Proximus PLC (PROX.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+77.9%

€10.85

vs €6.10 price

Levered DCF

€5.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.94

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.76×	3.62×	7.89×	6.43×	12.51×	9.26×	22×	15.04×
P/B	0.6×	0.38×	0.86×	0.88×	1.86×	1.8×	2.89×	2.54×
P/S	0.37×	0.25×	0.47×	0.5×	1×	0.96×	1.46×	1.32×
EV / EBITDA	3.18×	3.03×	3.62×	3.35×	4.69×	4.1×	6.4×	5.46×
Gross margin	20.5%	62.9%	21.1%	62.7%	63.9%	65.1%	64.2%	63.1%
Operating margin	8.9%	10.8%	10.0%	11.1%	11.6%	14.8%	9.9%	13.5%
Net margin	6.4%	7.0%	6.0%	7.7%	8.0%	10.4%	6.6%	8.8%
Current ratio	0.91×	0.74×	0.73×	0.65×	0.67×	0.79×	0.77×	0.78×
Debt / equity	1.21×	1.11×	1.28×	1.07×	1.1×	1.02×	0.99×	0.83×
Interest coverage	3.01×	3.76×	6.01×	11.76×	12.17×	16.1×	11.35×	14.96×
Dividend yield	6.8%	22.2%	13.7%	13.3%	7.0%	9.3%	5.9%	6.4%
Payout ratio	39.2%	80.5%	108.4%	86.0%	87.6%	86.0%	130.3%	95.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	10.4%	10.8%	13.6%	14.9%	19.4%	13.1%	16.9%
Return on invested capital	4.3%	5.7%	5.3%	6.1%	7.0%	9.0%	6.3%	8.6%
Return on assets	3.1%	3.4%	3.2%	4.3%	4.8%	6.4%	4.2%	5.9%
Free cash flow yield	11.6%	7.9%	5.9%	9.5%	8.7%	8.1%	6.8%	6.0%
Earnings yield	17.4%	27.5%	12.6%	15.5%	8.0%	10.8%	4.5%	6.7%
Enterprise value	€6.3B	€5.9B	€6.3B	€6.1B	€8.5B	€7.9B	€10.7B	€9.8B
Net debt / EBITDA	2.03×	2.2×	2×	1.77×	1.66×	1.37×	1.49×	1.2×
Cash conversion cycle (days)	-22	-139	-32	-145	-193	-147	-137	-132