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    PROX   BE0003810273

PROXIMUS SA

(PROX)
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Proximus : European shares drop as high yields spark profit taking in tech, resources

02/26/2021 | 02:04am EDT

* Bond proxy sectors the worst performers in Feb

* Tech leads losses for the week

* Travel, bank stocks shine in Feb

Feb 26 (Reuters) - European stocks closed lower on Friday, ending three weeks of gains as investors booked profits in technology and commodity-linked shares due to concerns over rising inflation and interest rates on the back of a jump in bond yields.

The benchmark European stock index fell 1.6%, and shed 2.4% for the week - its first weekly loss this month - with technology stocks losing the most as they continued to retreat from 20-year highs.

On the day, resource stocks were the softest-performing European sectors, tumbling 4.2% from a near 10-year high in their worst session in five months.

"Equity markets across the U.S. and Europe are quite expensive now and with bond yields constantly rising, the fixed income market is proving to be more attractive than the riskier equity market," said Roland Kaloyan, a strategist at SocGen.

"Investors are actually looking at the pace at which yields drop and the current speed is quite concerning for equity markets."

U.S. and euro zone bond yields retreated slightly on Friday, but stayed close to highs hit this week as investors positioned for higher inflation this year. Yields were also set for large monthly gains.

Sectors such as utilities, healthcare and other staples - usually seen as proxies for government debt due to their similar yields - lagged their European peers for the month as investors sought better returns from actual debt.

Still, the benchmark STOXX 600 gained in February, helped by a rotation into energy, banking and mining stocks on expectations of a pickup in business activity following vaccine rollouts.

Travel and leisure was the strongest sector in February as investors bet on an economic reopening boom. Banks also outperformed their peers thanks to higher bond yields.

Better-than-expected fourth-quarter earnings have also reinforced optimism about a quicker corporate rebound this year. Of the 194 companies in the STOXX 600 that have reported quarterly earnings so far, 68% have beaten analysts' estimates, according to Refinitiv.

"As recovery hopes gain ground with the economy re-opening and vaccines coming up, coupled with earnings being relatively positive, the near-to-mid-term outlook for equities seems positive with yield movements still a part of the equation," said Keith Temperton, an equity sales trader at Forte Securities.

Among individual movers, Belgian telecom operator Proximus was the worst performer on the STOXX 600 for the day, after it flagged a lower core profit in 2021. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila and Hugh Lawson)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PROXIMUS SA 0.49% 18.55 Real-time Quote.14.44%
STOXX EUROPE 600 0.90% 442.49 Delayed Quote.10.89%
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Financials
Sales 2021 5 489 M 6 577 M 6 577 M
Net income 2021 519 M 621 M 621 M
Net Debt 2021 2 496 M 2 991 M 2 991 M
P/E ratio 2021 11,6x
Yield 2021 6,56%
Capitalization 5 986 M 7 170 M 7 172 M
EV / Sales 2021 1,55x
EV / Sales 2022 1,57x
Nbr of Employees 11 423
Free-Float 42,0%
Chart PROXIMUS SA
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Technical analysis trends PROXIMUS SA
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Average target price 19,21 €
Last Close Price 18,55 €
Spread / Highest target 50,9%
Spread / Average Target 3,53%
Spread / Lowest Target -29,4%
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NameTitle
Guillaume Boutin Chief Executive Officer
Katleen Vandeweyer Chief Financial Officer
Stefaan de Clerck Chairman
Geert Norbert Rene Standaert Chief Technology Officer
Pierre de Muelenaere Independent Director
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