Vodafone, KDG and quad play in Europe
German unbundlers are in decline, unable to match cable for price or bandwidth, or to invest in new fibre networks. Vodafone, the second largest unbundler, must choose between consolidating and divesting Merging with Kabel Deutschland would deliver fixed line synergies – with high execution risks. |
Mobile, Fixed line, Non-UK Telecoms, Telecoms |
March 2013 Access this report
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Vodafone Q3 Interim Management Statement: slowing less quickly
Vodafone’s December quarter KPIs showed only slightly worse underlying European revenue growth compared to last quarter, with another plummet in growth in Spain moderated by improving figures in Germany
In the context of GDP growth across its markets being considerably worse, this is a relatively good performance, with its market share loss likely to prove less severe than last quarter |
Mobile, Non-UK Telecoms, Telecoms |
February 2009 Access this report
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Vodafone Q3 2006/07 KPIs: steady but unspectacular
Vodafone’s underlying service revenue growth in its core European markets again improved, to 3.0% from 2.3% in the previous quarter, although most of this improvement was due to the impact from termination rate cuts being lower |
Mobile, Non-UK Telecoms, Telecoms |
February 2007 Access this report
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Vodafone June quarter KPIs: the slide continues
Vodafone’s European revenue growth continued to slide, down to -4.4% in the June quarter from -3.3% last quarter, which itself was a sharp drop
A substantial element of this quarter’s decline was driven by an acceleration in termination rate cuts in Germany, but the general trend is weak volumes driven by a weak economy |
Mobile, Non-UK Telecoms, Telecoms |
July 2009 Access this report
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Vodafone June quarter 2010 results: confidence issues
Vodafone Europe’s revenue growth again notched up, increasing by 0.7ppts as reported or 0.3ppts in underlying terms, with minutes volume growth accelerating by 1.8ppts
This is a little disappointing in the context of the rate of reported GDP recovery, but consumer confidence, particularly in Southern Europe, has re-dipped in the last few months, making raw GDP figures less relevant than they once were |
Mobile, Non-UK Telecoms, Telecoms |
July 2010 Access this report
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Vodafone June 2008 KPIs: economic woes... or competitive struggles?
Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable |
Mobile, Non-UK Telecoms, Telecoms |
July 2008 Access this report
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Vodafone June 07 Q1 results
Vodafone’s European operations revenue growth dropped, but not as much as various regulatory interventions would have warranted, implying a strong operational performance
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Mobile, Non-UK Telecoms, Telecoms |
July 2007 Access this report
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Vodafone H1 2009/10 results: hitting the nadir?
Vodafone Europe’s service revenue growth declined again in the September quarter to -4.6%, but on an underlying basis it improved, and volume growth also improved, suggesting that improving economic fundamentals are starting to feed through
Margins again fell, with the net benefit of the cost reduction program a long way from compensating for revenue declines, but overhead costs are at least dropping in absolute terms |
Mobile, Non-UK Telecoms, Telecoms |
November 2009 Access this report
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Vodafone December quarter update: inflection attained
Vodafone’s European revenue growth improved by 1.4 percentage points in the December 2009 quarter to reach -3.2%, the first improvement since the start of the economic slowdown in 2008
While data revenue is growing fast in absolute terms, its contribution to growth is flat to slightly down, with the main driver being more traditional services improving due to the recovery in year-on-year GDP growth |
Fixed line, Non-UK Telecoms, Telecoms |
February 2010 Access this report
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Vodafone 2008/09 H1 results: underperforming competitors
Vodafone’s European organic service revenue growth dropped again in the September quarter, to -1.3%, and we estimate that it continues to underperform its competitors’ growth by two percentage points, thus losing market share. Margins also fell, as the company’s cost reduction measures continue to fail to stop costs rising |
Mobile, Non-UK Telecoms, Telecoms |
November 2008 Access this report
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Vodafone 2007/08 interim results: guidance up, but performance down
Vodafone’s European revenue growth has dropped again in the latest quarter, both relative to the prior quarter and its competitors, with Spain performing particularly poorly |
Mobile, Non-UK Telecoms, Telecoms |
November 2007 Access this report
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Vodafone 2006/07 results and 2007/08 guidance: unambitious?
Vodafone achieved its 2006/07 full year targets on revenue and profitability, with solid revenue growth (underlying about 2% in Europe) but dropping margins (by around 2pps in Europe) |
Mobile, Non-UK Telecoms, Telecoms |
May 2007 Access this report
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Vivendi scenarios for 2011
Vivendi is close to being in a cash position to buy out minority shareholdings in SFR and Canal+, shedding the image of a ‘conglomerate’ of partly owned and diverse assets, which has weighed on valuation Acquiring Vodafone’s 44% stake in SFR (now only a question of price) would allow Vivendi to rebrand itself as a telecoms story, serving France, with Maroc Télécom and mainly Brazil’s GVT supplying the upside To fully acquire Canal+, Vivendi’s offer will need to consider Lagardère’s option of floating its 20% stake. |
Media, Mobile, TV, Fixed line, Non-UK Telecoms, Non-UK Media, Telecoms |
November 2010 Access this report
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Very High Speed Broadband: A Case For Intervention?
In continental Europe ‘public/private partnerships’ rolling out very high speed broadband (VHSB) access networks to consumers are the latest rage, with local governments pushing their own subsidy initiatives and seeking to secure cover from European Commission rules on state aid. These initiatives raise basic questions about the future of the telecommunications industry, including whether the supply of network infrastructure will be led by demand for applications or by the will of politicians, subsidies at hand |
Fixed line, Non-UK Telecoms, Telecoms |
January 2007 Access this report
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Update on KPN’s fibre roll-out
In The Netherlands, KPN faces strong competitive pressure on voice and broadband from cable operators historically addressing subscription TV services due to their superior fibre/coax networks – KPN needs to upgrade its ADSL network to increase IPTV coverage and bandwidth to compete effectively on the triple play |
Fixed line, Non-UK Telecoms, Telecoms |
December 2009 Access this report
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UK broadband, telephony and pay TV trends Q4 2012: Solid and solidifying
Both subscriber and revenue growth in the UK home communications market perked up in Q4, with an easing of weather related supply-side constraints helping the former and firm pricing helping that latter. We expect both trends to continue into 2013
BT’s high speed broadband net adds accelerated in the quarter, as did that of the other DSL operators, albeit from a much lower base. High speed broadband is already a mass market phenomenon within the BT and Virgin Media subscriber bases, with it only a matter of time before this spreads further |
Fixed line, Non-UK Telecoms, Telecoms |
March 2013 Access this report
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Triple play in France
This presentation reports on the triple play of broadband, full telephony and DSL-delivered IPTV in France, the leading market in Europe for the triple play. Of France’s 16.2 million broadband subscribers, one third have migrated entirely to the VoIP services supplied by their broadband provider, dropping their line rental from France Télécom. We estimate that about 3.5 million households have activated the set-top box to receive DSL-delivered IPTV on their main set, also receiving digital terrestrial TV |
Fixed line, Non-UK Telecoms, Telecoms |
June 2008 Access this report
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Samsung maintains the pace with the S4
Last week Samsung updated its flagship Galaxy S smartphone with a solid incremental upgrade that will cement its dominance of the high-end of Android, helped by a $14.7bn marketing budget and wide distribution
Impact will be strongest on other Android OEMs: the preceding S3 was heavily outsold by the iPhone and the new model is unlikely to change this, with similar design and positioning |
Mobile, Non-UK Telecoms, Technology, Telecoms |
March 2013 Access this report
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Q1 mobile operator results: the story so far...
Growth in Q1 2007 for the aggregate non-Vodafone European mobile operations was 4.2%, a slight decline from 4.7% last quarter (Vodafone reports its results next week) |
Mobile, Non-UK Telecoms, Telecoms |
May 2007 Access this report
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Orange TV premium content strategy
France Télécom’s Orange TV premium strategy presents an interesting example of diversification into low cost ‘light’ pay-TV offers by an incumbent telecoms operator. Orange Sport and Orange Cinéma Séries are offered exclusively to Orange's 2.55 million TV subscribers, and five quarters after launch, adoption is 20%. This report draws several lessons on this type of venture for other incumbent operators |
Fixed line, Non-UK Telecoms, Telecoms |
December 2009 Access this report
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