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 1,909 - -
Change - -47.51% -5.29% -41.03% 40.73% -16.31% - -
Enterprise Value (EV) 1 8,544 5,933 6,178 5,827 6,213 5,987 6,007 5,934
Change - -30.56% 4.13% -5.68% 6.63% -3.64% 0.33% -1.21%
P/E 12.5x 6.43x 7.67x 3.62x 5.75x 6.26x 6.58x 6.39x
PBR 1.86x 0.88x 0.83x 0.38x 0.51x 0.41x 0.39x 0.38x
PEG - 2.94x -0.4x 0.1x -0.5x -0.3x -1.35x 2.06x
Capitalization / Revenue 0.99x 0.49x 0.46x 0.25x 0.36x 0.31x 0.31x 0.31x
EV / Revenue 1.53x 1x 1.02x 0.91x 0.99x 0.98x 0.98x 0.96x
EV / EBITDA 4.82x 3.32x 3.52x 3.15x 3.3x 3.16x 3.15x 3.08x
EV / EBIT 13.2x 9.17x 10.3x 8.43x 9.56x 10.7x 11x 10.4x
EV / FCF 36x 35.5x 37x 45.5x 20.8x 30.6x 26.3x 22.6x
FCF Yield 2.77% 2.81% 2.7% 2.2% 4.81% 3.26% 3.8% 4.42%
Dividend per Share 2 1.2 1.2 1.2 0.6 0.6 0.3 0.4 0.49
Rate of return 7% 13.3% 14.1% 11.9% 8.48% 5.08% 6.77% 8.29%
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% 48.8% 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 5.910 5.910 5.910
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.($)
11x1.3x4.13x7.03% 222B
10.15x2.47x6.53x6.14% 191B
12.78x2.14x5.49x4.24% 143B
13.3x1.84x8.01x3.15% 87.71B
11.68x0.9x3.36x6.54% 80.58B
11.49x1.77x4.48x2.85% 63.93B
14.82x2.64x8.24x5.17% 56.84B
22.87x5.28x19.27x4.78% 54.26B
14.49x2.69x6.01x4.48% 50.15B
Average 13.62x 2.34x 7.28x 4.93% 105.49B
Weighted average by Cap. 12.49x 2.09x 6.35x 5.38%

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