Proximus tracks best day in 5 mths on domestic-driven Q1 beat

Proximus NV

26/04/2024 08:35

** Shares in Belgian telecoms company Proximus  PROX.BR 
rise more than 4% after Q1 earnings, with Barclays analysts
highlighting the EBITDA beat driven by a strong domestic
performance
    ** Q1 EBITDA, up 5% y/y, beat the 2.7% company consensus
estimate even as Q1 revenue was a slight miss
    ** Q1 domestic revenue was up 4.5% compared to the 2.3%
company consensus estimate, Barclays notes, largely compensating
for a 10.2% y/y decline in international segment revenue
    ** KBC also points to good results driven by domestic
performance, with EBITDA largely boosted by strong commercial
momentum and price increases for the domestic division
    ** "Although international sales disappointed ... margin
impact remained limited" - KBC
    ** "We expect a positive share price reaction given recent
share price weakness", Barclays says
    ** Analysts at Deutsche Bank say that Proximus' +1% FY
EBITDA guidance "could be deemed conservative" given strong Q1
results
    ** Shares are on track for their best day in 5-1/2 months,
if gains hold
    
     

 (Reporting by Louis van Boxel-Woolf)
 ((Louis.vanBoxel-Woolf@thomsonreuters.com))