Proximus The Amplify Reset, State-Backed, Debt-Disciplined, and Building Toward €400M FCF by 2030

RE

Invested

Community Contributor

Published

22 Mar 25

Updated

08 May 26

Views

1.5k

n/a

n/a

RecMag's Fair Value

n/a

1Y

-6.4%

7D

1.9%

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1Y

-6.4%

7D

1.9%

You can edit this narrative until May 9 1:20 PM. Then, changes will post as Updates.

Author's Valuation

€816.4% undervalued

RecMag's Fair Value

Shared on 08 May 26

Fair value Decreased 74%

The outlook turns more cautious as Proximus signals a longer “reset” period, with a smaller payout, heavy network spending, and job cuts aimed at keeping the balance sheet steady. The long-term infrastructure case still holds, but the next few years may bring slower progress and more uncertainty until the turnaround shows up in stronger cash generation.

13 views

Shared on 01 Mar 26

Fair value Increased 23%

RecMag made no meaningful changes to valuation assumptions.

19 views

Shared on 14 Feb 26

8.2939: The "US Dollar" Multiplier

Some investors are moving money out of pricey US tech and into high‑income European shares, and Proximus is getting attention as the dividend and a weaker US dollar help support the stock on pullbacks. The setup investors are chasing combines a potential share rebound, a currency tailwind, and a near-term dividend payout.

79 views

Shared on 13 Feb 26

Fair value Increased 46%

8.1776: Clocks ticking

A specific date and time is highlighted as approaching, alongside a reminder that the next dividend date is also getting close. There’s also a correction to an earlier ownership setting, hinting that prior assumptions may have shifted.

44 views

Shared on 06 Feb 26

7.9982: The Sovereign Anchor is Set

Look deeper, sleepy, did you miss the variable? Disclaimer: This is not financial advice.

56 views

Shared on 03 Feb 26

A sudden spike in Proximus trading activity stands out as the stock pushes through a key level and holds there. The move looks less like excitement and more like bigger players quietly shifting positions.

38 views

Shared on 29 Jan 26

Proximus shifts from a traditional telecom to a key cybersecurity and digital infrastructure partner for European defense and government groups, supported by long-term contracts. Its deeper role inside NATO and Belgian operations points to steadier, more predictable business, with room to grow without taking big risks.

35 views

Shared on 28 Jan 26

Signs of a telecom stock market boom are starting to show up in the Benelux, and Proximus could benefit as investor interest returns over the next few years. The company is also reshaping its business through leadership moves at its international unit and a series of planned asset sales that could bring in fresh cash.

62 views

Shared on 28 Nov 25

Proximus teams up with Starlink to bring phone coverage to places traditional networks can’t reach, starting with a rollout in Ukraine. The move aims to blend satellite and mobile networks and could open up a new growth path if the technology catches on across Europe.

78 views

Shared on 03 Nov 25

Proximus plans to raise prices next year while bringing in a new head to lead its global business, signaling a push for steadier growth and better efficiency. Meanwhile, fresh talk of telecom listings and questions about slow fibre adoption in Belgium add new clues about what could shape demand and competition next.

15 views

Shared on 15 Oct 25

Proximus lines up a new leader for its global business, lands a major NATO IT deal, and pushes a string of asset sales that could help fund its next moves. It also points to surprisingly slow fibre uptake in Belgium and highlights new tools aimed at making its network easier for other companies to build on.

15 views

Shared on 14 Oct 25

Proximus loses a key Digital and IT leader as broader IPO interest picks up across Benelux telecom. With fibre use still surprisingly low in Belgium, the update raises questions about what could drive adoption next—and who captures the upside.

2 views

Shared on 07 Oct 25

Proximus Global launches Konera, aiming to make it easier for partners and developers to tap into its network services through one unified set of tools. It’s a sign the business is moving from planning to rollout, with execution now the key thing to watch.

2 views

Shared on 18 Sep 25

Proximus Global lines up a new CEO, with Mr. Seçkin Arikan set to start later next year. Leadership changes can reshape priorities and momentum, and this appointment hints at what the business may push next.

1 view

Shared on 01 Aug 25

Proximus shakes up its international arm, teams up with Orange to speed up fiber rollout, and rolls out a new referral push through Scarlet. A competition probe and a plan to sell off a big chunk of its buildings add a new set of questions about what comes next.

8 views

Shared on 25 Jul 25

Proximus reports a noticeable dip in revenue, pointing to trouble in its international business and device sales. A new leader is set to take over next year, and the big question is whether he can steady the business before the pressure builds further.

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Shared on 26 Jun 25

A senior leader who runs Proximus’ enterprise IT services unit is leaving the company. That change at the top could shape how the business serves corporate customers and executes its plans going forward.

1 view

Shared on 19 Jun 25

Proximus Reborn: CEO Bijnens Powers Price+Cut+Transform Play — Dividend Momentum Building. ‘Surf’s up, boys.’ The wave is coming.

1 view

Shared on 17 Jun 25

RecMag made no meaningful changes to valuation assumptions.

1 view

Shared on 13 Jun 25

Fair value Increased 7.06%

Proximus starts raising cash by selling parts of its network and other businesses, with more sales planned over the coming years. It also lands a large NATO tech contract with Thales, offering a glimpse of how the company could fund its plans while still pushing into new work.

2 views

Shared on 12 Jun 25

Proximus teams up with Thales to help modernize NATO’s core IT systems, landing a large multi-year contract that runs through 2029. The project covers secure cloud services, next-generation networking, new devices, and stronger cyber protection—potentially giving Proximus a bigger role in high-security tech work.

0 views

Shared on 02 Jun 25

Proximus plans to sell a large chunk of its building portfolio over the next decade, aiming to bring in a big cash injection in the near term while keeping a smaller set of properties. The update also suggests the company’s property holdings may be worth more than many investors expect.

2 views

Valuator

Company Info

Notes

RecMag'sFair Value

€8

16.4% undervalued

Future estimation in

Revenue

Profit Margin

Future PE

Growth p.a.

%

Decrease

Increase

Forecast revenue growth rate

-0.68%

Historical revenue growth rate

3.48%

Telecom Services and Carriers revenue growth rate

0.57%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

9.15%

Calculation

€356.23m

Earnings '36

x

14.00x

PE Ratio '36

=

€4.99b

Market Cap '36

€4.99b

Market Cap '36

/

327.38m

No. shares '36

=

€15.23

Share Price '36

€15.23 Share Price '36

Discounted to 2026 @ 6.65% p.a.

=

€8.00

Fair Value '26