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 1,985 - -
Change - -47.51% -5.29% -41.03% 40.73% -12.98% - -
Enterprise Value (EV) 1 8,544 5,933 6,178 5,827 6,213 6,063 6,083 6,010
Change - -30.56% 4.13% -5.68% 6.63% -2.42% 0.32% -1.19%
P/E 12.5x 6.43x 7.67x 3.62x 5.75x 6.51x 6.85x 6.64x
PBR 1.86x 0.88x 0.83x 0.38x 0.51x 0.42x 0.41x 0.39x
PEG - 2.94x -0.4x 0.1x -0.5x -0.3x -1.41x 2.14x
Capitalization / Revenue 0.99x 0.49x 0.46x 0.25x 0.36x 0.32x 0.32x 0.32x
EV / Revenue 1.53x 1x 1.02x 0.91x 0.99x 0.99x 0.99x 0.97x
EV / EBITDA 4.82x 3.32x 3.52x 3.15x 3.3x 3.2x 3.19x 3.12x
EV / EBIT 13.2x 9.17x 10.3x 8.43x 9.56x 10.8x 11.1x 10.5x
EV / FCF 36x 35.5x 37x 45.5x 20.8x 31x 26.6x 22.9x
FCF Yield 2.77% 2.81% 2.7% 2.2% 4.81% 3.22% 3.75% 4.36%
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% - 4.88% 6.51% 7.97%
EPS 2 1.37 1.4 1.11 1.39 1.23 0.9435 0.8977 0.9256
Distribution rate 87.6% 85.7% 108% 43.2% - 31.8% 44.6% 52.9%
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 1,929
EBIT 1 645 647 601 691 650 559.8 547.3 570.4
Net income 1 443 450 357 447 398 283.2 302.6 309.5
Net Debt 1 3,013 3,030 3,429 4,206 3,932 4,078 4,097 4,025
Reference price 2 17.140 8.996 8.510 5.025 7.075 6.145 6.145 6.145
Nbr of stocks (in thousands) 322,673 322,690 323,060 322,624 322,462 323,068 - -
Announcement Date 2/18/22 2/18/23 2/23/24 2/28/25 2/28/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11x1.3x4.11x7.05% 222B
10.26x2.48x6.56x6.07% 193B
13.05x2.14x5.53x4.2% 147B
13.93x1.87x8.15x3.01% 91.17B
11.58x0.86x3.22x6.67% 78.35B
11.48x1.77x4.47x2.85% 66.38B
15.35x2.69x8.41x5.06% 58.05B
23.05x5.24x19.11x4.74% 54.58B
15.27x2.82x6.3x4.31% 52.09B
Average 13.89x 2.35x 7.32x 4.88% 106.92B
Weighted average by Cap. 12.70x 2.10x 6.38x 5.32%

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