Vodafone FY 2011/12 results: Revenue growth improves, margins shakier
Vodafone Europe’s revenue growth improved by 1.5ppts on a reported basis and by 0.3ppts on an underlying basis; given the deterioration in macroeconomic conditions, this is a strong result, and Vodafone extended its outperformance of competitors
Margins were weaker with European EBITDA margin dropping about 1ppt on an underlying basis in H2. SAC/SRCs were for once well under control, but a very small rise in ‘other’ costs pushed margins down; with revenue growth well below inflation, maintaining margins is a massive challenge |
Mobile, Telecoms |
May 2012 Access this report
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Mobile revenue growth and outlook Q1 2012: Modest improvements, but worse to come
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, Non-UK Telecoms, Telecoms |
May 2012 Access this report
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Apple updates the ecosystem, spurning Google
Apple has announced the features of the next version of iOS, the platform that runs the iPhone, iPad and iPod Touch. Key steps includes the replacement of Google Maps with Apple’s own mapping service, Facebook integration and expanded features for the Chinese market.
By replacing Google Maps, and in numerous smaller ways, Apple is starting to direct its users away from Google: a key theme across many new features is moving search and discovery away from raw web search. |
Mobile, Technology, Telecoms |
June 2012 Access this report
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UK mobile user survey 2012: networks over handsets (apart from the iPhone)
In this report we show the findings of our 2012 UK mobile user survey. The report is a wide ranging analysis of the mobile market based on our consumer research, focusing on the competitive landscape among the mobile operators and smartphone manufacturers, and the changing consumer behaviour that has and will continue to impact the market |
Mobile, Telecoms |
June 2012 Access this report
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Vodafone Q1 2012/2013 results: Not quite as bad as it seems
Vodafone Europe’s June quarter service revenue growth contracted sharply to -1.6% from -0.2% in the previous quarter
Given various one-off factors, and a likely continued macroeconomic driven slowdown, we expect that Vodafone’s underlying competitive performance is unchanged
The outlook is still poor, with macroeconomic and regulatory headwinds joined by a self-inflicted problem in Spain. Cost control at least appears to be going well, with slowing smartphone sales growth keeping handset costs under control |
Mobile, Non-UK Telecoms, Telecoms |
July 2012 Access this report
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H3G HY 2012 results: UK strong, Italy boosted by accounting
H3G’s European operations accelerated their underlying service revenue growth to 7.8% in H1 2012, and EBIT margin improved slightly from 3% to 4%, but the growth appeared to be significantly helped by aggressive handset subsidies in Italy, with the company’s unconventional accounting policy disguising the impact on EBIT The UK business continued to perform very well, with contract net additions strong again helped by falling churn, and service revenue growth accelerating from 13% to 14%. |
Mobile, Non-UK Telecoms, Telecoms |
August 2012 Access this report
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Mobile revenue growth and outlook Q2 2012: Growth drops, worse to come
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 |
August 2012 Access this report
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Mobile platforms update, Q2 2012: Apple. Android, Samsung and Facebook
Around 125m smartphones were sold globally in Q2, up over 30% from Q2 2011. Around 450m mobile handsets were sold in the quarter, giving smartphones a volume share of around 28% Apple and Android dominate with a combined of 85% of units sold, and a cumulative total of 810m devices running their mobile platforms. Of these we estimate that 680m are active, of which 95m are tablets Android arrived later and has grown faster, but Apple’s market share of smartphones as been steady at 20-25% for several years: Android’s growth has come at the expense of Nokia, RIM and feature phones |
Mobile, Non-UK Telecoms, Technology, Telecoms |
August 2012 Access this report
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UK mobile market Q2 2012: Steady H1, exciting H2 ahead
In this presentation we show our analysis of the UK mobile market performance to Q2 2012 and consider the outlook both in terms of market growth and competitive dynamics |
Mobile, Telecoms |
September 2012 Access this report
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iPhone 5: maintaining the status quo
Apple has refreshed the iPhone with a thinner design, better performance and the addition of 4G LTE, returning it (arguably) to the status of the best phone on the market for 6-9 months, until competitors catch up again.
Apple’s choice of LTE bands gives Everything Everywhere a 12 month exclusive selling ‘4G speeds for your iPhone’ in the UK, although given that the iPhone 5 also supports the latest enhancements to 3G, the impact of this will depend much on how well it is marketed. |
Mobile, Technology, Telecoms |
September 2012 Access this report
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4G in the UK : Advantage EE
A number of developments over the summer have, at least in theory, made the UK 4G mobile spectrum outlook a lot clearer: in July Ofcom issued its final policy statement regarding the 800MHz and 2.6GHz ‘4G’ auctions, in August it decided to allow Everything Everywhere (EE) to ‘refarm’ its 1800MHz spectrum for 4G use, and EE announced that it had sold 15MHz of its 1800MHz spectrum to H3G |
Mobile, Telecoms |
September 2012 Access this report
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Facebook – the only way is mobile
Facebook now has more than one billion users but future commercial success depends on monetising the growing consumption via mobile devices, which are replacing the PC as the main method of access
Facebook’s new mobile ads are newsfeed based Sponsored Stories and Promoted Posts rather than banners; early agency performance feedback is positive
Rapid growth in mobile ads will not be sufficient to offset slowing growth from PC-based advertising in 2012 and 2013, but revenue growth should pick up in 2014 as mobile ad volumes ramp up and other initiatives kick in |
Media, Mobile, Internet, Telecoms |
October 2012 Access this report
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EE charges a premium for 4G
EE announced its 4G pricing today, with the prices broadly set at a premium of around £5 a month to those of 3G services from Orange, T-Mobile, O2 and Vodafone
Perhaps more importantly, the pricing includes unlimited voice and text as standard, which pushes the minimum spend to £36 a month, a substantial uplift from current average contract values of £20-£25 |
Mobile, Telecoms |
October 2012 Access this report
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Virgin Media Q3 results: Subscriber growth creeps up
In Q3 Virgin Media delivered the strongest cable subscriber net adds it has enjoyed in years, with household net adds of 40k and broadband net adds of 57k ARPU and revenue growth moderated from the previous quarter, but remained strong in absolute terms at 2% and 3% respectively Broadband growth will likely still look modest compared to BT and Sky, but Virgin Media’s base is looking increasingly solid against any future attacks |
Media, Mobile, TV, Fixed line, Telecoms |
October 2012 Access this report
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SFR and Numericable: a coax and copper merger?
Keen to reposition itself as a media conglomerate, Vivendi is considering merging SFR with private equity-owned Numericable and its B2B sister Completel, while reducing its stake in the new entity to below 50%.
Sizeable savings would come from migrating SFR’s fixed line subscribers in urban areas from Orange’s copper network to Numericable’s coax and FTTB, and from eliminating Completel’s LLU network and Numericable’s marketing spend. |
Mobile, Fixed line, Telecoms |
October 2012 Access this report
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US Q3 handset sales: 80% smart, 41% iPhone
In Q3 the ‘big four’ US mobile operators sold 22.6m phones to retail contract customers (90% of the market): 80% were smartphones and 41% were iPhones The iPhone has had close to 50% of US smartphone sales every quarter since December 2011, when Sprint began selling the iPhone, and shows no sign of weakness US iPhone sales are supported by a market pricing structure that masks the iPhone’s price premium |
Mobile, Technology, Telecoms |
November 2012 Access this report
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Vodafone Q2 2012/13: Growth slows further, will new pricing help?
Vodafone’s European revenue growth dipped again in the September quarter from -2% to -4%, with regulation and poor macroeconomics playing a part, but the company also lost ground to the competition
This poor competitive performance was likely due in part to the operating companies being distracted in anticipation of the new Vodafone Red tariffs launched in September and October
While the strategic logic of launching unlimited voice and text tariffs is sound, early evidence is that they are not revenue-enhancing in the short term, so further pressure on revenue growth is possible |
Mobile, Telecoms |
November 2012 Access this report
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European mobile revenue growth and outlook Q3 2012: Nadir not yet reached, can 4G help?
European mobile market service revenue growth dropped again in Q3, by 1.9ppts to -6.2%. This was not helped by a substantial increase in the MTR impact, driven by a big cut in Italy, but underlying revenue growth still fell by 1.3ppts In stark contrast to Europe, the US mobile market continues to grow apace, with there being over 10ppts between the growth rates of the two regions. |
Mobile, Non-UK Telecoms, Telecoms |
December 2012 Access this report
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UK mobile market Q3 2012: Awaiting 4G
UK mobile service revenue growth nudged down in Q3 2012 by 2.0ppts to -3.8%, with 0.5ppts driven by an increase in the effect of regulated MTR cuts and 1.5ppts caused by underlying factors, largely driven by a weakening UK economy |
Mobile, Telecoms |
December 2012 Access this report
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Pre-Christmas mobile platforms update
Smartphones and tablets running iOS and Android will outsell PCs by more than 2:1 in 2012. There will be 1bn of these devices in use by the end of the year, compared to around 1.5-1.6bn
PCs The hardware business continues to polarise, with Samsung and Apple dominating revenue and revenue growth and most other branded manufactures looking distinctly sub-scale. Samsung and Apple are using their scale to cement their position |
Media, Mobile, Technology, Telecoms |
December 2012 Access this report
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