Publications

Format: Dec 2018
Sector(s) Datesort ascending
Trinity Mirror: another false dawn?

Trinity Mirror’s recent optimism about the market for newspaper advertising “stabilising” is questionable, and we expect 2007 to be another year of decline, although less pronounced than in 2006

Media 16 May 2007
Warner Music Group: I will survive!

Warner Music Group reported a mild revenue decline in Q2 FY 2006/07, despite continued steep declines in CD sales in the US and elsewhere, by outperforming other CD suppliers, gaining from rising downloads and ringtone sales, persistent strength in music publishing, as well as favourable currency movements

Media, Music and Radio 15 May 2007
Mobile data pricing in the UK: down but not out

The new consumer data tariffs from Vodafone and Orange in the UK continue the trend towards dramatically lower data prices for high end users, although they are cunningly structured to involve more moderate increases for low end users

  • Vodafone
  • Orange
Telecoms, Mobile 12 May 2007
Virgin Media Q1 2007 results: headwinds increasing

Virgin Media’s Q1 top line results were again mixed, with a growing number of customers leaving as competition intensifies, despite the rebrand to Virgin. But it could have been worse; most higher-spending customers are remaining

  • Virgin Media
TV, Media, Telecoms, Fixed Line 9 May 2007
Virgin Radio: a pig in a poke

Scottish Media Group’s decision to sell its Virgin Radio business has been prompted by the need to pay down group debt and the management’s decision to refocus on the turnaround of its ITV service. This report outlines our views on the management pronouncements made on the success and performance of Virgin Radio and, therefore, its value to investors. We consider that management has exaggerated the potential value of this asset to investors

 

 

 

  • SMG
Media, Music and Radio 7 May 2007
Sky high again

Strong FY Q3 2007 results across all parts of Sky’s increasingly diversified portfolio testify to the success of its multiple product and service strategy as it makes the transition from a high price, high value to low price, high value business

 

 

 

  • Sky
Media, TV 2 May 2007
Back to being Apple computer

iPod revenue (quarterly, year-on-year) declined for the first time. Even though unit sales were up 24% year-on-year, the average iPod price was down 20%. Apple group revenue growth is increasingly dependent on Mac sales and new product launches, like Apple TV (March 2007) and the iPhone (in June 2007)

  • Apple
Media, Music and Radio 29 April 2007
DMGT bucks advertising trend and reduces reliance on print

DMGT’s recent upbeat trading update showed improvements on the hefty declines in advertising of 2005 and 2006. At least part of the lift is thanks to DMGT’s national titles gaining share from other mid market and quality titles, and we are discounting a general print advertising recovery

  • DMGT
Media 15 April 2007
Mobile advertising: overhyped?

Mobile advertising has recently been talked up by both mobile operators and media companies, with some analysts estimating that it could be worth more than $11 billion by 2011, or over one third of the current internet advertising market

Telecoms, Mobile 11 April 2007
UK Internet Advertising

The internet is the UK’s fastest growing advertising medium, with spend rising 41% to £2.02 billion in 2006, and a further 30% rise expected for 2007. Three drivers underpin this growth: more intense use of the internet as broadband connections become standard, very strong growth in e-commerce, which is driving up paid-for search, and improving yields through rich-media formats. These factors will continue to propel growth of internet ad spend in the near future

Media, Internet, Telecoms, Fixed Line 9 April 2007
Mobile termination rates

Ofcom has reintroduced price cuts to the UK mobile call termination rates, cutting 2G call termination rates by between 9% and 19% over four years and introducing termination regulation for 3G calls that will cut rates by 45%

Telecoms, Mobile 2 April 2007
UK broadband market Q4 2006

UK broadband market growth fell to 3.2 million net additions in 2006 from 3.8 million in 2005. With 47% of UK households already on broadband, new entrant unbundlers (BSkyB and Carphone Warehouse) are racing against the clock of a maturing market to sign up customers

  • Sky
  • Carphone Warehouse
Telecoms, Fixed Line 1 April 2007
Canal+ post-merger targets for 2010

Canal+ targeted subscription (as opposed to subscriber) growth of 1.3 million by 2010 has a lot of stretch in view of the intense competition from free-to-air (FTA) services and in particular digital terrestrial TV

  • Canal Plus
Media, TV, Non-UK Media 26 March 2007
H3G 2006 results: still burning

H3G’s H2 2006 results were a mixed bag, with the UK’s revenue growth strong but Italy’s weak, churn reduced but unit SACs up, and non-SAC operating costs reduced but capex up sharply

  • Hutchison 3G
Mobile, Telecoms 25 March 2007
Recorded Music and Music Publishing

This update on the prospects for the global recorded music market in the period to 2012 reveals the depth of the industry's woes from steep declines in CD sales in most major markets. Rising sales from downloads and ringtones could stabilise overall sales by 2009 at around $23 billion, far from the peak of $45 billion achieved in 1997. Declining CD volumes are among the principal factors limiting growth of music publisher revenues to a CAGR of 2.2% over 2006-2012, despite continued strong growth of performance revenues from live events and broadcast media, including the internet

Media, Music and Radio 23 March 2007
Scottish Media Group - the only way is up?

The boardroom coup at Scottish Media Group instigated by Hanover has revamped management with the aim of executing a turnaround strategy quickly

Media, TV 22 March 2007
GMG’s sale of Trader Media Group stake

The Guardian Media Group (GMG) sale of a minority stake of Trader Media, publisher of AutoTrader, in 2007 is well timed to maximise its price, given the preponderance of downside risks to classified print adverts

  • Guardian Media Group
Media 20 March 2007
Sky and Virgin blogs

The spat between Virgin and Sky over cable carriage of Sky basic channels has generated much blogging, mostly supportive of Virgin, although neither party appears to be gaining from the ‘zero sum game’ dispute

  • Virgin Media
  • Sky
Media, TV 20 March 2007
Iliad 2006 FY results

Iliad’s 2006 results were solid with broadband subscriber growth on target, DSL market share up one point to 19%, ARPU up 7% to €34.5/month and churn (enviably) at just below 1% per month. Over 1 million of Iliad’s subscribers have dropped France Télécom line rental and Iliad now completely owns those fixed-line telecoms customer relationships

  • Iliad
  • France Telecom
Fixed Line, Telecoms, Non-UK Telecoms 19 March 2007
Mobile revenue growth: December 2006 quarter

Aggregate mobile service revenue growth in the December quarter was stable at 4.2% although, given an easing of termination rate cuts, the underlying growth actually dropped by 0.5 percentage points

Telecoms, Mobile 16 March 2007

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