Capital Allocation Trends At Proximus (EBR:PROX) Aren't Ideal
Jan 21
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Belgian (BEL20) Telecom Sector Analysis
UpdatedJan 21, 2026
DataAggregated Company Financials
Companies7
- 7D0.07%
- 3M-5.8%
- 1Y16.5%
- YTD-1.7%
Over the last 7 days, the Telecom industry has risen 1.1%, driven by gains from Proximus of 3.1%. During this same period, the Kinepolis Group underperformed, falling 9.0%. This means that the industry has gained 19% over the past year. In the next few years, earnings are forecast to decline by 6.3% annually.
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, 21 Jan 2026 | €4.5b | €9.2b | €559.3m | 24.8x | 8x | 0.5x |
| Fri, 19 Dec 2025 | €4.5b | €9.2b | €559.3m | 25.6x | 8.1x | 0.5x |
| Sun, 16 Nov 2025 | €4.5b | €9.2b | €559.3m | 25.8x | 8x | 0.5x |
| Tue, 14 Oct 2025 | €4.7b | €9.3b | €655.3m | 26x | 7.1x | 0.5x |
| Thu, 11 Sep 2025 | €4.6b | €9.3b | €655.3m | 25.7x | 7.1x | 0.5x |
| Sat, 09 Aug 2025 | €4.6b | €9.3b | €652.9m | 26x | 7.1x | 0.5x |
| Mon, 07 Jul 2025 | €5.0b | €9.4b | €552.7m | 27.3x | 9x | 0.5x |
| Wed, 04 Jun 2025 | €4.7b | €9.4b | €552.7m | 27.3x | 8.6x | 0.5x |
| Fri, 02 May 2025 | €4.2b | €9.3b | €515.7m | 25.6x | 8.2x | 0.5x |
| Sun, 30 Mar 2025 | €4.3b | €9.3b | €510.7m | 28.1x | 8.4x | 0.5x |
| Tue, 25 Feb 2025 | €3.9b | €9.1b | €524.2m | 26.9x | 7.4x | 0.4x |
| Thu, 23 Jan 2025 | €3.9b | €9.1b | €504.6m | 28.7x | 7.6x | 0.4x |
| Sat, 21 Dec 2024 | €3.8b | €9.1b | €504.6m | 27.2x | 7.5x | 0.4x |
| Mon, 18 Nov 2024 | €4.3b | €9.1b | €504.6m | 27.6x | 8.6x | 0.5x |
| Wed, 16 Oct 2024 | €4.3b | €9.0b | €403.6m | 28.3x | 10.8x | 0.5x |
| Fri, 13 Sep 2024 | €4.4b | €9.0b | €403.6m | 27.6x | 10.9x | 0.5x |
| Sun, 11 Aug 2024 | €4.2b | €9.0b | €421.1m | 37.8x | 9.9x | 0.5x |
| Tue, 09 Jul 2024 | €4.5b | €8.7b | €421.5m | 36.4x | 10.8x | 0.5x |
| Thu, 06 Jun 2024 | €4.5b | €8.7b | €421.5m | 37x | 10.7x | 0.5x |
| Sat, 04 May 2024 | €4.3b | €8.7b | €421.5m | 36.4x | 10.2x | 0.5x |
| Mon, 01 Apr 2024 | €4.5b | €8.7b | €415.4m | 20.3x | 10.8x | 0.5x |
| Wed, 28 Feb 2024 | €4.7b | €8.7b | €412.2m | 14x | 11.3x | 0.5x |
| Fri, 26 Jan 2024 | €5.0b | €8.4b | €403.5m | 28x | 12.3x | 0.6x |
| Sun, 24 Dec 2023 | €4.9b | €8.4b | €403.5m | 31.1x | 12.3x | 0.6x |
| Tue, 21 Nov 2023 | €5.1b | €8.4b | €403.5m | 32.4x | 12.6x | 0.6x |
| Thu, 19 Oct 2023 | €4.8b | €8.3b | €449.5m | 31.4x | 10.8x | 0.6x |
| Sat, 16 Sep 2023 | €4.6b | €8.3b | €449.5m | 30x | 10.3x | 0.6x |
| Mon, 14 Aug 2023 | €4.4b | €8.3b | €446.3m | 35.9x | 9.9x | 0.5x |
| Wed, 12 Jul 2023 | €4.4b | €8.2b | €518.3m | 19.5x | 8.5x | 0.5x |
| Fri, 09 Jun 2023 | €4.5b | €8.2b | €518.3m | 20.2x | 8.7x | 0.6x |
| Sun, 07 May 2023 | €4.8b | €8.2b | €518.3m | 20.9x | 9.2x | 0.6x |
| Tue, 04 Apr 2023 | €5.3b | €8.1b | €543.4m | 21.2x | 9.8x | 0.7x |
| Thu, 02 Mar 2023 | €5.1b | €8.0b | €553.4m | 14.8x | 9.2x | 0.6x |
| Sat, 28 Jan 2023 | €5.3b | €7.9b | €560.3m | 14.8x | 9.5x | 0.7x |
Price to Earnings Ratio
9.5x
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 8.1x 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 | 0.091% | |
| Telecom | 0.075% | |
| Interactive Media and Services | 20.00% | |
| Telecom Services and Carriers | 3.14% | |
| Media | 1.23% | |
| Wireless Telecom | 0% | 0 |
| Entertainment | -9.03% | |
Industry PE
- Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 6.8x.
- 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 below its 3-year average of 5.7x.
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 28% 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 | |
|---|---|---|---|---|---|
| ROU Roularta Media Group | €12.50 | 2.5% +€3.7m | -0.8% | PE94.5x | |
| MLTV Choice | €0.28 | 27.3% +€130.2k | -81.2% | n/a |