Proximus (Neutral, TP: €10.5, +20%) Q4 23: EBITDA growth remains lacklustre despite good SR trends
Proximus has reported a solid set of numbers, with domestic EBITDA +0.3% ahead of consensus. Domestic 2024 guidance implies slightly higher EBITDA as well (growth of “up to 1%“ vs consensus at +0.2%), but this is offset by a slightly weaker than expected guide for International. SR trends are very good (c+6% y/y), but are nearly wholly offset by higher costs. EBITDA will return to growth in 2024, but only just.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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