SBM Offshore: More clarity on Carcará, is F4W going forward? SEMICON West: Feedback from day 4. Wessanen: A bid in the hand is worth two in the bush

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 ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/12/2019

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the turm...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Samantha Jeary
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/07/2019

Nous tablons sur un S1 2019 difficile, pénalisé par des effets de base et des conditions climatiques volatiles. Nous confirmons notre hiérarchie sectorielle, les prises de profits pré-publication pourraient permettre de se repositionner, à bon compte, sur le secteur des Matériaux alors que celui de la Construction/Concessions pourrait constituer un refuge. Saint-Gobain et Eiffage restent nos valeurs préférées. - Cf. étude publiée hier soir après la clôture. - ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/03/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/05/2019

...

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

...

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 April 26, 2019, the closing price was EUR 25.04 and its expected value was estimated at ...

Ng Adrian

Proximus

Ng Adrian

Proximus

Ng Adrian

Proximus

Ng Adrian

Proximus

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

Coffee, Croissants & Credit/SEB, Proximus and UK carbon tax

SEB reports stable earnings, but lower capital. The bank has a SEK92bn NPS need that should support its preferred senior paper

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

Coffee, Croissants & Credit/HSBC, Société Générale and Proximus

HSBC (HSBC) reported strong numbers for the start of the year with substantial earnings growth and solid capital generation. Credit positive. HSBC continues to have a strong capital position. The bank had a CET1 ratio of 14.3% in 1Q19, up 30bp QoQ. The capital ratio improvement was supported by the strong organic capital generation, FX and other movements that offset the regulatory effects. (For full story, download report)

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

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.

Expert Corporate Governance Service (ECGS)

Proximus April 17th, 2019

In general, Proximus is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.After the AGM, the board of Directors will compromise 9-non executive directors, and seven members are concidered to be independant (77.8%) according to ECGS. Mrs Leroy, the CEO also sits on the board. ECGS notes that the level of disclosure concerning the Company's executive remuneration (specifically relating to the level of transparency) is weak and could be improved. It favors the strong deferral elevement attached to the ST variable salary of the CEO...

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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