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.
  • TickerPROX
  • ISINBE0003810273
  • ExchangeEuronext Brussels
  • SectorFixed Line Telecommunications
  • CountryBelgium

Analysts

ING
ING Helpdesk

Benelux Morning Notes

FEEDBACK FROM ING BENELUX CONFERENCE IN BRUSSELS: Ackermans & van Haaren ASM International ASML Barco Basic-Fit Fagron IBA Orange Belgium Proximus Signify OTHER NEWS: D'Ieteren: Strong November car registration growth on mkt share gains, easy comps Fugro: Seabed's patent dispute is unwelcome disposal news Randstad: Positive update ahead of CMD

Ben Rickett ...
  • James Ratzer

New Street What to learn from telco Black Friday pricing

When it comes to the Q4 results, operators can often “blame” Black Friday promotions for weak results. We are therefore encouraged to see relatively few Black Friday promotions across the sector.

Ben Rickett ...
  • James Ratzer

New Street: What to learn from telco Black Friday pricing

When it comes to the Q4 results, operators can often “blame” Black Friday promotions for weak results. We are therefore encouraged to see relatively few Black Friday promotions across the sector.

ING
ING Helpdesk

Benelux Morning Notes

Proximus: Board approves restructuring plan, appoints new CEO

Alan Vandenberghe ...
  • Ruben Devos
  • Wim Hoste

Morning Note: ABI BB, AVTX NA, PROX BB

AB InBev: Weighing options for US packaging business ? Avantium: € 25m grant for funding FDCA flagship plant Proximus: New CEO / pushing ahead on transformation plan

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
ING Helpdesk

Benelux Morning Notes

FEEDBACK FROM ING BENELUX CONFERENCE IN BRUSSELS: Ackermans & van Haaren ASM International ASML Barco Basic-Fit Fagron IBA Orange Belgium Proximus Signify OTHER NEWS: D'Ieteren: Strong November car registration growth on mkt share gains, easy comps Fugro: Seabed's patent dispute is unwelcome disposal news Randstad: Positive update ahead of CMD

Ben Rickett ...
  • James Ratzer

New Street What to learn from telco Black Friday pricing

When it comes to the Q4 results, operators can often “blame” Black Friday promotions for weak results. We are therefore encouraged to see relatively few Black Friday promotions across the sector.

Ben Rickett ...
  • James Ratzer

New Street: What to learn from telco Black Friday pricing

When it comes to the Q4 results, operators can often “blame” Black Friday promotions for weak results. We are therefore encouraged to see relatively few Black Friday promotions across the sector.

ING
ING Helpdesk

Benelux Morning Notes

Proximus: Board approves restructuring plan, appoints new CEO

Alan Vandenberghe ...
  • Ruben Devos
  • Wim Hoste

Morning Note: ABI BB, AVTX NA, PROX BB

AB InBev: Weighing options for US packaging business ? Avantium: € 25m grant for funding FDCA flagship plant Proximus: New CEO / pushing ahead on transformation plan

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
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 10/25/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 25/10/2019

...

PROXIMUS SA increases its risk exposure and slightly lowers to Neutral

PROXIMUS SA (BE), a company active in the Integrated Telecommunications industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date November 15, 2019, the closing price was EUR 27.37 and its expected value was estimated at EUR 27.17.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Barclays, KPN, Proximus and EDF

Financials - Barclays 3Q19: clouded by the PPI charge, CET1 ratio stable despite the substantial positive effect from the removal of a risk floor. TMT - KPN reports in-line 3Q19; KPN0.625 4/25 favoured. Proximus: 3Q19 meets expectations; no upside versus Orange. Utilities - EDF not required to shut down nuclear power plants with weld issues; Value in EUR 27s and USD 28s

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

Coffee, Croissants & Credit/Danske Bank, KPN and Enel

Financials: Danske Bank to publish a plan to improve its performance by the end of the year; we would stick to the safer parts of the bank's debt hierarchy. TMT: KPN names Proximus's Dominique Leroy as new CEO; KPN0.625 4/25 preferred. Utilities: Enel issued the first sustainability linked bond, opening the door for more.

ING
Hendrik Wiersma

Proximus/No upside vs Orange

Proximus 2Q19 results are satisfactory. While domestic sales were soft, the EBITDA result was helped by cost savings. Reported net debt/EBITDA stood at c.1.2x at the end of 2Q19. The proposed new cable wholesale rates are expected to benefit Orange Belgium and competition in the Belgium telecom market could therefore intensify further. Proximus' liquid longer dated bonds, the PROXBB2.375 4/24 and PROXBB1.875 10/25, trade at a pickup vs Orange. Although Proximus is better rated and has lower leverage, we believe this is justified and therefore don't see tightening potential vs its French peer. ...

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

Coffee, Croissants & Credit/Proximus and Enagas

Proximus: satisfactory 2Q19; no upside in bonds

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

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.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Buoyed by outperformance in the US, the MSCI ACWI is the only broad global index that has yet to make a lower low relative to the lows set in June. This deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and continued downside volatility in bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. • Additional bearish-leaning developments. In addition to the concerns we have highlighted over the past several weeks, new negative developments continue to plague the glob...

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.

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