We upgrade Proximus from Sell to HOLD and cut our target price from €9.1 to €7.5. Proximus is negotiating complex fibre cooperation agreements to achieve fixed infra monopolies, likely in medium and less dense areas. We expect improved wholesale rates but tougher competition, the trade-off from the ‘faustian pacts' that are in our view fully open fixed networks and the MVNO deal with Digi. We see Digi taking >10% mobile market share, c.4% in fixed by 2030. In Flanders medium dense areas, we thin...
• Yesterday, Proximus successfully placed a EUR 700m 10-year bond at a 3.75% coupon, ensuring financing and enhancing its maturity schedule• In the coming weeks and months, we expect positive newsflow stemming from the Telesign-RouteMobile combination as well as collaborations to lower the fiber related investments• With valuation being extremely low, strong commercial momentum and FCF profile improving materially, we stick to our BUY rating
Econocom: Exclusive negotiations to sell maritime salvage group Les Abeilles. Exor: Now a long-term investor in Clarivate, Suzanne Heywood to be a board member. Kinepolis: Slow recovery in Feb box office revenue and attendance in US/Canada, France. Proximus: Telesign reportedly lays off three top executives. TKH Group: FY23 results in line, FY24 outlook sober
>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
AB InBev: A Bit Light, Bud. Ackermans & van Haaren: Core units AM/Banks and DEME. Adecco: Beats by 17% on 4Q23 EBITA; outlook solid. Air France-KLM: Peak reached already? Allfunds Group PLC: MoreFunds. ASR: 2H23 squeezed between two CMDs, no surprises. Belgian telecoms: Digi to launch convergent offers in Belgium. CM.com: FY23 results, EBITDA positive in 2H23. Fugro: Strong? Excellent!. NN Group: FY23 better, modest 2025 targets, capital distribution strategy better. Recticel...
ASM International: 4Q23 preview, good year ahead. CFE: Preview - focus on quality of order book. CM.com: Preview 2H23/FY23. Just Eat Takeaway.com: Preview FY23, more profits ahead. PostNL: FY23 results, FY24 outlook well below, looks to improve LT performance. Proximus: BICS CEO let go after Telesign tensions, Niel/Iliad invest €1.2bn in Tele2. Retail Estates: Sound operational trends and portfolio valuation
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 reported solid 4Q23 results driven by a strong underlying domestic performance, adding 38k mobile postpaid customers and 16k new internet customers (the highest in 5Y). This resulted in a nice underlying EBITDA increase of 1.4% to € 421m, in line with expectations (css: € 420m). The 1.5% revenue growth to € 1534m nevertheless came in below expectations (css: € 1567m) on the back of soft top-line development for its international activities, although this was countered by solid margins. ...
>Q4 operational momentum was good, all guidance parameters comfortably met - Proximus reported Q4 revenue of €1,534m, -1.6% yoy. This is some 2% below consensus of €1,565m (we were at €1,538m), which we believe is mainly related to tough comparables for both BICS and TeleSign. The company’s domestic revenue growth was 3.5% at € 1,196m, some 1% ahead of consensus of € 1,185m. Group underlying EBITDA came in at € 421m, +1.4%, which compares with consensus of €419m (we a...
Brunel International: 4Q23 results in line, touch weaker FY24 start, mainly in Germany. Coca-Cola Europacific Partners: Done and dusted. Cofinimmo: Resilient FY23 results, investment neutrality reiterated for FY24. EVS: Very strong 2H23 and orders beat, net cash/WCR dampen the mood. Proximus: Q4 in line results, better net adds, guidance in line
Strong commercial momentum also continued in Q4 resulting in Domestic revenues and EBITDA that were (slightly) ahead of expectations and a key driver for group numbers. International was below on top lineFor 2024, Proximus is guiding for ‘+1% sales & EBITDA growth' which is in line with expectations and capex drops from peak levels to EUR 1.2bnWith discussions on fiber collaborations “progressing well”, we believe momentum remains strong – BUY reiterated
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