New Street: Proximus FTTH update – new disclosure confirms near-term FCF dilution and negative EBITDA impact
Proximus gave an FTTH update yesterday afternoon. We had already modelled the JVs in a fair bit of detail and the new disclosure largely confirmed what we already knew.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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