We are currently experiencing intermittent difficulty logging in users. We appreciate your patience as we investigate.

Analyse aandeel Belgacom

Ondanks de toegenomen concurrentie blijft Belgacom het grootste marktaandeel houden bij vastelijntelefonie, mobiele telefonie en breedband internet- en televisiediensten. (rapport Engelstalig)

Allan C. Nichols, CFA 24 oktober, 2014 | 15:15
Facebook Twitter LinkedIn

INVESTMENT THESIS

As Belgium's primary telecom operator, Belgacom faces tough competition as cable providers aggressively encroach on its fixed-line business. Increased wireless competition is also occurring. Fortunately for shareholders, Belgacom recognizes its limitations and avoids buying growth in areas where it has no competitive advantage. Instead, it returns most of its free cash flow to shareholders in the form of dividends and stock buybacks. We like this strategy, and we expect it to continue.

Bundles of services are very important in Belgium. Telenet has long been a fierce competitor in fixed-line telephone and broadband services, and in 2011, Voo also assumed greater competitive sway. Strong competition continued throughout 2012 and 2013. Telenet has marketed free fixed-line phone service for customers purchasing cable television and broadband. Belgacom has responded by marketing free television service for customers who purchase fixed-line telephone and broadband services. Both strategies have been successful at stealing customers from the other: While the cable operators have taken fixed-line subscribers from Belgacom, Belgacom has equally taken television customers from the cable operators.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Om dit artikel te kunnen lezen, kunt u zich inschrijven als Morningstar Basic Member

Registreer gratis
Facebook Twitter LinkedIn

Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Proximus SA17,33 EUR1,35Rating

Over de auteur

Allan C. Nichols, CFA  Allan C. Nichols, CFA, is a senior stock analyst and international investing specialist with Morningstar.

Bevestiging bezoeker


Onze website maakt gebruik van cookies en andere technologieën om een op u afgestemde ervaring te kunnen leveren, en te begrijpen hoe u en andere bezoekers onze website gebruiken. Zie 'cookie opties' voor verdere details.

  • Andere Morningstar websites
© Copyright 2021 Morningstar, Inc. Alle rechten voorbehouden.      Gebruiksvoorwaardenen      Privacybeleid.    Cookie toestemming
© Copyright 2021 Morningstar, Inc. Alle rechten voorbehouden.

Voorwaarden        Privacybeleid        Cookies