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Topic “Vodafone”

Format: 2014-12
Format: 2014-12
Sector(s) Datesort icon

European mobile in Q3 2014: A rare improvement

The European mobile market had a rare quarter of solid improvement in Q3, with reported service revenue growth improving by over 2ppts to -4.7%, helped by a 1ppt improvement in regulated MTR cuts (which have now dropped to near zero) and a 1ppt improvement in underlying growth

The improvement appears largely driven by improved pricing trends, with the improvement in Italy particularly strong. However we feel that pricing is still in general in a fragile equilibrium, with the potential longer term structural improvements - consolidation and network focus - yet to be made

Mobile, Non-UK Telecoms, Telecoms December 2014 Access this report

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UK mobile market Q3 2014: Growth maintained, but uncertainty ahead

UK mobile service revenue growth stayed positive in Q3 2014, albeit at a slightly lower level than last quarter, an achievement given performance in recent years, but a slight disappointment given the previous improving trend. Pricing trends were a little worrying, but data volumes continue to accelerate markedly

With Phones 4U ceasing to trade towards the end of the quarter, Q4’s subscriber shares will be largely determined by where its prior customers end up. With these representing 13% of market gross adds which implies 65% of net adds, the impact is significant

Mobile, Telecoms December 2014 Access this report

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Vodafone Q2 2014/15 results: A sharp reduction in decline

Vodafone Europe enjoyed a sharp improvement in mobile service revenue growth in its Q2, with the decline reduced to 5% from 8% the previous quarter

Part of this was due to a reduced regulatory impact, part was due to one-off factors, but underlying improvements are still clear across all major markets, with price declines attenuating and a significant improvement in competitive performance

Mobile, Telecoms November 2014 Access this report

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European mobile in Q2 2014: Underlying weakens again

European mobile service revenue growth improved by 0.5ppts to -7.2% in Q2 2014, but all of this and more was driven by a reduced regulatory impact; underlying growth has been stuck at around 6% for the last four quarters, with progress in some areas consistently being countered by further pricing pressure

Industry consolidation has progressed to some extent, but would have had little impact in the quarter. Further in-country mobile/mobile mergers are more than likely but uncertainty driven by the changing European Commission may be delaying decisions to move forward

Mobile, Non-UK Telecoms, Telecoms September 2014 Access this report

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UK mobile market Q2 2014: Pricing stable, volume surges, growth returns

UK mobile service revenue growth finally returned to positive territory in Q2 2014 after three years of decline, largely driven by the MTR impact dropping out, but also helped by a 0.6ppt improvement in underlying growth

Mobile, Telecoms September 2014 Access this report

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Vodafone Q1 2014/15 results: Modest signs of recovery

Vodafone Europe’s service revenue growth improved slightly in the June quarter, by 0.6ppts to -7.9%, largely due to it running out of revenue to lose in some segments, but contract net adds were disappointing, with the company still losing ground competitively

Investment in Project Spring is surging with capex double the prior year and 4G coverage accelerating, which is very encouraging for the medium term, but it will be some time before this pays off in revenue and profit terms

Mobile, Telecoms July 2014 Access this report

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European mobile in Q1 2014: Underlying remains weak, but consolidation progresses

European mobile service revenue growth improved to -7.6% in Q1 2014 from -9.0% in the previous quarter, but most of the improvement came from a drop in the regulated MTR cut impact, with underlying growth only improving 0.2ppts

This is in spite of continued improvements in GDP growth and the highest level of consumer confidence in six years, confirming that the often-blamed economic conditions actually have been having little impact on the market, with competitive intensity the real cause

Mobile, Non-UK Telecoms, Telecoms July 2014 Access this report

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UK mobile market Q1 2014: Heading for positivity

UK mobile service revenue growth remained relatively healthy at -1.6% in Q1 2014, despite the absence of some favourable one-off factors in the previous quarter, consolidating the improvements seen in 2013. Underlying growth improved a touch to 0.3%, and given that the regulatory impact will drop out next quarter, reported revenue growth may well turn positive in Q2

Mobile, Telecoms June 2014 Access this report

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Vodafone Q4 2013/14 results: Still weak, recovery some way off

Vodafone Europe’s service revenue growth improved by 1.1ppts to -8.5% in the March quarter, but this was all driven by a waning regulatory impact, with underlying growth nudging down slightly

The company’s service revenue growth improved a fraction more than its competitors, but it has barely narrowed the substantial gap, and contract net adds share fell after three consecutive quarters of improvement

Mobile, Telecoms May 2014 Access this report

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European mobile in Q4 2013: Focused on consolidation

European mobile service revenue growth again disappointed in Q4, dropping slightly from -8.9% to -9.1%, with underlying revenue growth dropping a little further from -6.0% to -6.3%, again reaching a record low

Mobile, Non-UK Telecoms, Telecoms March 2014 Access this report

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UK mobile market Q4 2013: Bouncing up

UK mobile market service revenue growth improved on both a reported and underlying basis by 1.2ppts in Q4, a very welcome result after six consecutive quarters of declining underlying growth. Reported revenue is still in decline, at -1.6%, but it is the most modest decline among larger European countries, and compares to -5.0% in early 2013

Mobile, Telecoms March 2014 Access this report

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Vodafone Q3 2013-14 results: Limited signs of turnaround, all eyes on M&A

Vodafone Europe’s revenue growth was again weak, flat on the previous quarter in reported terms at -10%, but underlying revenue growth declined slightly, despite a strong recovery in GDP growth

There are some limited signs of recovery – improved contract net adds, sustained data volume growth, an end in sight to ARPU dilution – but realistically Vodafone’s admirable organic investment push will not reap rewards within the year

Mobile, Telecoms February 2014 Access this report

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UK 2G licence fee proposals: Higher and higher

Ofcom has been instructed by the UK government to charge the mobile operators ‘full market value’ for the 2G spectrum they have been using for many years, despite there being no liquid market for the spectrumOfcom’s general approach to such an imponderable question is eminently sensible, but we disagree with the detail of their methodology on three key aspects, which makes the current proposed charges over three times too high in our view, effectively charging the industry a one-off tax of £4.5bn

Mobile, Telecoms January 2014 Access this report

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2013 round up and topics for next year

2013 has seen yet another year of strong growth in consumer adoption of mobile devices and screens adding to the challenges facing traditional media. Press and radio have long been affected, but television is now starting to feel the heat BT and Sky’s contest for premium pay-TV sports rights has intensified. August saw the launch of BT Sport, while BT’s acquisition of the European football rights in November was a clear statement of intent, spending half of Channel 4’s total programming budget on approx. 200 hours of content

Media, Mobile, TV, Fixed line, Press, Internet, Non-UK Telecoms, Music and Radio, Non-UK Media, Technology, Telecoms December 2013 Access this report

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UK mobile market Q3 2013: Flattening out

UK mobile market service revenue growth improved on a reported basis in Q3 to -3%, but was unchanged on an underlying basis, still not a bad result after six consecutive quarters of underlying growth declining, albeit in the context of rapidly improving macroeconomic conditions

Mobile, Telecoms December 2013 Access this report

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European mobile in Q3 2013: Improving to minus nine

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. A copy of the underlying data in spreadsheet format is available to our subscription clients on request

Mobile, Telecoms December 2013 Access this report

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Vodafone Q2 2013/14 results: A mountain to climb, with a hill of cash

Vodafone Europe’s revenue growth declined again, as it underperformed a weak market, with pricing pressures still suppressing growth despite recovering macroeconomic conditions

Project Spring is a limited step in the right direction, with European mobile network investment only £3bn out of the £7bn total, but the potential network outcome – 4G coverage better than 2G is now – is impressive

Mobile, Non-UK Telecoms, Telecoms November 2013 Access this report

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European mobile in Q2 2013: Still terrible; investment and consolidation to the rescue?

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. A copy of the underlying data in spreadsheet format is available to our subscription clients on request

Mobile, Telecoms September 2013 Access this report

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UK mobile market Q2 2013: 4G on a budget

UK mobile market revenue growth improved in Q2, rising to -3.6% from -5.0% in the previous quarter, but we see this as driven entirely by an easing in the regulated MTR impact, with underlying growth actually dropping.

Mobile, Telecoms August 2013 Access this report

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Vodafone Q1 2013/14 results: Uneven bounce

Vodafone Europe’s reported organic service revenue growth improved in the June quarter for the first time in over a year, albeit to the still-somewhat-unimpressive figure of -7.2%

This was however helped by slightly improving MTR cuts and the previous quarter being hit by the leap year effect; on an underlying basis growth declined again

Contract net adds continue to be weak, ARPU continues to suffer from the dilutive Vodafone Red tariffs, and the company continues to invest heavily in fixed line and lightly in mobile, the wrong way around in our view

Mobile, Telecoms July 2013 Access this report

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