Company Valuation: Proximus SA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,531 2,903 2,749 1,621 2,281 2,019 - -
Change - -47.51% -5.29% -41.03% 40.73% -11.49% - -
Enterprise Value (EV) 1 8,544 5,933 6,178 5,827 6,213 6,097 6,116 6,043
Change - -30.56% 4.13% -5.68% 6.63% -1.88% 0.32% -1.2%
P/E 12.5x 6.43x 7.67x 3.62x 5.75x 6.62x 7.59x 7.35x
PBR 1.86x 0.88x 0.83x 0.38x 0.51x 0.43x 0.41x 0.4x
PEG - 2.94x -0.4x 0.1x -0.5x -0.3x -0.6x 2.32x
Capitalization / Revenue 0.99x 0.49x 0.46x 0.25x 0.36x 0.33x 0.33x 0.33x
EV / Revenue 1.53x 1x 1.02x 0.91x 0.99x 0.99x 1x 0.98x
EV / EBITDA 4.82x 3.32x 3.52x 3.15x 3.3x 3.22x 3.2x 3.13x
EV / EBIT 13.2x 9.17x 10.3x 8.43x 9.56x 10.9x 11.2x 10.6x
EV / FCF 36x 35.5x 37x 45.5x 20.8x 31.2x 26.8x 23.1x
FCF Yield 2.77% 2.81% 2.7% 2.2% 4.81% 3.2% 3.73% 4.34%
Dividend per Share 2 1.2 1.2 1.2 0.6 - 0.3 0.4 0.49
Rate of return 7% 13.3% 14.1% 11.9% - 4.8% 6.4% 7.84%
EPS 2 1.37 1.4 1.11 1.39 1.23 0.9435 0.8239 0.85
Distribution rate 87.6% 85.7% 108% 43.2% - 31.8% 48.5% 57.6%
Net sales 1 5,578 5,909 6,042 6,430 6,307 6,133 6,144 6,186
EBITDA 1 1,772 1,786 1,757 1,850 1,883 1,894 1,910 1,930
EBIT 1 645 647 601 691 650 559.9 547.7 571.2
Net income 1 443 450 357 447 398 283.3 271.1 277.6
Net Debt 1 3,013 3,030 3,429 4,206 3,932 4,078 4,097 4,024
Reference price 2 17.140 8.996 8.510 5.025 7.075 6.250 6.250 6.250
Nbr of stocks (in thousands) 322,673 322,690 323,060 322,624 322,462 323,068 - -
Announcement Date 18/02/22 18/02/23 23/02/24 28/02/25 28/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.24x1.32x4.18x7.02% 223B
11.04x2.59x6.85x5.63% 208B
13.73x2.21x5.67x3.99% 158B
13.3x1.82x7.8x3.17% 89.09B
11.97x0.91x3.43x6.46% 81.43B
15.4x2.69x8.41x5.04% 58.26B
24.56x5.52x20.2x4.44% 58.81B
15.53x2.74x6.14x4.47% 50.24B
11.42x1.74x5.26x5.14% 47.28B
Average 14.24x 2.39x 7.55x 5.04% 108.22B
Weighted average by Cap. 13.13x 2.18x 6.63x 5.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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