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Proximus SA

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Proximus Has a Tough Hand to Play as Competition Steps Up

Business Strategy and Outlook

Proximus, the incumbent telecom operator in Belgium, shares broadband leadership with cable peer Telenet, with around 45% and 35% market share, respectively. We believe the Belgian broadband market to be a rational oligopoly where Telenet dominates in the north of the country (Flanders) and Proximus in the south (Wallonia), with the capital Brussels being a more competitive area, given its high density. Proximus has a fixed network presence across the entire country, while Telenet and Voo (another cable operator, acquired by Orange in 2022) operate only in Flanders and Wallonia, respectively.

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