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Belgian (BEL20) Telecom Sector Analysis
UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies7
- 7D1.7%
- 3M0.9%
- 1Y21.3%
- YTD2.5%
In the last week, the Telecom industry is up 1.7%, with Proximus up 2.9%. In the last 12 months, the industry was up 21%. As for the next few years, earnings are forecast to decline by 5.2% 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 |
|---|---|---|---|---|---|---|
| Wed, 04 Feb 2026 | €4.7b | €9.2b | €559.3m | 24.9x | 8.4x | 0.5x |
| Fri, 02 Jan 2026 | €4.5b | €9.2b | €559.3m | 25.9x | 8.1x | 0.5x |
| Sun, 30 Nov 2025 | €4.7b | €9.2b | €559.3m | 26.1x | 8.4x | 0.5x |
| Tue, 28 Oct 2025 | €4.6b | €9.3b | €655.3m | 25.6x | 7.1x | 0.5x |
| Thu, 25 Sep 2025 | €4.6b | €9.3b | €655.3m | 26.1x | 7.1x | 0.5x |
| Sat, 23 Aug 2025 | €4.8b | €9.3b | €659.7m | 24.4x | 7.3x | 0.5x |
| Mon, 21 Jul 2025 | €5.0b | €9.4b | €552.7m | 28.1x | 9x | 0.5x |
| Wed, 18 Jun 2025 | €4.8b | €9.4b | €552.7m | 27.8x | 8.7x | 0.5x |
| Fri, 16 May 2025 | €4.4b | €9.4b | €552.7m | 26.3x | 8x | 0.5x |
| Sun, 13 Apr 2025 | €4.1b | €9.3b | €510.6m | 27.1x | 8.1x | 0.4x |
| Tue, 11 Mar 2025 | €4.1b | €9.3b | €510.2m | 26.4x | 8.1x | 0.4x |
| Thu, 06 Feb 2025 | €3.9b | €9.1b | €504.6m | 27.9x | 7.6x | 0.4x |
| Sat, 04 Jan 2025 | €3.8b | €9.1b | €504.6m | 27.7x | 7.6x | 0.4x |
| Mon, 02 Dec 2024 | €4.1b | €9.1b | €504.6m | 26.5x | 8.1x | 0.5x |
| Wed, 30 Oct 2024 | €4.4b | €9.1b | €504.6m | 27.9x | 8.7x | 0.5x |
| Fri, 27 Sep 2024 | €4.5b | €9.0b | €403.6m | 27.7x | 11.1x | 0.5x |
| Sun, 25 Aug 2024 | €4.4b | €9.0b | €403.6m | 27.7x | 10.9x | 0.5x |
| Tue, 23 Jul 2024 | €4.7b | €8.7b | €421.5m | 38.3x | 11.1x | 0.5x |
| Thu, 20 Jun 2024 | €4.5b | €8.7b | €421.5m | 35.4x | 10.6x | 0.5x |
| Sat, 18 May 2024 | €4.5b | €8.7b | €421.5m | 37.2x | 10.6x | 0.5x |
| Mon, 15 Apr 2024 | €4.5b | €8.7b | €415.5m | 35.5x | 10.7x | 0.5x |
| Wed, 13 Mar 2024 | €4.5b | €8.7b | €415.4m | 20.7x | 10.9x | 0.5x |
| Fri, 09 Feb 2024 | €4.7b | €8.4b | €403.5m | 28.1x | 11.8x | 0.6x |
| Sun, 07 Jan 2024 | €5.0b | €8.4b | €403.5m | 29.9x | 12.5x | 0.6x |
| Tue, 05 Dec 2023 | €5.0b | €8.4b | €403.5m | 30.5x | 12.5x | 0.6x |
| Thu, 02 Nov 2023 | €4.7b | €8.4b | €403.5m | 31.5x | 11.7x | 0.6x |
| Sat, 30 Sep 2023 | €4.7b | €8.3b | €449.5m | 32.3x | 10.5x | 0.6x |
| Mon, 28 Aug 2023 | €4.3b | €8.3b | €449.5m | 30.2x | 9.6x | 0.5x |
| Wed, 26 Jul 2023 | €4.6b | €8.2b | €476.3m | 33.9x | 9.6x | 0.6x |
| Fri, 23 Jun 2023 | €4.4b | €8.2b | €518.3m | 19.8x | 8.5x | 0.5x |
| Sun, 21 May 2023 | €4.7b | €8.2b | €518.3m | 21x | 9.1x | 0.6x |
| Tue, 18 Apr 2023 | €5.3b | €8.1b | €543.3m | 21.9x | 9.8x | 0.7x |
| Thu, 16 Mar 2023 | €4.8b | €8.1b | €551.6m | 14.2x | 8.7x | 0.6x |
| Sat, 11 Feb 2023 | €5.3b | €7.9b | €560.3m | 15.3x | 9.4x | 0.7x |
Price to Earnings Ratio
9.4x
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 8.4x 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 | 2.18% | |
| Telecom | 1.71% | |
| Media | 8.70% | |
| Telecom Services and Carriers | 2.93% | |
| Wireless Telecom | -0.26% | |
| Entertainment | -0.37% | |
| Interactive Media and Services | -4.96% | |
Industry PE
- Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 7.9x.
- 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 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 | €7.74 | 2.9% +€70.9m | 49.6% | PE5.3x | |
| ROU Roularta Media Group | €13.75 | 8.7% +€13.6m | 16.0% | PE103.9x |