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Belgian (BEL20) Telecom Sector Analysis
UpdatedJan 28, 2026
DataAggregated Company Financials
Companies7
- 7D2.5%
- 3M-2.4%
- 1Y20.3%
- YTD0.7%
Over the last 7 days, the Telecom industry has risen 2.5%, driven by gains from Proximus of 3.9%. During this same period, the Choice underperformed, falling 8.3%. This means that the industry has gained 20% over the past year. Looking forward, earnings are forecast to decline by 5.4% per year.
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 |
|---|---|---|---|---|---|---|
| Wed, 28 Jan 2026 | €4.6b | €9.2b | €559.3m | 25x | 8.2x | 0.5x |
| Fri, 26 Dec 2025 | €4.5b | €9.2b | €559.3m | 25.8x | 8x | 0.5x |
| Sun, 23 Nov 2025 | €4.5b | €9.2b | €559.3m | 25.7x | 8x | 0.5x |
| Tue, 21 Oct 2025 | €4.7b | €9.3b | €655.3m | 26x | 7.2x | 0.5x |
| Thu, 18 Sep 2025 | €4.7b | €9.3b | €655.3m | 25.9x | 7.1x | 0.5x |
| Sat, 16 Aug 2025 | €4.7b | €9.3b | €652.9m | 26.3x | 7.2x | 0.5x |
| Mon, 14 Jul 2025 | €5.1b | €9.4b | €552.7m | 27.2x | 9.1x | 0.5x |
| Wed, 11 Jun 2025 | €4.7b | €9.4b | €552.7m | 27.4x | 8.5x | 0.5x |
| Fri, 09 May 2025 | €4.2b | €9.3b | €515.7m | 26x | 8.1x | 0.4x |
| Sun, 06 Apr 2025 | €4.1b | €9.3b | €510.7m | 26.8x | 8.1x | 0.4x |
| Tue, 04 Mar 2025 | €4.0b | €9.4b | €510.2m | 26.3x | 7.9x | 0.4x |
| Thu, 30 Jan 2025 | €3.8b | €9.1b | €504.6m | 28x | 7.5x | 0.4x |
| Sat, 28 Dec 2024 | €3.7b | €9.1b | €504.6m | 27.3x | 7.4x | 0.4x |
| Mon, 25 Nov 2024 | €4.3b | €9.1b | €504.6m | 26.9x | 8.6x | 0.5x |
| Wed, 23 Oct 2024 | €4.3b | €9.0b | €403.6m | 28.2x | 10.5x | 0.5x |
| Fri, 20 Sep 2024 | €4.5b | €9.0b | €403.6m | 27.7x | 11.1x | 0.5x |
| Sun, 18 Aug 2024 | €4.3b | €9.0b | €424.3m | 21.8x | 10.1x | 0.5x |
| Tue, 16 Jul 2024 | €4.6b | €8.7b | €421.5m | 36.7x | 10.8x | 0.5x |
| Thu, 13 Jun 2024 | €4.4b | €8.7b | €421.5m | 35.6x | 10.5x | 0.5x |
| Sat, 11 May 2024 | €4.4b | €8.7b | €421.5m | 37.6x | 10.4x | 0.5x |
| Mon, 08 Apr 2024 | €4.5b | €8.7b | €415.5m | 35.1x | 10.9x | 0.5x |
| Wed, 06 Mar 2024 | €4.5b | €8.7b | €415.4m | 20.5x | 10.9x | 0.5x |
| Fri, 02 Feb 2024 | €4.8b | €8.4b | €403.5m | 27.9x | 12x | 0.6x |
| Sun, 31 Dec 2023 | €4.9b | €8.4b | €403.5m | 30.6x | 12.2x | 0.6x |
| Tue, 28 Nov 2023 | €5.1b | €8.4b | €403.5m | 31.8x | 12.6x | 0.6x |
| Thu, 26 Oct 2023 | €4.6b | €8.3b | €449.5m | 31.2x | 10.3x | 0.6x |
| Sat, 23 Sep 2023 | €4.8b | €8.3b | €449.5m | 31.5x | 10.7x | 0.6x |
| Mon, 21 Aug 2023 | €4.3b | €8.4b | €458.0m | 27.2x | 9.4x | 0.5x |
| Wed, 19 Jul 2023 | €4.5b | €8.2b | €518.3m | 19.6x | 8.7x | 0.5x |
| Fri, 16 Jun 2023 | €4.6b | €8.2b | €518.3m | 20.4x | 8.8x | 0.6x |
| Sun, 14 May 2023 | €4.7b | €8.2b | €518.3m | 21x | 9.1x | 0.6x |
| Tue, 11 Apr 2023 | €5.2b | €8.1b | €543.3m | 21x | 9.6x | 0.6x |
| Thu, 09 Mar 2023 | €5.0b | €8.1b | €551.6m | 14.6x | 9.1x | 0.6x |
| Sat, 04 Feb 2023 | €5.5b | €7.9b | €560.3m | 15.2x | 9.7x | 0.7x |
Price to Earnings Ratio
9.7x
Current Industry PE
- Investors are pessimistic on the Belgian Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 8.2x which is lower than its 3-year average PE 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 5.4% 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 | 2.32% | |
| Telecom | 2.47% | |
| Telecom Services and Carriers | 3.87% | |
| Media | 2.43% | |
| Entertainment | 1.91% | |
| Wireless Telecom | 0.26% | |
| Interactive Media and Services | -8.33% | |
Industry PE
- Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 7.4x.
- 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 5.7x.
Forecasted Growth
- Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 18% 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 25% 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 | €7.46 | 3.6% +€83.8m | 45.6% | PE5.1x | |
| KIN Kinepolis Group | €27.15 | 1.7% +€12.0m | -27.2% | PE15.3x | |
| ROU Roularta Media Group | €13.00 | 4.0% +€6.2m | 5.3% | PE98.3x |