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Proximus; Credit Neutral Results

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Proximus (PROX BB) reported 4Q23 earlier with results broadly in line. Forward guidance is similar to consensus and capex set to drop a little in FY24, none of this looks enough to move spreads (which are mixed this morning). The credit has tightened YTD while the equity is broadly flat.


  • Key credit metrics: net debt/EBITDA is 2.6x (looks relatively flat on Sep-23) and capex has come in c.EUR100m higher than consensus in 4Q23 (but still flat FY23 vs. FY22).
  • Revenues missed consensus by 1% (-1.5% y/y, missed on International and TeleSign). Subscribers are broadly in line, small misses on mobile (enterprise and retail) and ARPU was actually slightly better. Costs were marginally better than expected and EBITDA, similarly.
  • Outlook: group EBITDA is seen 1% higher in FY24 (consensus +0.4%) and net debt/EBITDA to be around 2.7x (from 2.6x at Dec-23) though this will be updated after the RouteMobile deal closes (deal is c.EUR640m, c.23% of current market cap, could move debt metrics meaningfully). Organic capex is set to drop to c.EUR1.2bn (from this year’s 1.3bn).

Conf call is 1200 (London time) at https://www.proximus.com/investors/reports-and-results.html

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