If the consensus is still mainly neutral on the main Belgian telecom operator (4 favorable opinions for 8 neutral and 1 negative), the revisions have been mainly disturbed since the beginning of 2025, with an average objective of analysts which has finally started up after a long slide of several years. Even more emblematic, the interest of the foreign brokers woke up for the title, with in particular the recent announcement of a new coverage to “buy” at Berenberg.
Flemish Stijn Bijnens succeeds Guillaume Boutin at the head of Proximus
This favorable development is explained by several favorable elements. First, Digi’s entry into the Belgian market does not seem to have caused a marked slide in terms of profitability. Second, the weight of investments in the deployment of the fiber optic network reached its peak in 2024, and should gradually be reduced which should allow a recovery in profitability and cash flow during the second of the decade. Third, the decrease in the dividend announced in early 2023 made it possible to stabilize expectations in terms of yield (7.2%), which seems sustainable in the medium term. Finally, valuation has now returned to logical levels (5 to 6 times the expected profit for 2025) for a group whose growth should remain very low (between 1 and 2%) in the coming years.
Back to Constallation (June 28 number):
Constellation Brands flew 7% during the past week, following the announcement of results slightly lower than expectations for the last quarter. The market was reassured by the maintenance of management objectives for the whole year, and many brokers have also raised their objectives for the rest of the year. The course is expected to remain supported by the aggressive share repurchase program, and by a revised increase in the rise for more than 10 years.
Trump administration prices weigh on the prospects of an American brewer
