Proximus Reported Mixed 4Q Results and Weak Guidance; Reducing FVE to EUR 26; Shares Undervalued
Proximus reported mixed fourth-quarter results, with revenue that was light but EBITDA margins ahead of our projections. The firm reported revenue grew 0.4% versus our expectation of an increase of 1.3%. However, management provided future margin guidance that was lower than we anticipated. We are reducing our fair value estimate to EUR 26 from EUR 28. However, our narrow-moat rating remains intact, and we believe the shares are undervalued.In the consumer division, revenue declined 1% in the ...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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