Proximus Crescita futura
Criteri Future verificati 0/6
Si prevede che il fatturato e gli utili di Proximus diminuiscano rispettivamente di 0.6% e 6% all'anno. Si prevede che l'EPS diminuisca di 6% all'anno. Il rendimento del capitale proprio è previsto a 6.5% tra 3 anni.
Informazioni chiave
-6.0%
Tasso di crescita degli utili
-6.00%
Tasso di crescita dell'EPS
| Telecom crescita degli utili | 21.4% |
| Tasso di crescita dei ricavi | -0.6% |
| Rendimento futuro del capitale proprio | 6.53% |
| Copertura analitica | Good |
| Ultimo aggiornamento | 19 May 2026 |
Aggiornamenti recenti sulla crescita futura
Articolo di analisi • May 17
Results: Proximus PLC Beat Earnings Expectations And Analysts Now Have New Forecasts
Proximus PLC ( EBR:PROX ) came out with its quarterly results last week, and we wanted to see how the business is...Articolo di analisi • Jul 28
Proximus PLC Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
Proximus PLC ( EBR:PROX ) shareholders are probably feeling a little disappointed, since its shares fell 8.4% to €7.43...Recent updates
Articolo di analisi • May 17
Results: Proximus PLC Beat Earnings Expectations And Analysts Now Have New Forecasts
Proximus PLC ( EBR:PROX ) came out with its quarterly results last week, and we wanted to see how the business is...
Aggiornamento della narrazione • May 08
Proximus The Amplify Reset, State-Backed, Debt-Disciplined, and Building Toward €400M FCF by 2030
After revisiting the numbers and the new guidance, I’m temporarily lowering my fair value estimate on Proximus from €30.69 to around €8. The long-term infrastructure story remains intact, but the next 2–3 years now look more like a transition phase than a value unlock.
Aggiornamento della narrazione • Apr 24
PROX: Overweight View Will Hinge On 2026 Governance And Strategy Meetings
Analysts have made a small adjustment to their fair value estimate for Proximus to €8.11, reflecting slightly updated assumptions on discount rate, profit margin and future P/E that leave the overall valuation view broadly unchanged. What's in the News Proximus has scheduled a Special or Extraordinary Shareholders Meeting for April 15, 2026 at 09:30 Romance Standard Time, which may cover key corporate decisions affecting the capital structure or governance (Key Developments).Aggiornamento della narrazione • Apr 10
PROX: Overweight View Will Rely On Upcoming Strategy Update For Upside
The analyst price target for Proximus has been nudged slightly lower to reflect an updated fair value of about €8.12 per share, compared with about €8.15 previously, as analysts factor in more cautious assumptions on revenue growth, profit margins, and a modestly higher future P/E multiple. What's in the News Proximus has scheduled a Special or Extraordinary Shareholders Meeting for April 15, 2026, at 09:30 Romance Standard Time.Aggiornamento della narrazione • Mar 25
PROX: Overweight View Will Rely On Revised P/E Assumptions For Upside
Analysts have inched up their price target on Proximus to €10.90 from €10.88, reflecting updated assumptions on fair value, discount rates, revenue growth, profit margins and future price-to-earnings (P/E) expectations. Analyst Commentary JPMorgan has nudged its price target slightly higher to €10.90 and kept an Overweight rating, which points to a generally supportive stance on Proximus, while still highlighting areas investors may want to watch closely.Aggiornamento della narrazione • Mar 06
PROX: Overweight Stance And Refined Assumptions Will Shape Measured Return Outlook
Analysts have nudged their price target for Proximus slightly higher to €10.90 from €10.88, reflecting updated views on revenue growth assumptions, profit margins, and a modest recalibration of the discount rate and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts see the lift in the target price to €10.90 as a sign that their updated revenue and margin assumptions still support upside potential versus current trading levels.Aggiornamento della narrazione • Feb 20
PROX: Overweight View And Fine Tuned Assumptions Will Shape Balanced Return Expectations
Narrative Update on Proximus The analyst price target for Proximus has been adjusted slightly higher from €10.88 to €10.90, as analysts factor in updated assumptions on discount rates, revenue growth, profit margins and future P/E. Analyst Commentary Recent commentary around Proximus is fairly incremental, with the price target move from €10.88 to €10.90 reflecting fine tuning of assumptions rather than a major shift in view.Aggiornamento della narrazione • Feb 14
8.2939: The "US Dollar" Multiplier
U.S. mega-cap tech is seeking European "value" stocks as part of a broader global story. U.S. capital is rotating out of high-valuation tech and a soft dollar, seeking refuge in high-yield European and Asian assets.Aggiornamento della narrazione • Feb 13
8.1776: Clocks ticking
27 February 2026 – 07:00 CET... is coming.Aggiornamento della narrazione • Feb 06
PROX: Overweight Stance And Refined Assumptions Will Guide Measured Future Upside Potential
Analysts have nudged their price target for Proximus slightly higher to €10.90 from €10.88, citing updated assumptions around discount rates, revenue, profit margins and future P/E expectations. Analyst Commentary Bullish Takeaways The small lift in the price target to €10.90 signals that bullish analysts are comfortable refining their models rather than making sweeping changes, which can suggest a more measured view of valuation.Aggiornamento della narrazione • Feb 06
7.9982: The Sovereign Anchor is Set
Look deeper, sleepy, did you miss the variable? Disclaimer: This is not financial advice.Aggiornamento della narrazione • Feb 03
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
Silent war between giants: liquidity regime shift detected Feb 27 is coming On 03/02/2026 , Proximus executed 904,248 shares on Euronext Brussels, nearly 4× recent average volume , while price advanced and held above the prior resistance zone (~€7.70). This was not momentum chasing.Aggiornamento della narrazione • Jan 29
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
Forget Telecom — Proximus: Europe’s Embedded Cyber Infrastructure Partner Proximus has transformed into a mission-critical, contract-backed partner for NATO, Belgium , and the Defence Cyber Force , with long-term revenue locked in for 7–8 years. It is now deeply embedded in national and alliance digital operations , operationally significant, and positioned for measured, low-risk expansion.Aggiornamento della narrazione • Jan 28
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
Proximus Stock: Watch the Tide Closely Market surfers are watching potential big waves on the horizon around 2027–2029 , where currents could shift, and liquidity might rise like a tide. For those scanning the swell carefully, the offshore tide is clearly gathering strength, and the surge could be significant.Aggiornamento della narrazione • Jan 23
PROX: Overweight Rating And Refined Assumptions Will Shape Measured Upside Case
Narrative Update: Proximus Analysts have inched their price target on Proximus up by €0.02 to €10.90, citing updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E that align with recent Street research. Analyst Commentary JPMorgan's move to lift its price target on Proximus to €10.90, while maintaining an Overweight stance, gives you a sense of how at least one major house is framing the risk and reward here.Articolo di analisi • Jan 21
Capital Allocation Trends At Proximus (EBR:PROX) Aren't Ideal
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...Aggiornamento della narrazione • Jan 09
PROX: Updated Discount Rate And Overweight Stance Will Support Future Repricing Potential
Narrative Update on Proximus Analysts have slightly increased their average price target for Proximus by €0.02 to €10.90, citing updated fair value and discount rate assumptions that align with recent research changes. Analyst Commentary The modest move in the average price target to €10.90, including the slight adjustment from €10.88 by JPMorgan, gives you a clearer sense of how analysts are balancing potential upside with execution risks at Proximus.Articolo di analisi • Dec 31
Is Proximus (EBR:PROX) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Aggiornamento della narrazione • Dec 17
PROX: Improved Cash Generation Will Support Greater Financial Resilience Amid Fiber Execution
Analysts have reduced their price target on Proximus by approximately €0.06 per share, reflecting slightly lower expectations for long term revenue growth and margins, while maintaining a broadly stable view on future valuation multiples. Analyst Commentary Analysts characterize the modest target cut as a fine tuning of assumptions rather than a reset of the Proximus equity story, with views remaining balanced between execution opportunities and structural headwinds.Aggiornamento della narrazione • Nov 16
PROX: Improved Profit Margins Will Support Greater Financial Resilience Ahead
The analyst price target for Proximus has been modestly increased from €8.18 to €8.19. This change reflects updated forecasts from analysts who now anticipate stronger revenue growth and slightly improved profit margins.Aggiornamento della narrazione • Nov 03
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
Guided by veteran pilots with a track record of delivering results , Proximus appears ready to steer through its next phase, maintaining control as it adjusts course toward efficiency and sustainable growth. * Proximus increases prices by €2–€4 per month starting January 1, 2026 * Proximus Global CEO: Mr. Seçkin Arikan starts on November 1st, 2025 * IPO momentum builds in Benelux telecom, 14 October 2025 * Why only 11% of Belgians use fibre technology, 14 October 2025 * Proximus Global CEO: Mr. Seçkin Arikan starts on November 1st, 2025: "I look forward to working with the talented teams around the world to drive innovation in digital communications, enhance customer experiences, and deliver sustainable growth.Aggiornamento della narrazione • Nov 01
PROX: Measured Outlook Will Weigh On Upside Potential Despite Fair Value
Analysts have revised their price target for Proximus, maintaining fair value near €8.18. However, they caution that slower forecasted revenue growth and a higher discount rate point to more conservative expectations for future performance.Articolo di analisi • Oct 31
Improved Earnings Required Before Proximus PLC (EBR:PROX) Shares Find Their Feet
Proximus PLC's ( EBR:PROX ) price-to-earnings (or "P/E") ratio of 4.2x might make it look like a strong buy right now...Aggiornamento della narrazione • Oct 18
Fiber Network Expansion Will Attract Customers, But Competition From Digi May Squeeze Margins
Analysts have modestly increased their price target for Proximus. Factors such as a slightly higher discount rate and revised, softer expectations for revenue growth and profit margin have informed a new fair value estimate of €8.18 per share.Aggiornamento della narrazione • Oct 15
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
"This is not financial advice. All views expressed are personal interpretations of publicly available information and are not predictions or recommendations." Two veteran jetfighter pilots.Aggiornamento della narrazione • Oct 14
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
Antonietta Mastroianni, Digital & IT Lead, has decided to leave Proximus IPO momentum builds in Benelux telecom Why only 11% of Belgians use fibre technology "This is not financial advice. All views expressed are personal interpretations of publicly available information."Aggiornamento della narrazione • Oct 07
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
No time for coffee, we’ve left the harbor. Proximus Global is not sailing; it’s taxiing down the runway.Aggiornamento della narrazione • Oct 04
Fiber Network Expansion Will Attract Customers, But Competition From Digi May Squeeze Margins
Analysts have lowered their price target for Proximus from €8.36 to €8.18. They cite concerns about decelerating revenue growth and a slightly higher discount rate reflected in recent research updates.Aggiornamento della narrazione • Sep 18
Proximus: The State-Backed Backup Plan with 7% Gross Yield and 15% Currency Upside.
Proximus Global CEO: Mr. Seçkin Arikan starts on November 1st. 2025 Cockpit crew incoming, turbos and nitrous about to engage.Articolo di analisi • Jul 28
Proximus PLC Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
Proximus PLC ( EBR:PROX ) shareholders are probably feeling a little disappointed, since its shares fell 8.4% to €7.43...Articolo di analisi • Jul 25
Lacklustre Performance Is Driving Proximus PLC's (EBR:PROX) Low P/E
With a price-to-earnings (or "P/E") ratio of 5.5x Proximus PLC ( EBR:PROX ) may be sending very bullish signals at the...Articolo di analisi • Jul 03
Here's Why Proximus (EBR:PROX) Has A Meaningful Debt Burden
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Articolo di analisi • May 21
📈 HIMS' Asymmetric Opportunity, JIN’s Overlooked Strengths, and PROX's Possible Re-Rating
This week’s picks cover: why Hims & Hers Health’s personalised healthcare platform has huge operating leverage, how Jumbo Interactive’s strong fundamentals and profitability provide solid income and growth, and why a re-rating of Proximus could deliver returns vastly outperforming the S&P500.Articolo di analisi • Apr 23
Calculating The Intrinsic Value Of Proximus PLC (EBR:PROX)
Key Insights The projected fair value for Proximus is €5.74 based on 2 Stage Free Cash Flow to Equity With €6.74 share...Articolo di analisi • Apr 05
Proximus (EBR:PROX) May Have Issues Allocating Its Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term...Nuova narrazione • Mar 27
Proximus Q4 2024: Solid Performance Amidst Competition and Leadership Transition
Scarlet (2008): In 2008, Belgacom (later rebranded as Proximus in 2014) acquired Scarlet NV, a Belgian telecom operator focused on low-cost services.Articolo di analisi • Mar 12
Proximus PLC (EBR:PROX) Stock Catapults 25% Though Its Price And Business Still Lag The Market
The Proximus PLC ( EBR:PROX ) share price has done very well over the last month, posting an excellent gain of 25%. Not...
Nuova narrazione • Mar 02
Future Cost Savings And A €100 Million Cybersecurity Deal May Benefit Earnings, But Competition From Digi Poses Risks
Strategic cost-efficiency and automation efforts are expected to improve net margins and earnings, despite cost pressures.Articolo di analisi • Feb 14
Is Proximus (EBR:PROX) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Articolo di analisi • Jan 03
The Returns On Capital At Proximus (EBR:PROX) Don't Inspire Confidence
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Typically, we'll want...Articolo di analisi • Nov 20
Proximus PLC's (EBR:PROX) Earnings Are Not Doing Enough For Some Investors
With a price-to-earnings (or "P/E") ratio of 4.7x Proximus PLC ( EBR:PROX ) may be sending very bullish signals at the...Articolo di analisi • Oct 21
Are Proximus PLC (EBR:PROX) Investors Paying Above The Intrinsic Value?
Key Insights Proximus' estimated fair value is €4.96 based on 2 Stage Free Cash Flow to Equity Proximus is estimated to...Articolo di analisi • Aug 20
There Are Reasons To Feel Uneasy About Proximus' (EBR:PROX) Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'd want to identify a...Articolo di analisi • Jul 29
Proximus PLC Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year
As you might know, Proximus PLC ( EBR:PROX ) just kicked off its latest second-quarter results with some very strong...Articolo di analisi • Jul 19
Proximus (EBR:PROX) Has A Somewhat Strained Balance Sheet
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Articolo di analisi • Jun 22
Lacklustre Performance Is Driving Proximus PLC's (EBR:PROX) Low P/E
When close to half the companies in Belgium have price-to-earnings ratios (or "P/E's") above 16x, you may consider...Articolo di analisi • May 01
Earnings Beat: Proximus PLC Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
Last week, you might have seen that Proximus PLC ( EBR:PROX ) released its quarterly result to the market. The early...Articolo di analisi • Apr 11
Should Shareholders Reconsider Proximus PLC's (EBR:PROX) CEO Compensation Package?
Key Insights Proximus to hold its Annual General Meeting on 17th of April Salary of €587.2k is part of CEO Guillaume...Articolo di analisi • Feb 28
Proximus PLC (EBR:PROX) Just Reported Yearly Earnings: Have Analysts Changed Their Mind On The Stock?
Shareholders might have noticed that Proximus PLC ( EBR:PROX ) filed its annual result this time last week. The early...Articolo di analisi • Jan 21
The Returns On Capital At Proximus (EBR:PROX) Don't Inspire Confidence
What financial metrics can indicate to us that a company is maturing or even in decline? Businesses in decline often...Articolo di analisi • Jan 03
Benign Growth For Proximus PLC (EBR:PROX) Underpins Its Share Price
Proximus PLC's ( EBR:PROX ) price-to-earnings (or "P/E") ratio of 8.1x might make it look like a buy right now compared...Articolo di analisi • Oct 23
These 4 Measures Indicate That Proximus (EBR:PROX) Is Using Debt Extensively
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Previsioni di crescita degli utili e dei ricavi
| Data | Ricavi | Utili | Flusso di cassa libero | Liquidità dell'operazione | Avg. Numero di analisti |
|---|---|---|---|---|---|
| 12/31/2028 | 6,169 | 325 | 135 | 1,650 | 8 |
| 12/31/2027 | 6,160 | 323 | 108 | 1,612 | 11 |
| 12/31/2026 | 6,033 | 297 | 289 | 1,562 | 2 |
| 3/31/2026 | 6,133 | 384 | 369 | 1,645 | N/A |
| 12/31/2025 | 6,248 | 398 | 299 | 1,615 | N/A |
| 9/30/2025 | 6,367 | 473 | 253 | 1,633 | N/A |
| 6/30/2025 | 6,452 | 569 | 253 | 1,705 | N/A |
| 3/31/2025 | 6,509 | 484 | 220 | 1,662 | N/A |
| 12/31/2024 | 6,376 | 447 | 128 | 1,602 | N/A |
| 9/30/2024 | 6,222 | 461 | 195 | 1,601 | N/A |
| 6/30/2024 | 6,115 | 360 | 132 | 1,542 | N/A |
| 3/31/2024 | 6,010 | 363 | 145 | 1,567 | N/A |
| 12/31/2023 | 5,993 | 357 | 167 | 1,620 | N/A |
| 9/30/2023 | 6,020 | 349 | 198 | 1,637 | N/A |
| 6/30/2023 | 5,997 | 395 | 200 | 1,641 | N/A |
| 3/31/2023 | 5,943 | 424 | 145 | 1,606 | N/A |
| 12/31/2022 | 5,854 | 450 | 276 | 1,717 | N/A |
| 9/30/2022 | 5,733 | 456 | 131 | 1,509 | N/A |
| 6/30/2022 | 5,632 | 446 | 175 | 1,502 | N/A |
| 3/31/2022 | 5,565 | 442 | 344 | 1,594 | N/A |
| 12/31/2021 | 5,537 | 443 | 484 | 1,621 | N/A |
| 9/30/2021 | 5,491 | 466 | 372 | 1,574 | N/A |
| 6/30/2021 | 5,460 | 507 | 466 | 1,627 | N/A |
| 3/31/2021 | 5,420 | 533 | 448 | 1,572 | N/A |
| 12/31/2020 | 5,443 | 564 | 426 | 1,515 | N/A |
| 9/30/2020 | 5,502 | 425 | 547 | 1,592 | N/A |
| 6/30/2020 | 5,537 | 397 | 476 | 1,571 | N/A |
| 3/31/2020 | 5,616 | 392 | 569 | 1,619 | N/A |
| 12/31/2019 | 5,638 | 373 | N/A | 1,655 | N/A |
| 9/30/2019 | 5,658 | 527 | N/A | 1,728 | N/A |
| 6/30/2019 | 5,694 | 531 | N/A | 1,696 | N/A |
| 3/31/2019 | 5,738 | 518 | N/A | 1,636 | N/A |
| 1/1/2019 | 5,764 | 508 | N/A | 1,558 | N/A |
| 9/30/2018 | 5,772 | 520 | N/A | 1,495 | N/A |
| 6/30/2018 | 5,772 | 527 | N/A | 1,494 | N/A |
| 3/31/2018 | 5,734 | 527 | N/A | 1,422 | N/A |
| 1/1/2018 | 5,739 | 522 | N/A | 1,470 | N/A |
| 9/30/2017 | 5,751 | 510 | N/A | 1,417 | N/A |
| 6/30/2017 | 5,795 | 529 | N/A | 1,448 | N/A |
| 3/31/2017 | 5,839 | 530 | N/A | 1,543 | N/A |
| 12/31/2016 | 5,829 | 523 | N/A | 1,521 | N/A |
| 9/30/2016 | 5,836 | 537 | N/A | 1,427 | N/A |
| 6/30/2016 | 5,856 | 447 | N/A | 1,433 | N/A |
| 3/31/2016 | 5,898 | 465 | N/A | 1,506 | N/A |
| 12/31/2015 | 5,944 | 482 | N/A | 1,386 | N/A |
| 9/30/2015 | 5,960 | 443 | N/A | 1,555 | N/A |
| 6/30/2015 | 5,941 | 531 | N/A | 1,495 | N/A |
Previsioni di crescita futura degli analisti
Guadagni vs tasso di risparmio: Si prevede che gli utili di PROX diminuiranno nei prossimi 3 anni ( -6% all'anno).
Guadagni vs Mercato: Si prevede che gli utili di PROX diminuiranno nei prossimi 3 anni ( -6% all'anno).
Guadagni ad alta crescita: Si prevede che gli utili di PROX diminuiranno nei prossimi 3 anni.
Ricavi vs Mercato: Si prevede che i ricavi di PROX diminuiranno nei prossimi 3 anni ( -0.6% all'anno).
Ricavi ad alta crescita: Si prevede che i ricavi di PROX diminuiranno nei prossimi 3 anni ( -0.6% all'anno).
Previsioni di crescita dell'utile per azione
Rendimento futuro del capitale proprio
ROE futuro: Si prevede che il Return on Equity di PROX sarà basso tra 3 anni ( 6.5 %).
Scoprire le aziende in crescita
Analisi aziendale e situazione dei dati finanziari
| Dati | Ultimo aggiornamento (ora UTC) |
|---|---|
| Analisi dell'azienda | 2026/05/20 00:44 |
| Prezzo dell'azione a fine giornata | 2026/05/20 00:00 |
| Utili | 2026/03/31 |
| Utili annuali | 2025/12/31 |
Fonti dei dati
I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.
| Pacchetto | Dati | Tempistica | Esempio Fonte USA * |
|---|---|---|---|
| Dati finanziari della società | 10 anni |
| |
| Stime di consenso degli analisti | +3 anni |
|
|
| Prezzi di mercato | 30 anni |
| |
| Proprietà | 10 anni |
| |
| Gestione | 10 anni |
| |
| Sviluppi principali | 10 anni |
|
* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.
Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.
Modello di analisi e Snowflake
I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.
Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.
Metriche di settore e industriali
Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.
Fonti analitiche
Proximus PLC è coperta da 25 analisti. 11 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.
| Analista | Istituzione |
|---|---|
| Ganesha Nagesha | Barclays |
| Jonathan Dann | Barclays |
| Shekhan Ali | Berenberg |