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Belgian (BEL20) Telecom Sector Analysis
UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies7
- 7D3.3%
- 3M7.4%
- 1Y24.6%
- YTD5.4%
Over the last 7 days, the Telecom industry has risen 3.3%, driven by gains from Proximus of 4.3%. During this same period, the Choice underperformed, falling 9.1%. In the last 12 months, the industry was up 25%. As for the next few years, earnings are forecast to decline by 3.0% per annum.
Sector Valuation and Performance
Has the Belgian Telecom Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 08 Feb 2026 | €4.8b | €9.2b | €563.3m | 23.7x | 8.5x | 0.5x |
| Tue, 06 Jan 2026 | €4.6b | €9.2b | €559.3m | 25.8x | 8.1x | 0.5x |
| Thu, 04 Dec 2025 | €4.6b | €9.2b | €559.3m | 25.9x | 8.2x | 0.5x |
| Sat, 01 Nov 2025 | €4.6b | €9.3b | €655.3m | 25.6x | 7.1x | 0.5x |
| Mon, 29 Sep 2025 | €4.7b | €9.3b | €655.3m | 26.1x | 7.1x | 0.5x |
| Wed, 27 Aug 2025 | €4.8b | €9.3b | €655.3m | 26.6x | 7.3x | 0.5x |
| Fri, 25 Jul 2025 | €5.0b | €9.4b | €552.7m | 28x | 9.1x | 0.5x |
| Sun, 22 Jun 2025 | €4.9b | €9.4b | €552.7m | 28x | 8.8x | 0.5x |
| Tue, 20 May 2025 | €4.4b | €9.4b | €552.7m | 25.9x | 8x | 0.5x |
| Thu, 17 Apr 2025 | €4.2b | €9.3b | €515.7m | 25.6x | 8.2x | 0.5x |
| Sat, 15 Mar 2025 | €4.3b | €9.3b | €510.2m | 29.6x | 8.3x | 0.5x |
| Mon, 10 Feb 2025 | €3.9b | €9.1b | €524.2m | 27.7x | 7.4x | 0.4x |
| Wed, 08 Jan 2025 | €3.8b | €9.1b | €504.6m | 28.3x | 7.6x | 0.4x |
| Fri, 06 Dec 2024 | €4.1b | €9.1b | €504.6m | 27.3x | 8x | 0.4x |
| Sun, 03 Nov 2024 | €4.4b | €9.1b | €504.6m | 27.8x | 8.7x | 0.5x |
| Tue, 01 Oct 2024 | €4.5b | €9.0b | €403.6m | 28.1x | 11.1x | 0.5x |
| Thu, 29 Aug 2024 | €4.4b | €9.0b | €403.6m | 27.5x | 10.9x | 0.5x |
| Sat, 27 Jul 2024 | €4.3b | €8.9b | €424.1m | 38.1x | 10.2x | 0.5x |
| Mon, 24 Jun 2024 | €4.5b | €8.7b | €421.5m | 37.5x | 10.6x | 0.5x |
| Wed, 22 May 2024 | €4.5b | €8.7b | €421.5m | 36.7x | 10.8x | 0.5x |
| Fri, 19 Apr 2024 | €4.4b | €8.7b | €415.5m | 35.7x | 10.6x | 0.5x |
| Sun, 17 Mar 2024 | €4.5b | €8.7b | €415.4m | 20.7x | 10.9x | 0.5x |
| Tue, 13 Feb 2024 | €4.8b | €8.4b | €403.5m | 28.5x | 11.8x | 0.6x |
| Thu, 11 Jan 2024 | €5.0b | €8.4b | €403.5m | 29.8x | 12.4x | 0.6x |
| Sat, 09 Dec 2023 | €5.0b | €8.4b | €403.5m | 30x | 12.4x | 0.6x |
| Mon, 06 Nov 2023 | €4.8b | €8.4b | €403.5m | 32.9x | 12x | 0.6x |
| Wed, 04 Oct 2023 | €4.7b | €8.3b | €449.5m | 32.4x | 10.5x | 0.6x |
| Fri, 01 Sep 2023 | €4.4b | €8.3b | €449.5m | 30.1x | 9.8x | 0.5x |
| Sun, 30 Jul 2023 | €4.5b | €8.3b | €447.3m | 34x | 10.1x | 0.5x |
| Tue, 27 Jun 2023 | €4.3b | €8.2b | €518.3m | 19.8x | 8.3x | 0.5x |
| Thu, 25 May 2023 | €4.7b | €8.2b | €518.3m | 20.7x | 9x | 0.6x |
| Sat, 22 Apr 2023 | €5.1b | €8.1b | €543.3m | 21.7x | 9.4x | 0.6x |
| Mon, 20 Mar 2023 | €4.8b | €8.1b | €543.4m | 20.6x | 8.9x | 0.6x |
| Wed, 15 Feb 2023 | €5.2b | €7.9b | €559.4m | 15x | 9.4x | 0.7x |
Price to Earnings Ratio
9.4x
Current Industry PE
- Investors are relatively neutral on the Belgian Communication Services industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 9.4x.
- The industry is trading close to its 3-year average PS ratio of 0.52x.
Past Earnings Growth
- The earnings for companies in the Communication Services industry have remained mostly flat over the last three years.
- Meanwhile revenues for these companies have grown 5.3% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.
Industry Trends
Which industries have driven the changes within the Belgian Telecom sector?
| BE Market | 2.95% | |
| Telecom | 3.32% | |
| Media | 4.55% | |
| Telecom Services and Carriers | 4.29% | |
| Entertainment | 3.36% | |
| Wireless Telecom | 1.30% | |
| Interactive Media and Services | -9.09% | |
Industry PE
- Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 8.2x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Telecom Services and Carriers industry, which is trading close to its 3-year average of 5.6x.
Forecasted Growth
- Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 19% over the next 5 years.
- However this is lower than its past earnings growth rate of 34% per year.
- In contrast, the Wireless Telecom industry is expected to see its earnings decline by 18% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| PROX Proximus | €8.02 | 4.3% +€106.4m | 54.6% | PE5.5x | |
| KIN Kinepolis Group | €27.65 | 3.4% +€24.1m | -26.5% | PE15.6x | |
| OBEL Orange Belgium | €19.50 | 1.3% +€16.9m | 27.6% | PE31.8x | |
| ROU Roularta Media Group | €13.80 | 4.5% +€7.4m | 15.0% | PE104.3x |