Proximus - All-in on leadership in digital communications
• Proximus yesterday organized a dedicated CMD focused on its International Segment, providing granularity on its future plans related to product portfolio, cost and sales synergies and impact on the group• Given its leading positions, combined with EUR 100m of synergies (up from EUR 90m previously) International Segment ought to deliver ~EUR 305m EBITDA on our new estimates or ~16% of group level or double of today• Including the FCF that ought to be generated by its new international segment, being 50-75% of EBITDA give or take, it implies that by 2026E we foresee Proximus' FCF to exceed the EURProximus 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.
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