Proximus' Third-Quarter Results Offer No Surprises; Maintaining Our EUR 20 FVE

Proximus' third-quarter results came with no big surprises, although the weakest performance came from its domestic retail operations in Belgium, which saw revenue decline by 2.1% organically. We believe this is the reason why shares have slipped around 3% at the time of the writing. The company is on track to meet its 2021 guidance and expects EBITDA to be in the midpart to high part of the guided range (EUR 1,750 million-1,775 million). We are maintaining our EUR 20 fair value estimate.