October 25, 2024 07:22 GMT
COMMUNICATIONS: Proximus Raises FY Guidance; Slight Positive
COMMUNICATIONS
A3/BBB+[N]
Positive results with in-line revenues, EBITDA margin and FCF beats and a slight guidance increase.
- Underlying pro-forma revenue +0.2% (-0.3% vs. company-provided consensus) with Domestic +1.5% and International (roughly one-quarter of the business) -2.3%.
- EBITDA margin of 29.3% (vs. c.28.8%) from 28.9% in Q323.
- CapEx -1.3% to EUR 289mn with FCF of EUR 161mn (vs. consensus of EUR 9mn) from EUR 64mn in Q323.
- Guidance increased; underlying domestic revenue and EBITDA growing up to 3% (from up to 2.5% and up to 2% respectively), underlying group EBITDA growing up to 3% (vs. consensus of +2.7%; from up to 2.5%). S&P-defined leverage guidance of 3.1x unchanged.
- Datacenter business sold for EUR 128mn; supports EUR 500mn divestment goal. Closing expected Q1 2025.
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