olivLaw · European equity research
Proximus PROX.BR
Belgium · Euronext Brussels · ISIN BE0003810273 · Vertical: Listed companies from Belgium
Proximus is Belgium's telecommunications and digital services operator, majority-owned by the Belgian State, which is expanding internationally through BICS, Telesign and Route Mobile. Revenue of 6376 mn EUR in fiscal 2024 shows the scale of the business, and leadership changes announced in 2025 make the long-term strategy worth watching.
At the close of 05 Nov 2026, Proximus (PROX.BR) stock was 6.38 EUR (+1.51% on the day), with market capitalisation 2.1 bn EUR, P/E 4.6 on diluted EPS of 1.39 EUR over the last 12 months, dividend yield 3,043.14%, beta 0.19, 52-week range 5.50–8.47 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.0
- strong (55–70)
- Bollinger (20, 2)
- 5.27 – 6.35
- above the upper band · %B 1.03 · band width 18.5%
- SMA 50 / 200
- 6.04 / 6.62
- mixed trend
- MACD (12, 26, 9)
- 0.04 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.1% | +0.4% | +7.7 pp | — |
| 3 months | +0.2% | −3.3% | +3.5 pp | — |
| 6 months | −2.9% | +4.0% | −6.9 pp | — |
| Year to date | −9.9% | +8.1% | −18.0 pp | — |
| 1 year | −12.6% | +10.7% | −23.2 pp | +6.3% |
| 3 years | −21.0% | +50.1% | −71.1 pp | −6.5% |
| 5 years | −61.4% | +43.6% | −105.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 3.6, median 5.6, max 7.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 6.0 bn | 6.4 bn |
| Revenue YoY | unavailable | +6.4% |
| Net income | 357.0 m | 447.0 m |
| Net income YoY | unavailable | +25.2% |
| Diluted EPS | 1.11 | 1.39 |
| Diluted EPS YoY | unavailable | +25.2% |
| net % | 6.0% | 7.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 497.0 m EUR
- Financial debt
- 525.0 m EUR
- Net debt
- 28.0 m EUR
- Equity
- 4.5 bn EUR
- Total assets
- 13.3 bn EUR
- Debt / equity
- 0.12x
- Current ratio
- 0.74x
- ROE
- 11.4%
- ROA
- 3.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 6.0 bn | 6.4 bn | esef· 18 Mar 2025verified |
| Operating income | 601.0 m | 691.0 m | esef· 18 Mar 2025verified |
| Depreciation & amortisation | 1.2 bn | 1.3 bn | esef· 18 Mar 2025verified |
| EBITDA | 1.8 bn ≈ | 2.0 bn ≈ | esef· 18 Mar 2025derived |
| Interest expense | 119.0 m | 185.0 m | esef· 18 Mar 2025verified |
| Pre-tax income | 461.0 m | 513.0 m | esef· 18 Mar 2025verified |
| Income tax | 104.0 m | 57.0 m | esef· 18 Mar 2025verified |
| Net income | 357.0 m | 447.0 m | esef· 18 Mar 2025verified |
| Diluted EPS | 1.11 | 1.39 | esef· 18 Mar 2025verified |
| Weighted average diluted shares | 322.4 m | 322.6 m | esef· 18 Mar 2025verified |
| Dividend per share | 388.00 | 194.00 | esef· 18 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 716.0 m | 497.0 m | esef· 18 Mar 2025verified |
| Inventories | 159.0 m | 147.0 m | esef· 18 Mar 2025verified |
| Current assets | 2.2 bn | 2.4 bn | esef· 18 Mar 2025verified |
| Property, plant & equipment, net | 3.8 bn | 4.7 bn | esef· 18 Mar 2025verified |
| Goodwill | 2.6 bn | 3.3 bn | esef· 18 Mar 2025verified |
| Intangibles (excl. goodwill) | 1.7 bn | 2.1 bn | esef· 18 Mar 2025verified |
| Total assets | 11.2 bn | 13.3 bn | esef· 18 Mar 2025verified |
| Short-term debt | 611.0 m | 525.0 m | esef· 18 Mar 2025verified |
| Current liabilities | 3.1 bn | 3.2 bn | esef· 18 Mar 2025verified |
| Equity | 3.3 bn | 4.5 bn | esef· 18 Mar 2025verified |
| Shares outstanding at year end | 321.6 m | 321.6 m | esef· 18 Mar 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.76 – 3,597.82 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA17.24 – 63.48 (Mid 27.20)6 companies used · median multiple 4.5x · quartiles 2.9x – 10.5xCFEB.BR, DEME.BR, EKOP.BR, FOU.BR, JEN.BR, MIKO.BR
- Peers: P/E14.76 – 32.84 (Mid 21.38)24 companies used · median multiple 15.4x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)2,638.40 – 3,597.82 (Mid 3,044.31)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.8% | 85 (vs peers) | 18% |
| Net margin · Quality | 7.0% | 67 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.0x | 78 (vs peers) | 18% |
| Interest coverage · Balance sheet | 3.7x | 34 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 4.6x | 93 (vs peers) | 18% |
| EV/EBITDA · Valuation | 1.1x | 100 (vs peers) | 18% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation96/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PROXIMUS (PROX.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 6.4 bn EUR in 2024; YoY growth 6.4%; net margin 7.0%; ROE 11.7%; net debt/EBITDA 0.0x.
The estimated value range is 17.24–63.48 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 27.20 EUR, the price of 6.38 EUR leaves a potential of 326.6% (value / price − 1) and a margin of safety of 76.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.8%
- Net debt / EBITDA: 0.0x
- P/E (TTM): 4.6x
- EV/EBITDA: 1.1x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| PROX.BRProximus | 2.1 bn | 4.6 | 11.7% | 7.0% | +6.4% | −14% / −28% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for PROX.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.84 Total return -22% · Per year -22% | 6.78 Total return 30% · Per year 30% | 10.21 Total return 88% · Per year 88% |
| 3 years | 3.87 Total return 13% · Per year 4% | 7.68 Total return 95% · Per year 25% | 12.67 Total return 192% · Per year 43% |
| 5 years | 3.90 Total return 49% · Per year 8% | 8.69 Total return 168% · Per year 22% | 15.72 Total return 322% · Per year 33% |
- Exit P/E± 1.92
- Net margin± 1.34
- Annual revenue growth± 1.08
- Annual dilution± 0.11
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Proximus is Belgium's telecommunications and digital services operator, majority-owned by the Belgian State, which is expanding internationally through BICS, Telesign and Route Mobile. Revenue of 6376 mn EUR in fiscal 2024 shows the scale of the business, and leadership changes announced in 2025 make the long-term strategy worth watching 1.
SWOT
Strengths
- Reference operator position in Belgium with a consolidated network and customer base.
- Support from the majority shareholder, the Belgian State, providing strategic stability.
- Diversified service portfolio, from connectivity to ICT solutions for businesses.
Weaknesses
- Dependence on the Belgian market, where competition and regulation limit growth.
- A still modest share of revenue eligible under the EU taxonomy.
- Frequent changes in executive leadership may complicate strategic continuity.
Opportunities
- Expansion of international activities through BICS, Telesign and Route Mobile.
- Growing demand for digital and cloud services from corporate clients.
- Development of emission-reduction solutions through data services and digitalisation.
Threats
- Intense competition in the Belgian market that could pressure prices and margins.
- Integration and execution risks in international acquisitions.
- Rising regulatory and reporting requirements, including CSRD.
Risks
- Executive leadership transitionhigh
The announced departure of the CEO in 2025 could affect continuity of the international strategy.
- Integration of international activitiesmedium
Integrating overseas subsidiaries may encounter operational and financial difficulties.
- Competitive pressure in Belgiummedium
Competition in the consumer market could limit revenue growth in the core business.
- Sustainability reportinglow
CSRD and EU taxonomy requirements may generate compliance costs and added scrutiny from investors.
- Influence of the majority shareholderlow
Control by the Belgian State may influence strategic decisions and remuneration policy.
Investment thesis
What would need to be true (bull case)
- If international activities integrate effectively, the group could diversify revenue beyond the Belgian market.
- A reference operator position and demand for digital services could support growth in the IT segment.
- Support from the majority shareholder offers long-term stability for network investment.
What would break the thesis
- If competition in Belgium intensifies, margins in the consumer segment could decline.
- Changes in leadership may slow the execution of the international strategy.
- International acquisitions carry integration risks that could reduce the returns expected from them.
What to watch
- Appointment of the new CEO and continuity of the international strategy2025
- Development of revenue at Proximus GlobalQ1 2026
- Share of revenue eligible under the EU taxonomy in the annual reportnext annual report
- Results of the board evaluation carried out by Guberna2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Proximus Group provides telephony, internet, television and ICT solutions to consumers, businesses and public institutions in Belgium. From 2024 the group reports its international activities under the CEO of Proximus Global, covering BICS, Telesign and Route Mobile. The Belgian State is the majority shareholder, a structure that shapes governance and remuneration policy 1.
Structural reporting separates digital transformation, the network and international activities, each supervised by a dedicated board committee. The International Committee, set up in 2024, oversees the integration of subsidiaries and sets KPIs for international activities 1.
For the first time the annual report includes sustainability data under the CSRD, which widens the group's transparency perimeter 1.
Segments
Consumer customers in Belgium
The consumer division serves Belgian private customers under a Consumer Market Lead. Revenue here is the historical core of the group, and competition on the Belgian market remains intense 1.
Enterprise and IT services
The enterprise segment offers telco and IT services, including digitalisation solutions for corporate and institutional clients. It is led separately from the network and wholesale activities 1.
Proximus Global (international)
Proximus Global brings together BICS, Telesign and Route Mobile and is run by the group CEO. From 2024 the CEO's pay includes a component for this international role 1.
Market context
Management describes the Belgian telecommunications market as highly competitive and rapidly changing. Proximus positions its pay policy at the market median, benchmarking against non-financial BEL 20 companies and European telecom and ICT operators 1.
International activity targets communications and digital identity markets, where the company is developing its subsidiaries. The scope of this activity depends on integrating acquisitions and on the success of the international strategy 1.
Trends
- Digital transformation and ICT servicestailwind
Demand for digital and cloud services among corporate clients could support revenue in the IT segment if the opportunities are executed sustainably 1.
- International consolidationmixed
Development through BICS, Telesign and Route Mobile brings geographic diversification but involves complex integration and execution risk 1.
- Competitive pressure in Belgiumheadwind
A strongly competitive market could limit price increases and margins in the consumer segment 1.
- Sustainability and taxonomy requirementsmixed
CSRD reporting and the EU taxonomy show a still small share of eligible revenue, which could become a point of attention for sustainability-focused investors 1.
Competitive position
Proximus operates in a Belgian market with several telecom operators and ICT service providers. The consulted sources do not name direct competitors, so the list below reflects only the categories identified in the reference documents 1.
In international markets the group competes with providers of communications and digital identity, including through BICS, Telesign and Route Mobile. Its position relative to them depends on scale and integration 1.
- Belgian telecom operators
Compete in the consumer and corporate market in Belgium; the sources do not name them individually.
- ICT and cloud service providers
Compete in digital and IT services for enterprises.
- International communications providers
Compete with BICS in international voice and messaging routing and interconnection.
- Digital identity verification providers
Compete with Telesign in authentication and verification services for global clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Proximus · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.