Proximus Reported Mixed Q3 Results With Weak Revenue but Solid Margins; Shares Fairly Valued
Proximus reported mixed third-quarter results with weak revenue but solid margins. We anticipate these two items to offset each other and don't expect any changes to our fair value estimate. Our narrow moat rating remains intact. The firm reported revenue down 1.4% versus our full-year projection of an increase of 1.4%. Proximus' underlying domestic revenue increased 1.5%, but its international carrier services, or ICS, business fell 9.1%. This business tends to be volatile, and, though we had e...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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