Proximus Reported 1Q Light Revenue, but Maintaining Our FVE; Shares Slightly Undervalued
Proximus reported first quarter revenue that was a bit light, but we maintain our EUR 28 per share fair value estimate and narrow moat rating. We believe the stock is slightly undervalued. The firm reported revenue declined 0.2% year over year versus our full-year projection of a gain of 0.8%. However, the pressure from the European roam-like-at-home, or RLAH, policy will reduce in mid-June as the firm passes one year since its implementation. Thus, we anticipate better results in the second hal...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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