The Discounted Cash Flow (DCF) valuation of Proximus NV (PROX.BR) is 16.96 EUR. With the latest stock price at 7.30 EUR, the upside of Proximus NV based on DCF is 132.4%.

Is PROX.BR a buy or a sell?

Based on the latest price of 7.30 EUR and our DCF valuation, Proximus NV (PROX.BR) is a buy. Buying PROX.BR stocks now will result in a potential gain of 132.4%.

	Range	Selected
WACC / Discount Rate	5.4% - 6.8%	6.1%
Long-term Growth Rate	0.0% - 1.0%	0.5%
Fair Price	12.17 - 24.4	16.96
Upside	66.7% - 234.3%	132.4%

7.30 EUR

Stock Price

16.96 EUR

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

PROX.BR DCF Valuation: Revenue & Expenses Forecast

(EUR in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	6,376	6,658	6,981	7,229	7,681	8,071
% Growth	6%	4%	5%	4%	6%	5%

Cost of goods sold	(2,367)	(2,472)	(2,592)	(2,684)	(2,852)	(2,996)
% of Revenue	37%	37%	37%	37%	37%	37%

Selling, G&A expenses	(2,113)	(2,206)	(2,314)	(2,396)	(2,546)	(2,675)
% of Revenue	33%	33%	33%	33%	33%	33%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(1,383)	(1,444)	(1,514)	(1,568)	(1,666)	(1,751)
% of Revenue	22%	22%	22%	22%	22%	22%

Tax expense	(57)	(121)	(127)	(131)	(139)	(146)
Tax rate	11%	23%	23%	23%	23%	23%

Net profit	456	415	435	450	479	503
% Margin	7%	6%	6%	6%	6%	6%