PROXIMUS: Future-proofing the business comes at a price
After a 22% decline since our Reduce rating on the stock, we believe that most downside risks are priced in. Additionally, in times of crisis, Telcos have shown their worth, and we think that Proximus’ qualities such as an attractive dividend yield, a high-subscription-based revenue model, and low earnings volatility, may sway investors. Following the CMD, we’ve decided to raise our recommendation to HOLD but lower our TP to € 20 (from € 22).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.
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