Telco Daily: TEF results, Hot topics call, DTE, INWT, KPN pricing, PROX

研报英文原文证据摘录

Telco Daily: TEF results, Hot topics call, DTE, INWT, KPN pricing, PROX

operating trends and depressed

valuation still make for an attractive investment case. Post the 1Q26 results, we update our

estimates essentially for the latest forex. Our FY26 and FY27 Revenue/Adj. EBITDAaL estimates

change by +0.3%/+0.2% and +0.4%/+0.4%. Our FCFaL estimates sit at €19.8bn/€21.1bn across

FY26/FY27 (up +1.7%/+0.5% for the same period). We maintain our €39.5 PT and reiterate our

OW rating. DTE now trades on a 2026E EV/adj. EBITDA of 7.8x, EV/OpFCF of 11.9x, EFCF yield of

8.4% and unlevered FCF of 6.3% vs 7.6x, 13.3x, 6.2% and 5.4% for peers.

Proximus - Domestic EBITDA remains resilient; fibre JV approval in focus

Proximus recently signed the long-form cooperation agreement with Wyre and Telenet in

Flanders, while it expects Wallonia to follow a similar framework with a timeline roughly three

months behind. Management stressed that Flanders JV implementation is still subject to final

regulatory approval, involving both the telecom regulator and the competition authority, and

did not provide any guidance on timing. With regard to the on-going fibre rollout, the slower Q1

fibre build was attributed to seasonality and the nearing completion of dense areas, and

Unifiber’s funding needs were addressed via a convertible loan, with Proximus reiterating that

consolidation is contractually foreseen for 2031 but could be assessed earlier if value-

accretive. Proximus says that pricing pressure remain intense in mobile – particularly at the low

end. On the domestic EBITDA outlook, management flags headwinds in later quarters from tax

provision reversals and salary indexation, consistent with full-year guidance for broadly stable

EBITDA.

Sunrise – Model Update

14 May 2026 2