Report
James Ratzer ...
  • Russell Waller
EUR 9654.00 For Business Accounts Only

Digi (Underweight) Telenet (Underweight) Proximus (Neutral, TP: €9.2, +84%) Orange Belgium (Neutral, TP: €10.3, -27%) Digi launches in Belgium – Downgrade Digi and Telenet bonds to Underweight

After the launch in Portugal (HERE, HERE) Digi has now launched in Belgium. We look at the tariffs in this report, and assess whether or not Digi is viable as a new entrant.
Underlyings
Orange Belgium SA

Orange Belgium is a telecommunications operator in Belgium. Co. provides a range of products and services to the residential and business markets, including mobile telephony, fixed telephony, fix data, Asymmetric Digital Subscriber Line. Co.'s Belgium segment is divided into two operating units: Mobile as well as Fix voice data. Co.'s Mobile operating unit provides mobile phone equipment and services to residential and corporate customers, while Co.'s Fix voice and data operating unit provides fix voice, data and internet services to residential and corporate customers.

Proximus SA de droit public

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.

Telenet Group Holding NV

Telenet Group Holding is a holding company. Through its subsdiairies and its broadband network, Co. is engaged in the provision of cable television, including television services, broadband internet and telephony services to residential subscribers in Flanders and certain communes in Brussels as well as broadband internet, data and voice services in the business market throughout Belgium and parts of Luxembourg. In addition, Co. is engaged in the provision of mobile telephony services through a mobile virtual network operator partnership with Mobistar NV.

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New Street Research
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Analysts
James Ratzer

Russell Waller

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