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

ASML: 4Q18 preview – will we see the slowdown? Belgian telecoms: Mobile Spectrum Auction delays a positive. Beter Bed: Sales momentum improved, restructuring on track. Merlin Properties: building out Portuguese offices. Takeaway.com: Financing the take-over. Vastned: issues a €50m bond and leases to Sephora

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...

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.

Lenny Van Steenhuyse ...
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

KBC Securities Morning Note 14-1-2019 ADYEN NA, MDXH BB, PROX BB

Adyen: Competitor Stripe moving forward in Europe as expected MDxHealth: ConfirmMDx takes a dramatic hit Proximus: Telco Minister: “exit Proximus, allow new entrant”

Allan C. Nichols

Proximus Announces Faster Implementation of Digital Transformation; FVE Unchanged

As expected after the Jan. 9 stock trading suspension, Proximus on Jan. 10 announced it is speeding up the implementation of its digital transformation. This includes reducing its workforce by about 1,900 people in addition to its existing early-retirement plan, but then hiring 750 people for expanding its information and communication technology business and 500 people for its digital domains. Thus the net reduction in employment will be about 650 people. The firm will also increase the speed o...

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

ASML: 4Q18 preview – will we see the slowdown? Belgian telecoms: Mobile Spectrum Auction delays a positive. Beter Bed: Sales momentum improved, restructuring on track. Merlin Properties: building out Portuguese offices. Takeaway.com: Financing the take-over. Vastned: issues a €50m bond and leases to Sephora

Lenny Van Steenhuyse ...
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

KBC Securities Morning Note 14-1-2019 ADYEN NA, MDXH BB, PROX BB

Adyen: Competitor Stripe moving forward in Europe as expected MDxHealth: ConfirmMDx takes a dramatic hit Proximus: Telco Minister: “exit Proximus, allow new entrant”

Allan C. Nichols

Proximus Announces Faster Implementation of Digital Transformation; FVE Unchanged

As expected after the Jan. 9 stock trading suspension, Proximus on Jan. 10 announced it is speeding up the implementation of its digital transformation. This includes reducing its workforce by about 1,900 people in addition to its existing early-retirement plan, but then hiring 750 people for expanding its information and communication technology business and 500 people for its digital domains. Thus the net reduction in employment will be about 650 people. The firm will also increase the speed o...

Alexander Makar ...
  • Guy Sips
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs

KBC Securities Morning Note 10-1-2019 IVA FR, PROX BB, TEXF BB, VAN BB

Inventiva: Taking the stage at JPM Proximus: Targets 3-year gross cost savings of € 240m Texaf: Congo opposition leader unexpected winner Van de Velde: 2H18 sales above our expectations

Alexandre Iatrides

Proximus : A new cost-cutting programme in preparation for a new entrant

>Proximus sparks a furore for a plan which carries on from the previous one - Proximus was suspended yesterday due to rumours that followed a board meeting from which information was leaked in the press concerning a programme of job losses and the prime minister called on CEO Dominique Leroy to provide an explanation. The rumours concerned 2,000 job losses before a figure of 1,900 departures and 1,250 new hires was eventually issued. As a result, this morning Proximus...

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
  • 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 ...

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

Coffee, Croissants & Credit/RBS, Proximus and Total

RBS (RBS) reported higher earnings and solid capital metrics in 3Q18. The solid capital metrics are supportive for the bank's spreads. The bank's net income grew by 14% YoY to GBP448m, supported by higher revenues and lower cost base. On an adjusted basis the revenues declined YoY and the bank's net interest margin actually declined QoQ by 8bp. The decline was due to competitive pressures, higher liquidity balances and one off items. (for full story, please download report)

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

Coffee, Croissants & Credit/Proximus, Cellnex, Enexis and Engie

Proximus (PROXBB) reported a solid set of 2Q18 results this morning. Sales rose 2.6% to €1.45bn. This was the result of a 0.8% increase at Domestic and a 8.9% improvement at BICS, including TeleSign. Group underlying EBITDA rose 6.1% to €493m. Earlier this week, the Belgium government has made is possible for the entrance of a 4th mobile player in the upcoming spectrum auction. Although far from certain, we believe that the risk of a potential new mobile entrant is not reflected in current spreads, with Proximus trading largely trading inside Orange.

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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