Proximus NV (PROX) Fair Value & Analysis
Communication Services · BE · Market cap €2.0B · ISIN BE0003810273
What is Proximus NV really worth?
Below-average quality, trading 46% below our fair value of €11.76.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 22 days ago
Share price +1.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (€10.50). The market is more pessimistic than our downside scenario.
- Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (€10.50 to €19.16) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €4.35 – €11.05 · fair‑value band €10.50 – €19.16 · the €6.35 price screens below the €11.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Proximus NV (PROX) currently trades at €6.35, while our model-based Fair Value estimate is €11.76, implying the stock looks roughly 46.0% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of €20.94 per share, and 15 of the 22 models we run sit above the €6.35 price. Bear case: the Earnings-Based group reads lowest at €4.06, and 7 of the 22 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Proximus NV generated revenue of €6.1B at a net margin of 6.3%. Revenue declined 7.1% year over year. It earns a return on equity of 8.3%. Net debt stands at €4.0B. Fundamentals as of Aug 13, 2026
Our scenario range runs from €10.50 (bear case) to €19.16 (bull case); at €6.35, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 85%, PROX screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.4872 per share, which is 4.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Multiples (€20.94) versus Earnings-Based (€4.06). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 47
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Proximus PLC provides connectivity, IT, and digital services and communication services in Belgium and internationally. The company offers telecom products and services; mobile and internet-at-home fixed and mobile telephony, internet, and television services to residential customers and small businesses.
Full company description
Proximus PLC provides connectivity, IT, and digital services and communication services in Belgium and internationally. The company offers telecom products and services; mobile and internet-at-home fixed and mobile telephony, internet, and television services to residential customers and small businesses. It also provides live TV, streaming, and on-demand video services; video consultation services for patients and healthcare professionals; artificial intelligence (AI), mixed reality, and cloudification; ICT infrastructure, cloud, fintech solutions, cybersecurity, enterprise applications, managed services, and telecom services; networking, cloud, cybersecurity, and data and AI services; and cybersecurity and intelligence solutions to protect enterprises against cyberattacks. In addition, the company designs, builds, and manages data-driven cloud solutions; offers Infrastructure as a Service, cybersecurity, and digital workplace solutions; and wholesale connectivity, interoperability, fraud prevention, managed services, and global IoT connectivity solutions. Further, it provides digital identity services, international delivery authentication, and programmable communication solutions; Communications Platform as a Service solutions; messaging apps, email, and voice solutions, and chatbots and AI-driven interaction; consultancy, implementation, and managed services; and content creation, editing, broadcasting, and live production. It offers its products and services under Proximus, Scarlet, Mobile Vikings, Proximus+, Proximus NXT, Pickx, Doktr, Proximus NXT IT, Codit, ClearMedia, Davinsi Labs, Proximus Global, Telesign, Route Mobile, Proximus Ada, Clarence, Fiberklaar, Unifiber, GoFiber, MWingz, Proximus Real Estate, Proximus Media House, and Tango brands. The company was formerly known as Belgacom SA and changed its name to Proximus PLC in June 2015. The company was founded in 1930 and is headquartered in Brussels, Belgium.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Proximus NV reported revenue of €6.2B in FY2025 versus €5.5B in FY2021, a compound +3.1%/yr. Reported net income was €398M in FY2025, compounding −2.6%/yr from FY2021.
of which total revenue +0.5 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Proximus chooses the Digital Vending Machine® from Bango to simplify and scale subscription bundling
- Proximus SA (BGAOF) (Q2 2026) Earnings Call Highlights: Fiber Expansion and Strategic ...
- Ekinops Announces Framework Agreement with Proximus to deploy a nationwide high-speed optical network across Belgium
- Ekinops accelerates virtualization of network services in Belgium by integrating Proximus Wholesale solutions
Peer Group
Telecom Services · 248 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Telecom Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Mobile Limited 600941 | ¥96.11 | ¥109.88 | +14% |
| T-Mobile US, Inc TMUS | $177.75 | $172.67 | −3% |
| Verizon Communications Inc VZ | $49.43 | $64.43 | +30% |
| AT&T Inc T | $26.01 | $43.97 | +69% |
| Bharti Airtel Limited BHARTIARTL | ₹1,935 | ₹941.48 | −51% |
| Comcast Corporation CMCSA | $26.41 | $95.42 | +261% |
| China Telecom Corporation 601728 | ¥6.43 | ¥8.36 | +30% |
| América Móvil, S.A. AMX | $23.50 | $39.45 | +68% |
| Singapore Telecommunications Limited Z77 | 4.29 SGD | 3.03 SGD | −29% |
| Swisscom AG SCMN | CHF 627.50 | CHF 463.92 | −26% |
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