Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Proximus PLC (PROX.BR)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$20.05 - $33.21$25.87
Multi-Stage$50.39 - $55.53$52.91
Blended Fair Value$39.39
Current Price$8.26
Upside376.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.83%-6.67%1.121.201.201.201.501.511.501.511.501.52
YoY Growth---6.98%0.00%-0.26%-20.00%-0.21%0.21%-0.61%0.62%-0.82%-31.89%
Dividend Yield--16.34%15.95%13.50%7.14%8.10%7.22%5.77%6.00%5.11%5.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)569.00
(-) Cash Dividends Paid (M)193.00
(=) Cash Retained (M)376.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)113.8071.1342.68
Cash Retained (M)376.00376.00376.00
(-) Cash Required (M)-113.80-71.13-42.68
(=) Excess Retained (M)262.20304.88333.33
(/) Shares Outstanding (M)322.57322.57322.57
(=) Excess Retained per Share0.810.951.03
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share0.810.951.03
(=) Adjusted Dividend1.411.541.63
WACC / Discount Rate5.62%5.62%5.62%
Growth Rate-1.32%-0.32%0.68%
Fair Value$20.05$25.87$33.21
Upside / Downside142.69%213.22%302.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)569.00567.15565.31563.48561.65559.82576.62
Payout Ratio33.92%45.14%56.35%67.57%78.78%90.00%92.50%
Projected Dividends (M)193.00255.99318.56380.73442.49503.84533.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.62%5.62%5.62%
Growth Rate-1.32%-0.32%0.68%
Year 1 PV (M)239.93242.36244.79
Year 2 PV (M)279.85285.55291.31
Year 3 PV (M)313.49323.11332.94
Year 4 PV (M)341.49355.54370.02
Year 5 PV (M)364.45383.29402.91
PV of Terminal Value (M)14,716.5615,477.5316,269.67
Equity Value (M)16,255.7617,067.3917,911.64
Shares Outstanding (M)322.57322.57322.57
Fair Value$50.39$52.91$55.53
Upside / Downside510.10%540.56%572.24%

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