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Belgian (BEL20) Telecom Sector Analysis
UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies7
- 7D2.9%
- 3M7.3%
- 1Y24.0%
- YTD5.4%
Over the last 7 days, the Telecom industry has risen 3.5%, driven by gains from Proximus of 4.0%. In the last 12 months, the industry was up 24%. Looking forward, earnings are forecast to decline by 3.0% 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, 11 Feb 2026 | €4.8b | €9.2b | €563.3m | 23.6x | 8.5x | 0.5x |
| Fri, 09 Jan 2026 | €4.5b | €9.2b | €559.3m | 25.4x | 8.1x | 0.5x |
| Sun, 07 Dec 2025 | €4.5b | €9.2b | €559.3m | 25.9x | 8.1x | 0.5x |
| Tue, 04 Nov 2025 | €4.6b | €9.3b | €655.3m | 25.5x | 7x | 0.5x |
| Thu, 02 Oct 2025 | €4.7b | €9.3b | €655.3m | 26.2x | 7.2x | 0.5x |
| Sat, 30 Aug 2025 | €4.7b | €9.3b | €655.3m | 26.3x | 7.2x | 0.5x |
| Mon, 28 Jul 2025 | €4.8b | €9.5b | €657.9m | 26.5x | 7.3x | 0.5x |
| Wed, 25 Jun 2025 | €4.9b | €9.4b | €552.7m | 27.7x | 8.9x | 0.5x |
| Fri, 23 May 2025 | €4.6b | €9.4b | €552.7m | 26x | 8.2x | 0.5x |
| Sun, 20 Apr 2025 | €4.2b | €9.3b | €515.7m | 25.5x | 8.1x | 0.5x |
| Tue, 18 Mar 2025 | €4.3b | €9.3b | €510.7m | 28.2x | 8.4x | 0.5x |
| Thu, 13 Feb 2025 | €3.9b | €9.1b | €524.2m | 27.4x | 7.5x | 0.4x |
| Sat, 11 Jan 2025 | €3.8b | €9.1b | €504.6m | 28.6x | 7.5x | 0.4x |
| Mon, 09 Dec 2024 | €4.0b | €9.1b | €504.6m | 27.3x | 8x | 0.4x |
| Wed, 06 Nov 2024 | €4.4b | €9.1b | €504.6m | 27.7x | 8.6x | 0.5x |
| Fri, 04 Oct 2024 | €4.3b | €9.0b | €403.6m | 27.7x | 10.7x | 0.5x |
| Sun, 01 Sep 2024 | €4.4b | €9.0b | €403.6m | 27.8x | 11x | 0.5x |
| Tue, 30 Jul 2024 | €4.3b | €9.0b | €420.1m | 38x | 10.3x | 0.5x |
| Thu, 27 Jun 2024 | €4.5b | €8.7b | €421.5m | 36.8x | 10.6x | 0.5x |
| Sat, 25 May 2024 | €4.6b | €8.7b | €421.5m | 36.8x | 10.9x | 0.5x |
| Mon, 22 Apr 2024 | €4.4b | €8.7b | €415.5m | 35.3x | 10.6x | 0.5x |
| Wed, 20 Mar 2024 | €4.4b | €8.7b | €415.4m | 20.7x | 10.6x | 0.5x |
| Fri, 16 Feb 2024 | €4.7b | €8.7b | €387.3m | 18.2x | 12.3x | 0.5x |
| Sun, 14 Jan 2024 | €5.0b | €8.4b | €403.5m | 30.2x | 12.4x | 0.6x |
| Tue, 12 Dec 2023 | €5.0b | €8.4b | €403.5m | 30.6x | 12.4x | 0.6x |
| Thu, 09 Nov 2023 | €4.8b | €8.4b | €403.5m | 32.6x | 11.9x | 0.6x |
| Sat, 07 Oct 2023 | €4.7b | €8.3b | €449.5m | 32.4x | 10.4x | 0.6x |
| Mon, 04 Sep 2023 | €4.4b | €8.3b | €449.5m | 30.1x | 9.8x | 0.5x |
| Wed, 02 Aug 2023 | €4.4b | €8.3b | €446.3m | 33.8x | 9.8x | 0.5x |
| Fri, 30 Jun 2023 | €4.3b | €8.2b | €518.3m | 20x | 8.4x | 0.5x |
| Sun, 28 May 2023 | €4.6b | €8.2b | €518.3m | 20.7x | 8.8x | 0.6x |
| Tue, 25 Apr 2023 | €5.0b | €8.1b | €543.3m | 21.2x | 9.2x | 0.6x |
| Thu, 23 Mar 2023 | €5.2b | €8.1b | €543.4m | 21.3x | 9.5x | 0.6x |
| Sat, 18 Feb 2023 | €5.3b | €7.9b | €559.4m | 14.8x | 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 | 1.51% | |
| Telecom | 2.91% | |
| Telecom Services and Carriers | 4.01% | |
| Entertainment | 2.82% | |
| Wireless Telecom | 1.30% | |
| Media | -0.36% | |
| Interactive Media and Services | -6.96% | |
Industry PE
- Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 8.4x.
- 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 5.6x.
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 | €8.05 | 4.0% +€100.0m | 51.1% | PE5.5x | |
| KIN Kinepolis Group | €27.35 | 2.8% +€20.1m | -26.1% | PE15.5x | |
| OBEL Orange Belgium | €19.50 | 1.3% +€16.9m | 28.3% | PE31.8x |