Publications

Format: Oct 2017
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Sector(s) Datesort ascending
UK Cable

The UK cable sector is now hardly covered by investment bank analysts. (It may be impossible to find anyone who isn’t tarnished by having a previous ‘Buy’ recommendation on the stocks.) But since NTL’s return from its near death experience, its share price has performed extremely well. This note takes a close look at the fundamentals for UK cable.

Telecoms 3 September 2003
Global Mobile Trends

In this report we compare the mobile markets and operator business models in Western Europe, the US and Japan. We examine the main differences, and judge whether convergence is possible or likely.

 

 

 

Telecoms, Mobile 27 August 2003
H3G UK Update

On 21st August Hutchison Whampoa reported on the progress of its 3G investments as part of its interim report. This brief note examines this progress compared to our expectations, and reassesses the threat to the GSM operators.

  • Hutchison 3G
Telecoms 26 August 2003
Wanadoo H1 2003

Wanadoo just reported its H1 2003 results and the FY 2003 Group EBITDA target looks well in hand thanks to the outstanding performance of the directories division. The performance of the Internet segment has been less satisfactory for two reasons: Wanadoo France is facing stiff competition from Free on the 512k DSL segment; and Freeserve in the UK and Eresmas in Spain have seen very slow subscriber and revenue growth due to barebones customer acquisition activity. Wanadoo will be ramping up DSL customer acquisition activity from September onwards to achieve Internet segment targets and may reduce prices in the UK.

  • France Telecom
Media 10 August 2003
The ITV Merger - The Final Hurdle

Last week Enders Analysis interviewed David Elstein. Elstein is leading a team attempting to put in place a new management at ITV in the event that the merger is allowed by the Competition Commission. This note carries his views on the remedies likely to be imposed by the Commission and also on the scope for cost savings and improvements in business strategy at the merged group.

  • ITV
Media 4 August 2003
UK Commercial Radio

The Communications Act heralds a brave new world for commercial radio... or does it? Although newly relaxed media ownership rules vastly increase the scope for consolidation, the competition authorities have already shown they will curb excessive concentrations of advertising selling power.

Media 22 July 2003
BT Yahoo! Broadband

BT and Yahoo! recently announced the launch of BT Yahoo! Broadband for September 2003, a co-branded DSL transport/personalised home page/broadband portal service. The goal is to revitalise BTopenworld, which lost 10 percentage points in DSL market share in H1 2003. The new service will be provided to BTOW subscribers at the same price as the DSL service today, improving BTOW's value-for-money proposition and providing clear proprietary differentiation over other ISPs.

  • BT
  • Yahoo
Media, Telecoms 17 July 2003
New EU Telecoms Regulatory Framework

By the 25th of July, we expect the Communications Bill will have received royal assent. The Bill, together with Oftel's new tasks as regulator pending the handover to Ofcom, represents the UK's implementation of the new EU telecoms regulatory framework. All licences issued under the existing telecoms regulatory framework will lapse and a new system of authorising providers will begin. This note covers the basics of the new regime, the existing state of play on the UK's implementation, and the main conclusion that can be drawn at this point.

Telecoms 15 July 2003
Online Advertising Outlook 2003

Online advertising in the UK, Germany and France proved to be extremely resilient in 2002, despite a difficult advertising environment generally, victim of the soft economic conditions in Europe. Based on interviews with industry players, this report identifies the changing environment for online advertising and prospects for 2003.

Media 8 July 2003
Freeview

Freeview is the most successful Digital Terrestrial Television service in the world. But, despite its success in attracting purchasers, it will not manage to lay the basis for the proposed analogue switch off. Not only is it attracting very small amounts of viewing to its digital channels, it is also not overcoming the resistance of large sections of the UK population to digital television.

Media 30 June 2003
Interactive TV Advertising

This report examines the revenue potential of Direct interactive TV advertising (DiTV) for BSkyB and other UK channels. This advertising format exploits the technology of BSkyB's Digibox to provide the viewer with a means of directly responding to advertising campaigns featured on the television. As the gatekeeper to the Digibox, this report confirms that BSkyB will gain the most from the development of the market for DiTV, collecting up to 80% of the revenue generated.

Media 25 June 2003
BT Global Services

Global Services is the new name for BT's Ignite division. The structure of this important part of BT's business is complex and extremely difficult to understand. BT itself promotes the division as its 'hidden jewel', even though its financial performance in recent years has been little short of catastrophic. Investors rightly remain sceptical.

  • BT
  • Yahoo
Telecoms 22 June 2003
Handset Survey

This note reports on the results of our latest bi-monthly survey in May 2003 of handset owners and purchase intentions for the near future. Highlights include the rising share of Nokia to 57% of the UK handset market, consistent with past survey results indicating that Nokia remains the favoured brand by a wide margin, both for new entrants and for existing users upgrading to a newer model.

 

 

 

Telecoms, Mobile 15 June 2003
3's New Tariffs

On June 9th '3' launched 2 new tariffs aggressively targeting the core of the GSM contract base. In this report we look at the potential impact of these on both H3G and the UK GSM operators.

  • Hutchison 3G
Telecoms 11 June 2003
Sogecable

The long drawn out merger between the two Spanish pay-TV operators will finally be consummated in the next few weeks. As we have seen elsewhere in Europe, competition in pay-TV produces little but red ink. Investors will be pleased that Sogecable and Via Digital are finally combining. We have little doubt that this merger will eventually produce a profitable and successful business. But management appears too optimistic about the likely continuing cash drains as operations are combined and costs reduced over the next two years.

  • Sogecable
Media 1 June 2003
Digital Music Downloading

It was just like the old days. Apple started an online music service, which was immediately well received. Steve Jobs proclaimed loudly that the world would never be the same. Investment banks rushed to assert that digital downloading would save the music companies. Truly gargantuan estimates were made of the potential revenue streams. This note looks at the i-Tunes phenomenon.

Media 22 May 2003
UK Broadband and Internet Trends Q1 2003

Part of our regular series on the UK broadband and Internet markets, this note highlights the shifting fortunes of ISPs and cable operators in competing against BT brands on the fast growing residential broadband market.

Media, Telecoms 20 May 2003
BT's Residential Tariff Increase

On June 1st BT is launching a radically new pricing structure for its 10m BT Together customers, dropping the distinction between local and long distance calls, and introducing a flat rate 6p for off-peak calls of up to an hour. In this report we look at the impact of these changes on BT, its customers and its competitors.

  • BT
  • Yahoo
Telecoms 14 May 2003
The Digital Bomb III

Digital Bomb lll is our third annual assessment of the global market for digital set-top boxes and associated hardware. So far, our forecasts have been accurate and we continue to see relatively slow growth in the next few years.

Media 8 May 2003
Freeserve versus Oftel

Last week’s decision from the Competition Appeal Tribunal was seen as a victory for Freeserve over BT. Does this mean Oftel will have to use a different approach to regulation? Does the decision herald a new era in the regulation of the telecommunications and media industries in the UK? We think not.

Media 24 April 2003

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