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

Allan C. Nichols

Proximus Reported Mixed Q3 Results With Weak Revenue but Solid Margins; Shares Fairly Valued

Proximus reported mixed third-quarter results with weak revenue but solid margins. We anticipate these two items to offset each other and don't expect any changes to our fair value estimate. Our narrow moat rating remains intact. The firm reported revenue down 1.4% versus our full-year projection of an increase of 1.4%. Proximus' underlying domestic revenue increased 1.5%, but its international carrier services, or ICS, business fell 9.1%. This business tends to be volatile, and, though we had e...

Louis-Clément AZAIS d'UHART

Analyse moyen terme - PROXIMUS : La tendance haussière est peut-être en train de se retourner à la baisse.

Notre précédent avis était neutre. Nous sommes maintenant baissier avec un objectif à 22,5 € et un niveau d'invalidation à 28 €. La tendance haussière est peut-être en train de se retourner à la baisse.

Louis-Clément AZAIS d'UHART

Medium term view - PROXIMUS : The bullish trend may be reversing to bearish.

Our previous opinion was neutral. We turn bearish with a target at 22,5 €and an invalidation level at 28 €. The bullish trend may be reversing to bearish.

Louis-Clément AZAIS d'UHART

Analyse court terme - PROXIMUS : La moyenne mobile, baissière, confirme notre avis.

Lors de notre dernière analyse court terme (13/10/2016), nous avions opté pour un avis négatif. Nous restons négatif avec un objectif à 24,45 € et un niveau d'invalidation à 27,4 €. La tendance baissière se poursuit. Arguments : - La moyenne mobile, baissière, confirme notre...

Louis-Clément AZAIS d'UHART

Short term view - PROXIMUS : The falling moving average confirms our opinion.

In our previous short term analysis (13/10/2016), we were negative. We remain negative with a target at 24,45 € and an invalidation level at 27,4 €. The bearish trend unfolds. Arguments : - The falling moving average confirms our opinion.

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

Allan C. Nichols

Proximus Reported Mixed Q3 Results With Weak Revenue but Solid Margins; Shares Fairly Valued

Proximus reported mixed third-quarter results with weak revenue but solid margins. We anticipate these two items to offset each other and don't expect any changes to our fair value estimate. Our narrow moat rating remains intact. The firm reported revenue down 1.4% versus our full-year projection of an increase of 1.4%. Proximus' underlying domestic revenue increased 1.5%, but its international carrier services, or ICS, business fell 9.1%. This business tends to be volatile, and, though we had e...

Allan C. Nichols

Proximus faces tough competition.

Proximus reported mixed third-quarter results with weak revenue but solid margins. We anticipate these two items to offset each other and don't expect any changes to our fair value estimate. Our narrow moat rating remains intact. The firm reported revenue down 1.4% versus our full-year projection of an increase of 1.4%. Proximus' underlying domestic revenue increased 1.5%, but its international carrier services, or ICS, business fell 9.1%. This business tends to be volatile, and, though we had e...

Allan C. Nichols

Proximus Announces Increased Capital Expenditures to Roll Out Fibre Faster; Shares Fairly Valued

Proximus announced Dec. 16 that it will increase its capital expenditures to around EUR 1 billion annually for the next three years to increase the speed of its fibre rollout. While we believe this will strengthen the firm’s narrow moat by improving the quality of its network, it increases the risks if management doesn’t execute. For now, we are maintaining our fair value estimate but will be closely watching the success of the project. The cable operators, particularly Telenet (controlled by Li...

Allan C. Nichols

Proximus faces tough competition.

Proximus announced Dec. 16 that it will increase its capital expenditures to around EUR 1 billion annually for the next three years to increase the speed of its fibre rollout. While we believe this will strengthen the firm’s narrow moat by improving the quality of its network, it increases the risks if management doesn’t execute. For now, we are maintaining our fair value estimate but will be closely watching the success of the project. The cable operators, particularly Telenet (controlled by Li...

Allan C. Nichols

Proximus Reported In-Line 2016 Results as BICS and Regulatory Cuts Hurt Sales; Shares Fairly Valued

Proximus reported 2016 results in line with our projections, and we expect to maintain our fair value estimate and narrow moat rating. We believe the shares are fairly valued. The firm reported revenue of EUR 5,871 million versus our projection of EUR 5,860 million. The consumer fixed-line division grew 1.7% in the fourth quarter, driven by an 11.2% gain in its pay-TV business and 4.9% in fixed data. Proximus continues to push additional services in order to increase its triple- and quad-play cu...

1 director sold

A director at Proximus sold 10,840 shares at 26.320EUR and the significance rating of the trade was 73/100. 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 membe...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

...

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 }

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ng Adrian

Proximus

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Proximus

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Ng Adrian

Proximus

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Ng Adrian

Proximus

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

Coffee, Croissants & Credit/CSPP, Iberdrola and Proximus

With the summer recess for markets in full swing it is good to see the CSPP programme that is loved to be hated by many, for once, being a huge support to the carry trade in credit. Over the last few weeks spreads have retraced from their wides and curves have flattened. In fairness the retracement has also been affected by the news flow on Italy and the trade war developments, but it is true to say the CSPP, as the continued single buyer of European credit, is doing the heavy lifting. Over the past 4 weeks CSPP has bought €2.2bn, €600bn, €792m with very little of that in primary paper (no mor...

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.

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
  • 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/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)

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.

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)

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...

Louis-Clément AZAIS d'UHART

Analyse moyen terme - PROXIMUS : La tendance haussière est peut-être en train de se retourner à la baisse.

Notre précédent avis était neutre. Nous sommes maintenant baissier avec un objectif à 22,5 € et un niveau d'invalidation à 28 €. La tendance haussière est peut-être en train de se retourner à la baisse.

Louis-Clément AZAIS d'UHART

Medium term view - PROXIMUS : The bullish trend may be reversing to bearish.

Our previous opinion was neutral. We turn bearish with a target at 22,5 €and an invalidation level at 28 €. The bullish trend may be reversing to bearish.

Louis-Clément AZAIS d'UHART

Analyse court terme - PROXIMUS : La moyenne mobile, baissière, confirme notre avis.

Lors de notre dernière analyse court terme (13/10/2016), nous avions opté pour un avis négatif. Nous restons négatif avec un objectif à 24,45 € et un niveau d'invalidation à 27,4 €. La tendance baissière se poursuit. Arguments : - La moyenne mobile, baissière, confirme notre...

Louis-Clément AZAIS d'UHART

Short term view - PROXIMUS : The falling moving average confirms our opinion.

In our previous short term analysis (13/10/2016), we were negative. We remain negative with a target at 24,45 € and an invalidation level at 27,4 €. The bearish trend unfolds. Arguments : - The falling moving average confirms our opinion.

Louis-Clément AZAIS d'UHART

Analyse court terme - PROXIMUS : La moyenne mobile, baissière, confirme notre avis.

Lors de notre dernière analyse court terme (13/10/2016), nous avions opté pour un avis négatif. Nous restons négatif avec un objectif à 25,4 € et un niveau d'invalidation à 27 €. La tendance baissière se poursuit. Arguments : - La moyenne mobile, baissière, confirme notre avis.

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