Proximus SA

PROX: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€8.70	Gvlxl	Vlrmb

Proximus Earnings: Stock Rises on Strong Third Quarter and Upward Guidance Adjustments

Javier Correonero

Oct 27, 2023

Proximus raised its 2023 guidance for domestic revenue and domestic and group EBITDA following a strong quarter for the company, sending the stock up 3% on the day. While Proximus' underlying group revenue only increased by 1.1% year over year organically in the third quarter, domestic revenue increased 4.3% to EUR 1.2 billion thanks to strong performance in the residential and business segments. Management raised domestic revenue growth expectations to between 3.5% and 4.0% from 1.0% and 3.0%. We are maintaining our EUR 14 fair value estimate.

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