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Proximus (A2/BBB+) Ahead On EBITDA But Misses On FCF; Affirms Guidance

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  • Q1 underlying revenue was in line company-provided consensus while underlying EBITDA was 3% ahead at +1.2% and +5% YoY respectively. Equity may be happy with Net Income of EUR 101mn against EUR 86mn consensus and dividend.
  • FCF (adj. for M&A) was negative EUR 112mn (a EUR 33mn decrease YoY) and came against consensus of positive EUR 12mn, mainly due to WC changes and Capex of EUR 294mn (-5.5% YoY and 3% lower than consensus).
  • FY guidance affirmed. Company sees S&P-adj ND/EBITDA of ~2.7x from 2.6x at FY23 following the Route Mobile acquisition against S&P thresholds of 2.5x/3x (guidance to be updated post-deal).
  • EUR spreads muted.
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