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Belgian (BEL20) Telecom Sector Analysis

UpdatedSep 22, 2023
DataAggregated Company Financials
  • 7D4.7%
  • 3M9.9%
  • 1Y-16.1%
  • YTD-9.0%

In the last week, the Telecom industry is up 4.8%, with Proximus up 5.1%. In contrast, the industry has lost 19% in the last 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

Has the Belgian Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 23 Sep 2023€4.8b€8.3b€449.5m32.2x10.8x0.6x
Mon, 21 Aug 2023€4.3b€8.4b€458.0m27.2x9.4x0.5x
Wed, 19 Jul 2023€4.5b€8.2b€518.3m19.6x8.7x0.5x
Fri, 16 Jun 2023€4.6b€8.2b€518.3m20.4x8.8x0.6x
Sun, 14 May 2023€4.7b€8.2b€518.3m21x9.1x0.6x
Tue, 11 Apr 2023€5.2b€8.1b€543.3m21x9.6x0.6x
Thu, 09 Mar 2023€5.0b€8.1b€551.6m14.6x9.1x0.6x
Sat, 04 Feb 2023€5.5b€7.9b€560.3m15.2x9.7x0.7x
Mon, 02 Jan 2023€5.2b€7.9b€560.3m15.3x9.3x0.7x
Wed, 30 Nov 2022€5.5b€7.9b€560.3m15.4x9.8x0.7x
Fri, 28 Oct 2022€5.5b€7.8b€550.3m15.4x9.9x0.7x
Sun, 25 Sep 2022€5.7b€7.8b€550.3m15.5x10.4x0.7x
Tue, 23 Aug 2022€6.9b€7.8b€551.2m16.8x12.5x0.9x
Thu, 21 Jul 2022€7.1b€7.5b€471.9m12.8x15.1x0.9x
Sat, 18 Jun 2022€7.5b€7.5b€471.9m14x16x1x
Mon, 16 May 2022€7.9b€7.5b€471.9m14.1x16.8x1.1x
Wed, 13 Apr 2022€8.4b€7.5b€473.9m13.7x17.7x1.1x
Fri, 11 Mar 2022€8.3b€7.5b€473.9m13.2x17.6x1.1x
Sun, 06 Feb 2022€8.6b€7.2b€434.2m14.2x19.9x1.2x
Tue, 04 Jan 2022€8.5b€7.2b€434.2m14.1x19.6x1.2x
Thu, 02 Dec 2021€8.1b€7.2b€434.2m12.7x18.7x1.1x
Sat, 30 Oct 2021€8.1b€7.2b€475.2m12.2x17.1x1.1x
Mon, 27 Sep 2021€8.4b€7.2b€478.6m11.6x17.5x1.2x
Wed, 25 Aug 2021€7.0b€7.1b€563.5m12x12.4x1x
Thu, 01 Jul 2021€6.6b€7.1b€563.5m11x11.7x0.9x
Sun, 04 Apr 2021€7.6b€7.0b€592.8m16.7x12.8x1.1x
Wed, 06 Jan 2021€7.6b€7.2b€555.0m24.2x13.8x1.1x
Sat, 10 Oct 2020€6.8b€7.4b€452.1m15.6x15.1x0.9x
Price to Earnings Ratio


Total Market Cap: €6.8bTotal Earnings: €452.1mTotal Revenue: €7.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Telecom Sector Price to Earnings3Y Average 13.4x202120222023
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 10.8x which is lower than its 3-year average PE of 13.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.91x.
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 4.0% 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-1.11%
Telecom Services and Carriers6.14%
Wireless Telecom5.04%
Interactive Media and Services0%
Industry PE
    Forecasted Growth
    • Analysts are most optimistic on the Media industry, expecting annual earnings growth of 52% over the next 5 years.
    • In contrast, the Telecom Services and Carriers industry is expected to see its earnings decline by 4.7% per year over the next few years.

    Top Stock Gainers and Losers

    Which companies have driven the market over the last 7 days?

    CompanyLast Price7D1YValuation
    PROX Proximus€8.066.1%
    OBEL Orange Belgium€13.765.0%
    KIN Kinepolis Group€46.002.1%
    TNET Telenet Group Holding€21.160.09%
    ROU Roularta Media Group€12.650.4%
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    Orange Belgium







    Roularta Media Group







    Telenet Group Holding