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Proximus SA PROX

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Morningstar’s Analysis

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Orange to Acquire 75% of Belgian Cable Firm Voo; Enterprise Value of EUR 1.8 billion; Maintain FVE

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

Orange announced it has entered into exclusive negotiations to acquire 75% of cable operator Voo in Belgium, based on an enterprise value of EUR 1.8 billion. The decision comes after Voo held conversations with 27 bidders. The acquisition price implies a 9.5 times enterprise value/EBITDA multiple before synergies (no indications on synergies have yet been provided), which we see as slightly high compared with other cable peers. We maintain our fair value estimate and no moat rating for Orange.

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Company Profile

Business Description

Proximus is the incumbent telecom operator in Belgium. The firm has around 45% market share of the broadband market and 30% of the postpaid mobile market, mainly competing with Telenet (mobile and fixed), Orange (mobile and fixed) and Voo (fixed). Proximus is rolling out fiber to the home in Belgium and expects to have 70% of the country covered by 2028. Its international carrier services division is one of the four largest in the world, serving more than 250 operators, which was strengthened in 2017 with the acquisition of TeleSign.

Boulevard du Roi Albert II, 27 B
Brussels, B-1030, Belgium
T +32 22054000
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 10,538