BT Q4 and full year 2011/12 results: workmanlike
Continuing strong cost control enabled BT to meet its annual guidance for the third year running Underlying cash flow growth continues to be compromised by the impact of LLU and IP on BT Wholesale, with fibre deployment providing only limited defence BT is proving adept at survival in a hostile environment, but further gains will continue to be modest and hard won |
Fixed line, Telecoms |
May 2012 Access this report
|
Vodafone and Cable & Wireless Worldwide: a UK telecoms milestone in prospect
Vodafone’s proposed acquisition of Cable & Wireless Worldwide is far from a done deal and is unlikely to be completed until September
The cost synergies are real but likely slim, with the main rationale being to cost effectively expand Vodafone’s fixed enterprise business in the UK, and to gain the expertise to do this elsewhere |
Mobile, Fixed line, Telecoms |
April 2012 Access this report
|
UK fixed telecoms market: broadband and telephony trends to Q4 2011
In this presentation we show our analysis of trends in UK broadband and telephony to December 2011, based on the published results of the major service providers.
Highlights for the December quarter include a return to the lower rate of broadband market growth seen prior to mid-2010, accelerating growth in the number of subscribers to high speed broadband and the continuing increase in market share of BT Retail and BSkyB at the expense of virtually all other players
This quarter’s edition includes a look at Openreach’s wholesale FTTP On Demand, planned for launch in 2013. |
Media, Fixed line, Internet, Telecoms |
February 2012 Access this report
|
Cable & Wireless Worldwide: Turnaround or acquisition, easier said than done
Cable & Wireless Worldwide’s new CEO Gavin Darby has outlined a turnaround strategy for a business which is not performing that badly in context, against the backdrop of Vodafone considering a bid to buy the company
Mr Darby’s strategy is yet to be finalised, but in outline contains lots of initiatives which are good in theory but hard to implement in practice, especially in a weak macroeconomic climate, in the face of intense competition |
Mobile, Fixed line, Telecoms |
February 2012 Access this report
|
Enders Analysis' Annual Conference
Enders Analysis co-hosted its annual conference, in conjunction with BNP Paribas and Deloitte, in London on 19 January 2012. The event featured talks by 13 of the most influential figures in media and telecoms, and was chaired by Sir Peter Bazalgette. An edited transcript of notes taken during the speaker presentations follows. |
Media, Technology, Telecoms |
February 2012 Access this report
|
BT Q3 2011/12 results: reasonable progress, on balance
BT’s results for the December quarter saw continuing trends of gradual improvement at BT Retail and efficient deployment of next generation access at Openreach, plus strong control of unallocated property costs, enabling management to issue slightly improved group-level guidance for the current financial year to March
Cash flow growth at group level continued to be compromised by the cost of overseas expansion at Global Services and a continuing shift to LLU and IP-based services at BT Wholesale |
Media, Fixed line, Internet, Telecoms |
February 2012 Access this report
|
Netflix faces uphill battle in the UK
The launch of Netflix in the UK and Ireland has ignited the debate on the threat from over-the-top video to pay-TV services from Sky, Virgin Media and BT
Unlike in the US, Netflix’s UK prospects and those of competitors such as Lovefilm, are fundamentally limited, given the availability of low priced pay-TV with strong on-demand components included for free
The impact of Netflix on the UK pay-TV industry is therefore likely to be even smaller than the (hard to discern) effect it has had in the US |
Media, TV, Internet, Technology |
January 2012 Access this report
|
Virgin Media's cable broadband speed upgrade: put that in your pipe
Virgin Media’s plan to double the line speed of most of its broadband customers is the latest in a series of moves to retain its position as the leading high speed internet service provider in the face of BT’s deployment of next generation access (NGA)
The move presages further price increases and an upgrade to offers for new cable customers, but is in the first instance about retaining the large existing base of cable customers currently on 10 Mbit/s |
Media, Fixed line, Internet, Telecoms |
January 2012 Access this report
|
Digital platform growth post analogue
As Phase 1 digital shift from broadcast analogue to digital nears completion, individual platform growth trends have almost flattened out
The most likely area of change in platform trends over the next ten years concerns basic only subscription pay-TV, where we anticipate an overall increase in the total pay-TV base and change in platform balance arising from the introduction of low price basic packages |
Media, TV |
December 2011 Access this report
|
UK broadband and telephony trends to Q3 2011, residential broadband projections to 2016
In this presentation we show our analysis of trends in UK broadband and telephony to September 2011, together with our latest projections for residential broadband subscribers and market shares to 2016. Highlights for the 2011 September quarter include accelerating growth in the number of subscribers to high speed broadband, and the continuing increase in market share of BT Retail and BSkyB at the expense of virtually all other players. This quarter’s edition includes a look at high speed broadband pricing, and our take on the new guidelines on broadband advertising. |
Fixed line, Telecoms |
December 2011 Access this report
|
TalkTalk Group 2011/12 H1 results: continuing strong financial performance, cloudier longer term outlook
TalkTalk Group’s H1 results saw a disappointing increase in subscriber churn, causing a minor downward revision to revenue and volume guidance for the current financial year
Management is making good progress in reducing costs and the company remains on track to meet its financial guidance for the full year
Customer satisfaction is improving and subscriber volume is expected to stabilise by June 2012. But the strength of competition from BT Retail raises questions about the potential for future growth in revenue and hence cash flow |
Fixed line, Telecoms |
November 2011 Access this report
|
BT Q2 2011/12 results: light before the dawn?
BT reported its eighth successive quarter of strong growth in broadband volume and is aiming to complete deployment of next generation access one year early, yet within existing capex guidance for the group
Progress at Global Services and BT Wholesale is continuing, but remains very gradual
We continue to expect guidance for the current financial year to be met, though not significantly exceeded. But broadband momentum and excellent cost control suggest the prospects for FY2012/13 are improving |
Fixed line, Telecoms |
November 2011 Access this report
|
Sky still climbing, but going getting tougher
Sky’s Q1 2012 produced strong 16% year-on-year headline growth in adjusted operating profits, although weakening TV product net additions underlined the challenging economic conditions
Churn remains comparatively low in spite of the economic conditions, while Sky’s current round of major investment in entertainment content, now showing the first signs of bearing fruit, could prove vital to holding churn down and stimulating gross additions |
Media, TV, Fixed line, Telecoms |
October 2011 Access this report
|
Openreach's revised pricing for Physical Infrastructure Access
Openreach has announced large cuts in the prices of some important components of physical infrastructure access (PIA). A further substantial reduction in duct prices is possible as a result of an adjustment by Ofcom to Openreach’s regulatory asset value (RAV)
The reductions are helpful to the economics of bids by altnets such as Fujitsu for government funds to deploy rural next generation access (NGA), and to Virgin Media, as it expands its existing cable network footprint |
Fixed line, Telecoms |
October 2011 Access this report
|
UK broadband and telephony trends: Summer 2011
In this presentation we show our analysis of trends in UK broadband and telephony to June 2011, based on the published results of the major service providers. This quarter’s edition includes a first look at high speed broadband subscriber volumes, and our analysis of broadband growth in 2010 based on data recently released by Ofcom. |
Fixed line, Telecoms |
August 2011 Access this report
|
BT Q1 2011/12 results: marking time
BT reported another quarter of strong growth in broadband volume, helped by high competitor churn and accelerating take up of the Infinity high speed broadband service
But broadband volume growth did not feed through to financial performance at BT Retail, Global Services remained stuck in low gear and BT Wholesale performance weakened further
The company should make its guidance for the year to March, but evidence that it will do more than the minimum remains elusive |
Fixed line, Telecoms |
August 2011 Access this report
|
UK residential high speed broadband outlook: leading the horse to water
BT’s plans to deploy next generation access, combined with state-aided rural broadband projects, look set to give almost three quarters of UK households access to high speed broadband by 2016
New wireless technology is a feasible substitute for wireline for some low-end users and in specific areas, but we do not expect it to have a major impact on high speed broadband deployment |
Media, Fixed line, Internet, Telecoms |
July 2011 Access this report
|
UK broadband and telephony trends: spring 2011
In this presentation we show our analysis of trends in UK broadband and telephony to March 2011, based on the published results of the major service providers. This quarter’s edition includes an updated outlook for broadband market subscribers and market shares to 2015. |
Fixed line, Telecoms |
June 2011 Access this report
|
Mobile revenue growth and outlook Q1 2011
In this presentation we show our analysis of revenue growth trends for mobile operators in the top five European markets (UK, Germany, France, Italy and Spain). The historical analysis is based on the published results of the operators, although they include our estimates where their data is inconsistent or not complete. |
Mobile, Telecoms |
May 2011 Access this report
|
BT Q4 2010/11 results: guidance met but fundamental outlook unexciting
BT met its full year guidance for the second year running, but new guidance reflects the weak revenue outlook and limited potential for further cost reduction
Group performance continues to hinge on capex levels, in particular deployment of next generation access, scheduled to continue until 2015
BT is not a financial basket case doomed to be eaten alive by mobile, satellite, cable or internet-based alternatives. But nor does it look like a huge growth story |
Fixed line, Telecoms |
May 2011 Access this report
|
