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Proximus

ENXTBR:PROX
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PROX
ENXTBR
€8B
Market Cap
  1. Home
  2. BE
  3. Telecom
Company description

Proximus PLC, a telecommunication and ICT company, provides telephony, Internet, television, and network-based ICT services to the residential, enterprise, and public markets in Belgium and internationally. The last earnings update was 22 days ago. More info.


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PROX Share Price and Events
7 Day Returns
-1.6%
ENXTBR:PROX
-0.3%
Europe Telecom
-0.9%
BE Market
1 Year Returns
8.8%
ENXTBR:PROX
-1.4%
Europe Telecom
-9.5%
BE Market
PROX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Proximus (PROX) -1.6% 0.6% 9% 8.8% -14.6% 3.1%
Europe Telecom -0.3% -0.3% 0.5% -1.4% -14.7% -15.6%
BE Market -0.9% -6.1% 3.9% -9.5% -17.7% 2.3%
1 Year Return vs Industry and Market
  • PROX outperformed the Telecom industry which returned -1.4% over the past year.
  • PROX outperformed the Market in Belgium which returned -9.5% over the past year.
Price Volatility
PROX
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Proximus undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Proximus to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Proximus.

ENXTBR:PROX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.2%
Perpetual Growth Rate 10-Year BE Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:PROX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 6.8%
Telecom Unlevered Beta Simply Wall St/ S&P Global 0.34
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.339 (1 + (1- 29%) (32.82%))
0.61
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (0.8 * 6.8%)
6.21%

Discounted Cash Flow Calculation for ENXTBR:PROX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Proximus is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTBR:PROX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.21%)
2019 562.62 Analyst x7 529.73
2020 592.85 Analyst x6 525.55
2021 608.00 Analyst x2 507.47
2022 610.40 Est @ 0.39% 479.68
2023 613.49 Est @ 0.51% 453.92
2024 617.09 Est @ 0.59% 429.89
2025 621.04 Est @ 0.64% 407.35
2026 625.27 Est @ 0.68% 386.14
2027 629.69 Est @ 0.71% 366.13
2028 634.26 Est @ 0.73% 347.23
Present value of next 10 years cash flows €4,433.07
ENXTBR:PROX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €634.26 × (1 + 0.77%) ÷ (6.21% – 0.77%)
€11,748.92
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €11,748.92 ÷ (1 + 6.21%)10
€6,431.97
ENXTBR:PROX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €4,433.07 + €6,431.97
€10,865.04
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €10,865.04 / 322.70
€33.67
ENXTBR:PROX Discount to Share Price
Calculation Result
Value per share (EUR) From above. €33.67
Current discount Discount to share price of €25.05
= -1 x (€25.05 - €33.67) / €33.67
25.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Proximus is available for.
Intrinsic value
26%
Share price is €25.05 vs Future cash flow value of €33.67
Current Discount Checks
For Proximus to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Proximus's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Proximus's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Proximus's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Proximus's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:PROX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €1.61
ENXTBR:PROX Share Price ** ENXTBR (2019-05-24) in EUR €25.05
Europe Telecom Industry PE Ratio Median Figure of 58 Publicly-Listed Telecom Companies 21.66x
Belgium Market PE Ratio Median Figure of 86 Publicly-Listed Companies 14.84x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Proximus.

ENXTBR:PROX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:PROX Share Price ÷ EPS (both in EUR)

= 25.05 ÷ 1.61

15.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Proximus is good value based on earnings compared to the Europe Telecom industry average.
  • Proximus is overvalued based on earnings compared to the Belgium market.
Price based on expected Growth
Does Proximus's expected growth come at a high price?
Raw Data
ENXTBR:PROX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
7.3%per year
Europe Telecom Industry PEG Ratio Median Figure of 36 Publicly-Listed Telecom Companies 2.37x
Belgium Market PEG Ratio Median Figure of 41 Publicly-Listed Companies 1.88x

*Line of best fit is calculated by linear regression .

ENXTBR:PROX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.6x ÷ 7.3%

2.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Proximus is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Proximus's assets?
Raw Data
ENXTBR:PROX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €9.72
ENXTBR:PROX Share Price * ENXTBR (2019-05-24) in EUR €25.05
Europe Telecom Industry PB Ratio Median Figure of 77 Publicly-Listed Telecom Companies 1.9x
Belgium Market PB Ratio Median Figure of 120 Publicly-Listed Companies 1.53x
ENXTBR:PROX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:PROX Share Price ÷ Book Value per Share (both in EUR)

= 25.05 ÷ 9.72

2.58x

* Primary Listing of Proximus.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Proximus is overvalued based on assets compared to the Europe Telecom industry average.
X
Value checks
We assess Proximus's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
  5. Proximus has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Proximus expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Proximus expected to grow at an attractive rate?
  • Proximus's earnings growth is expected to exceed the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Proximus's earnings growth is positive but not above the Belgium market average.
  • Proximus's revenues are expected to decrease over the next 1-3 years, this is below the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:PROX Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:PROX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 7.3%
ENXTBR:PROX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts -0.2%
Europe Telecom Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.2%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTBR:PROX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:PROX Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 5,761 735 2
2021-12-31 5,710 1,684 585 9
2020-12-31 5,769 1,627 569 18
2019-12-31 5,765 1,933 528 15
ENXTBR:PROX Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 5,738 1,636 518
2018-12-31 5,764 1,558 508
2018-09-30 5,772 1,495 520
2018-06-30 5,770 1,494 527
2018-03-31 5,734 1,422 527
2018-01-01 5,739 1,470 522
2017-09-30 5,751 1,417 510
2017-06-30 5,795 1,448 529
2017-03-31 5,839 1,543 530
2016-12-31 5,829 1,521 523
2016-09-30 5,836 1,427 537
2016-06-30 5,856 1,433 447

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Proximus's earnings are expected to grow by 7.3% yearly, however this is not considered high growth (20% yearly).
  • Proximus's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTBR:PROX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from Proximus Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:PROX Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.95 2.28 1.62 2.00
2021-12-31 1.73 2.17 1.37 7.00
2020-12-31 1.73 2.07 1.55 14.00
2019-12-31 1.64 1.73 1.56 11.00
ENXTBR:PROX Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 1.61
2018-12-31 1.57
2018-09-30 1.61
2018-06-30 1.63
2018-03-31 1.63
2018-01-01 1.62
2017-09-30 1.58
2017-06-30 1.64
2017-03-31 1.64
2016-12-31 1.62
2016-09-30 1.67
2016-06-30 1.39

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Proximus is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Proximus's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Proximus has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Proximus performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Proximus's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Proximus's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Proximus's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Proximus's 1-year earnings growth is negative, it can't be compared to the Europe Telecom industry average.
Earnings and Revenue History
Proximus's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Proximus Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:PROX Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 5,738.00 518.00 164.00
2018-12-31 5,764.00 508.00 164.00
2018-09-30 5,772.00 520.00 191.00
2018-06-30 5,770.00 527.00 191.00
2018-03-31 5,734.00 527.00 159.00
2018-01-01 5,739.00 522.00 159.00
2017-09-30 5,751.00 510.00 203.00
2017-06-30 5,795.00 529.00 203.00
2017-03-31 5,839.00 530.00 203.00
2016-12-31 5,829.00 523.00 203.00
2016-09-30 5,836.00 537.00 200.00
2016-06-30 5,856.00 447.00 200.00
2016-03-31 5,898.00 465.00 200.00
2015-12-31 5,944.00 482.00 200.00
2015-09-30 5,960.00 443.00 117.00
2015-06-30 5,941.00 531.00 117.00
2015-03-31 5,962.00 638.00 117.00
2014-12-31 5,961.00 654.00 117.00
2014-09-30 6,007.00 702.00 192.00
2014-06-30 6,085.00 701.00 192.00
2014-03-31 6,142.00 604.00 192.00
2013-12-31 6,239.00 630.00 192.00
2013-09-30 6,318.00 650.00 203.00
2013-06-30 6,374.00 678.00 203.00
2013-03-31 6,404.00 684.00 203.00
2012-12-31 6,415.00 712.00 203.00
2012-09-30 6,392.00 713.00 116.00
2012-06-30 6,363.00 723.00 116.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Proximus has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Proximus used its assets more efficiently than the Europe Telecom industry average last year based on Return on Assets.
  • Proximus's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Proximus's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Proximus has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Proximus's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Proximus's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Proximus's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Proximus's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Proximus's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Proximus Company Filings, last reported 1 month ago.

ENXTBR:PROX Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,291.00 2,653.00 325.00
2018-12-31 3,153.00 2,497.00 344.00
2018-09-30 3,207.00 2,331.00 238.00
2018-06-30 3,064.00 2,495.00 215.00
2018-03-31 3,279.00 2,458.00 451.00
2018-01-01 3,153.00 2,430.00 340.00
2017-09-30 3,017.00 2,265.00 526.00
2017-06-30 2,876.00 2,424.00 418.00
2017-03-31 3,110.00 2,320.00 630.00
2016-12-31 2,982.00 2,170.00 304.00
2016-09-30 2,943.00 2,442.00 723.00
2016-06-30 2,782.00 2,441.00 427.00
2016-03-31 3,069.00 2,438.00 647.00
2015-12-31 2,965.00 2,435.00 511.00
2015-09-30 2,992.00 2,484.00 830.00
2015-06-30 2,913.00 2,461.00 521.00
2015-03-31 3,115.00 2,556.00 724.00
2014-12-31 2,968.00 2,548.00 721.00
2014-09-30 3,099.00 2,550.00 782.00
2014-06-30 2,908.00 2,551.00 530.00
2014-03-31 3,170.00 2,548.00 789.00
2013-12-31 3,042.00 2,266.00 416.00
2013-09-30 3,030.00 2,095.00 294.00
2013-06-30 2,865.00 2,365.00 280.00
2013-03-31 3,275.00 2,036.00 452.00
2012-12-31 3,092.00 1,976.00 285.00
2012-09-30 3,344.00 1,989.00 391.00
2012-06-30 3,148.00 2,133.00 287.00
  • Proximus's level of debt (80.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (80.5% vs 80.6% today).
  • Debt is well covered by operating cash flow (61.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 23.2x coverage).
X
Financial health checks
We assess Proximus's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Proximus has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Proximus's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.99%
Current annual income from Proximus dividends. Estimated to be 6.01% next year.
If you bought €2,000 of Proximus shares you are expected to receive €120 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Proximus's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.44%).
  • Proximus's dividend is above the markets top 25% of dividend payers in Belgium (4.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTBR:PROX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
Europe Telecom Industry Average Dividend Yield Market Cap Weighted Average of 49 Stocks 5%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 78 Stocks 3.7%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.2%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.4%
Belgium Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:PROX Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.53 3.00
2021-12-31 1.51 9.00
2020-12-31 1.51 17.00
2019-12-31 1.50 18.00
ENXTBR:PROX Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-27 1.500 5.845
2019-03-14 1.500 6.037
2018-03-02 1.500 6.657
2018-03-01 1.500 5.670
2017-02-28 1.500 5.167
2017-02-24 1.500 5.360
2016-03-18 1.500 5.437
2016-02-26 1.500 5.001
2015-10-30 1.500 4.964
2015-04-24 1.500 4.677
2015-02-27 1.500 4.537
2014-10-24 1.500 4.764
2014-02-28 1.500 6.123
2013-03-01 2.180 11.261
2012-10-26 1.000 4.524
2012-03-02 2.180 9.522
2011-07-15 2.180 9.413
2011-03-01 2.180 8.573
2011-02-25 2.180 7.999
2010-10-29 2.180 8.229
2010-03-01 2.180 8.007
2010-01-15 2.180 8.375
2009-11-09 1.580 6.169

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Proximus's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Proximus's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Proximus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Proximus has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Proximus's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dominique Leroy
COMPENSATION €940,546
AGE 54
TENURE AS CEO 5.3 years
CEO Bio

Mrs. Dominique Leroy has been the Chief Executive Officer of Proximus PLC (also known as Belgacom SA) since January 21, 2014 and had been its President from January 2014 to 2018. Mrs. Leroy has been an Independent Director of Compagnie Saint-Gobain since November 23, 2017. Mrs. Leroy served as an Executive Vice President of Consumer Business Unit for Belgacom SA from June 1, 2012 to January 21, 2014. She joined Proximus PLC in October 2011. She was Vice President of Sales for the Consumer Business Unit at Belgacom since October 2011. She has a 24-year career with Unilever, in finance and followed by various sales and marketing functions. Mrs. Leroy held various positions in marketing, finance and customer development. She was nominated as Country Manager of Unilever Belgium in 2007 and is also Member of the Unilever Benelux Board. She served as Managing Director of Unilever Belux and member of Unilever's Benelux Management Committee. She had been an Independent Director of Lotus Bakeries NV since May 2009. She has been a Member of Supervisory Board of Koninklijke Ahold Delhaize N.V. and Etablissements Delhaize Frères et Cie "Le Lion" (Groupe Delhaize) SA since July 24, 2016. Mrs. Leroy has been a Director at Proximus PLC since January 2014. She also appointed as a board member at the Proximus subsidiaries BICS, Be-Mobile and Proximus Art. She serves as chair of the international advisory board of the Solvay Brussels School of Economics. Mrs. Leroy spent 24 years in various roles at Unilever. Having started out in marketing, finance and client development, between 1999 and 2006 she was appointed first Director of Operations Division, then Director of Logistics and finally Director of Client Development at Unilever Foods Belgium. Up to 2011, she was then Director of Client Development and member of the Management Committee, then Managing Director of Unilever Belgium and sat on the Management Committee of Unilever Benelux from 2008 to 2011. She also served as a member of the supervisory board of Saint Gobain. She served as an Independent Director at ents Delhaize Frères et Cie "Le Lion" (Groupe Delhaize) SA since May 28, 2015. She holds Master Degree in Commercial Engineering and Management at Ecole de Commerce Solvay Universite Libre de Bruxelles in 1987.

CEO Compensation
  • Dominique's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dominique's remuneration is about average for companies of similar size in Belgium.
Management Team Tenure

Average tenure and age of the Proximus management team in years:

5
Average Tenure
54
Average Age
  • The average tenure for the Proximus management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dominique Leroy

TITLE
CEO & Director
COMPENSATION
€941K
AGE
54
TENURE
5.3 yrs

Bart Meersche

TITLE
Chief Enterprise Market Officer
AGE
60

Sandrine Dufour

TITLE
Chief Financial Officer
AGE
51
TENURE
4.1 yrs

Geert Standaert

TITLE
Chief Technology Officer
AGE
48
TENURE
7.2 yrs

Nancy Goossens

TITLE
Director of Investor Relations

Jan Van Acoleyen

TITLE
Chief Human Resources Officer
AGE
55
TENURE
3 yrs

Alex Lorette

TITLE
Head of Telecom Solutions Department

Dirk Lybaert

TITLE
Chief Corporate Affairs Officer
AGE
57
TENURE
5.3 yrs

Renaud Tilmans

TITLE
Chief Customer Operations Officer
AGE
49
TENURE
5 yrs

Guillaume Boutin

TITLE
Chief Consumer Market Officer
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the Proximus board of directors in years:

5.7
Average Tenure
62.5
Average Age
  • The tenure for the Proximus board of directors is about average.
Board of Directors

Stefaan De Clerck

TITLE
Chairman
AGE
66
TENURE
5.7 yrs

Dominique Leroy

TITLE
CEO & Director
COMPENSATION
€941K
AGE
54
TENURE
5.3 yrs

Guy Demuynck

TITLE
Independent Director
AGE
67
TENURE
12.3 yrs

Paul Van de Perre

TITLE
Director
AGE
65
TENURE
24.4 yrs

Martine Durez

TITLE
Director
AGE
68
TENURE
24.4 yrs

Pierre De Muelenaere

TITLE
Independent Director
AGE
60
TENURE
8.3 yrs

Laurent Levaux

TITLE
Director
AGE
62
TENURE
5.7 yrs

Isabelle Santens

TITLE
Director
AGE
58
TENURE
5.7 yrs

Agnès Touraine

TITLE
Independent Director
AGE
63
TENURE
5 yrs

Catherine Vandenborre

TITLE
Independent Director
AGE
47
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Proximus's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Proximus has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Should You Know About Proximus PLC's (EBR:PROX) Future?

As Proximus PLC (EBR:PROX) announced its earnings release on 31 March 2019, it seems that analyst forecasts are fairly optimistic, with profits predicted to increase by 3.1% next year compared with the past 5-year average growth rate of -4.8%. … To understand the overall trajectory of PROX's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … ENXTBR:PROX Past and Future Earnings, May 21st 2019 From the current net income level of €508m and the final forecast of €570m by 2022, the annual rate of growth for PROX’s earnings is 4.4%.

Simply Wall St -

Read This Before You Buy Proximus PLC (EBR:PROX) Because Of Its P/E Ratio

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Proximus: P/E of 15.64 = €25.1 ÷ €1.61 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each €1 the company has earned over the last year. … The P/E ratio indicates whether the market has higher or lower expectations of a company.

Simply Wall St -

Does Proximus PLC (EBR:PROX) Have A Good P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … To keep it practical, we'll show how Proximus PLC's (EBR:PROX) P/E ratio could help you assess the value on offer. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

How Financially Strong Is Proximus PLC (EBR:PROX)?

the key to their continued success lies in its financial health. … I will provide an overview of Proximus’s financial liquidity and leverage to give you an idea of Proximus’s position to take advantage of potential acquisitions or comfortably endure future downturns. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself

Simply Wall St -

How Financially Strong Is Proximus PLC (EBR:PROX)?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Proximus PLC (EBR:PROX), with a market cap of €8.6b, are often out of the spotlight. … This article will examine PROX’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself.

Simply Wall St -

Do Institutions Own Shares In Proximus PLC (EBR:PROX)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Proximus PLC (EBR:PROX): Should The Recent Earnings Drop Worry You?

Below, I will examine Proximus PLC's (EBR:PROX) track record on a high level, to give you some insight into how the company has been performing against its long term trend and its industry peers. … Despite a decline, did PROX underperform the long-term trend and the industry. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -5.3%, indicating the rate at which PROX is growing has slowed down

Simply Wall St -

Is Proximus PLC (EBR:PROX) A Great Dividend Stock?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Historically, Proximus PLC (EBR:PROX) has paid dividends to shareholders, and these days it yields 6.5%. … 5 questions I ask before picking a dividend stock

Simply Wall St -

Proximus PLC (EBR:PROX): Immense Growth Potential?

The most recent earnings update Proximus PLC's (EBR:PROX) released in December 2018a … showed

Simply Wall St -

Are Proximus PLC’s (EBR:PROX) High Returns Really That Great?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … Analysts use this formula to calculate return on capital employed:

Simply Wall St -

Company Info

Description

Proximus PLC, a telecommunication and ICT company, provides telephony, Internet, television, and network-based ICT services to the residential, enterprise, and public markets in Belgium and internationally. It operates through Consumer Business Unit (CBU), Enterprise Business Unit (EBU), Wholesale Unit (WU), Technology Unit (TEC), International Carrier Services (ICS), and Staff and Support (S&S) segments. The CBU segment sells voice products and services, and Internet and television services on fixed and mobile networks to residential customers and small offices; and offers ICT and content services primarily in the Belgian market, as well as provides related customer operations. The EBU segment sells ICT, and telecom services and products to medium and corporate enterprises primarily under the Proximus and Telindus brands. The WU segment sells services to the telecom and cable operators. The ICS segment engages in the international carrier activities. The TEC segment offers network and IT services. The S&S segment is involved in real estate activities. The company was formerly known as Belgacom SA and changed its name to Proximus PLC in June 2015. Proximus PLC was founded in 1930 and is headquartered in Brussels, Belgium.

Details
Name: Proximus PLC
PROX
Exchange: ENXTBR
Founded: 1930
€8,083,730,615
322,703,817
Website: http://www.proximus.com
Address: Proximus PLC
Proximus Towers,
Koning Albert ll-laan 27,
Brussels,
Brussels, 1030,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR PROX Ordinary Shares Euronext Brussels BE EUR 22. Mar 2004
OTCPK BGAO.F Ordinary Shares Pink Sheets LLC US USD 22. Mar 2004
DB BX7 Ordinary Shares Deutsche Boerse AG DE EUR 22. Mar 2004
LSE 0DPU Ordinary Shares London Stock Exchange GB EUR 22. Mar 2004
SWX PROX Ordinary Shares SIX Swiss Exchange CH CHF 22. Mar 2004
WBAG PROX Ordinary Shares Wiener Boerse AG AT EUR 22. Mar 2004
BATS-CHIXE PROXB Ordinary Shares BATS 'Chi-X Europe' GB EUR 22. Mar 2004
OTCPK BGAO.Y UNSPONSORED ADR Pink Sheets LLC US USD 16. Oct 2008
Number of employees
Current staff
Staff numbers
13,086
Proximus employees.
Industry
Integrated Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 20:33
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.