Company Valuation: Proximus PLC

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 2,051 - -
Change - -47.51% -5.29% -41.03% 40.73% -10.08% - -
Enterprise Value (EV) 1 8,544 5,933 6,178 5,827 6,213 6,129 6,148 6,075
Change - -30.56% 4.13% -5.68% 6.63% -1.36% 0.31% -1.19%
P/E 12.5x 6.43x 7.67x 3.62x 5.75x 6.74x 7.62x 7.33x
PBR 1.86x 0.88x 0.83x 0.38x 0.51x 0.44x 0.42x 0.41x
PEG - 2.94x -0.4x 0.1x -0.5x -0.3x -0.7x 1.86x
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 1x 1x 0.98x
EV / EBITDA 4.82x 3.32x 3.52x 3.15x 3.3x 3.23x 3.22x 3.15x
EV / EBIT 13.2x 9.17x 10.3x 8.43x 9.56x 11.3x 11.2x 10.6x
EV / FCF 36x 35.5x 37x 45.5x 20.8x 31.4x 26.9x 23.2x
FCF Yield 2.77% 2.81% 2.7% 2.2% 4.81% 3.19% 3.71% 4.31%
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% - 4.72% 6.3% 7.72%
EPS 2 1.37 1.4 1.11 1.39 1.23 0.9423 0.8335 0.8664
Distribution rate 87.6% 85.7% 108% 43.2% - 31.8% 48% 56.6%
Net sales 1 5,578 5,909 6,042 6,430 6,307 6,139 6,142 6,184
EBITDA 1 1,772 1,786 1,757 1,850 1,883 1,896 1,912 1,931
EBIT 1 645 647 601 691 650 544.7 549 571.7
Net income 1 443 450 357 447 398 285.5 274.3 283.8
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 6.350 6.350 6.350
Nbr of stocks (in thousands) 322,673 322,690 323,060 322,624 322,462 323,068 - -
Announcement Date 2/18/22 A 2/18/23 A 2/23/24 A 2/28/25 A 2/28/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.28x1.32x4.18x7% 223B
11.01x2.58x6.84x5.64% 208B
13.8x2.21x5.68x3.97% 158B
13.64x1.85x7.92x3.1% 87.92B
12.83x0.93x3.47x6.03% 82.22B
11.64x1.78x4.51x2.81% 69.14B
15.72x2.75x8.58x4.94% 59.47B
24.46x5.5x20.12x4.4% 58.26B
15.66x2.76x6.18x4.43% 50.67B
Average 14.45x 2.41x 7.50x 4.7% 110.78B
Weighted average by Cap. 13.24x 2.17x 6.56x 5.12%

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