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Log in for access Subscription options Join the newsletter. Find out more. Featured Content. Jun 7, Online Find out more All events. Top News. Inside Mizuho Leasing's new seed fund. Analysis: Nowports fundraise underscores appetite for digitising freight. About us Global Corporate Venturing GCV is where global innovation and capital converge to define, invest and shape the world of tomorrow. Remember me. Proximus trades about in line with other telcos when adjusting its CAPEX burdens for its fiber rollouts, but the Telesign IPO fetching a nice valuation creates an offset for the business value, where the multiple then falls nicely below peers.
While there is a value incentive, we are still talking about a capital-intensive business with small growth rates. We think we can do better elsewhere, but not within telcos where Proximus might just be the best deal. Many telcos weren't quick to the punch with fiber rollouts, and indeed there were many due to the weak economics of providing fiber especially to rural areas, which has lead them to this uncomfortable straining of their balance sheets whereby CAPEX requirements are being levied from the companies coffers.
With so much liquidity going into these rollouts, sacrificing dividends along the way like with BT Group, and with the stage of the rollouts being different for different companies, we have to give the multiples a second look. In the case of Proximus, we can assess their fiber rollout progress against the total number of households that they'll have to reach.
Belgium has about five million homes, with four million being the target of the rollout. With million EUR being spent this year on reaching an additional k homes, we can run with a ratio of how capital intensive it is to reach Belgian homes. This brings the EV up to around However, the Telesign take-public action changes things.
Telesign is a relatively high growth segment within Proximus that provides solutions for platforms to know their customers and prevent various types of fraud. It has other integrated features that make them useful for companies that have onboarding processes. The company is IPOing at a 1. The multiple then becomes a 5. While Proximus is your run-of-the-mill telco, delivering decent results, the high CAPEX burden is straining their dividend payout meaningfully.
With debt necessary to sustain that dividend cash flow, we are further justified in adjusting the multiple as we have. However, there is quite a strong value proposition, and even parsing out the Telesign business which has been helping with revenues, Proximus is able to achieve a semblance of growth. Relative to other telcos, Proximus is clearly a good deal, perhaps unrivalled.
However, we worry about dividend safety, which is often a reason for which investors choose telcos as a sector. Currently the dividends are well in excess of free cash flows, so the coverage is simply insufficient, and won't be for a while.
With the telco businesses being so capital intensive, and with so many interesting prospects on the market, we are still going to pass, just because we are sector underweight. But within the sector, Proximus is clearly a strong deal. If you thought our angle on this company was interesting, you may want to check out our service, The Value Lab. We've done really well for ourselves over the last 5 years, but it took getting our hands dirty in international markets.
If you are a value-investor, serious about protecting your wealth, our group of buy-side and sell-side experienced analysts will have lots to talk about.