Proximus (Neutral, TP: €9.6, -1%) High fibre diet, but blocking the system - time to be underweight again?
Proximus held a CMD in Brussels last week that we attended. The fibre roll dominated the presentations. Proximus is now rolling out to 95% of the country, but c70% of the roll will be off balance sheet via 4 JVs. We have modelled each with the new disclosure given, and now assume in our SOP that the JVs are bought in (as per the JV shareholder agreements).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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