Publications

Format: Nov 2018
sort ascending Sector(s) Date
Can Sky deliver a German pay-TV turnaround?

The News Corp management has given Sky Deutschland a full and costly revamp in 2009, leading to a steep year on year increase in negative EBITDA of around €200 million

Underlying trends of improvement in net subscriber additions, ARPU growth and churn reduction, assisted by its HD offer, suggest that Sky management will get close to, if not actually meet, its 2011 breakeven target

However, there are significant downside risks in the historically tough German pay-TV market, and robust profitable growth beyond 2012 presents a real challenge

  • Sky
  • News Corp
Media, TV, Non-UK Media 11 March 2010
Can NTL Service its new debt?

In the next few days, NTL expects to emerge from Chapter 11, relieved of $11 billion of debt. While the long negotiations over financial restructuring have been in progress, NTL management has been conducting a huge cost reduction exercise largely out of the public eye.

Telecoms 12 December 2002
Can mobile save print publishers? - Do tablets bring salvation, or 40 years in the wilderness?

Large parts of print media face existential problems from the structural decline of consumption and core advertising businesses, and the growth of an internet model of free content and large-scale disaggregation

Employment trends in US media underline the depth of the decline in sales of print media (no similar data is available for the UK), across newspapers, periodicals and books

Publishers are being forced to search for business models that align with new patterns of consumer behaviour –and which make money

  • Apple
Media, Internet 1 February 2010
Camera Phones & MMS in 2003

In this report we look at the sales and usage of camera phones in Europe, and estimate future sales based in part on the results of our regular survey of UK mobile users. As a consequence of these findings, we have downgraded our forecast of UK MMS revenues.

 

 

 

Telecoms, Mobile 5 March 2003
Camera Phones

Camera phones represent the best hope of the mobile operators. Proven demand in Japan gives European operators reason for optimism that cameras will increase ARPU. Handset manufacturers believe it will ignite replacement demand.

 

 

 

Telecoms, Mobile 11 August 2002
Cable vs DSL?

This report is a companion to Broadband Europe (2002-02), issued concurrently, and looks more closely at cable’s ability to compete with incumbents on marketing broadband. Key points include:

The outlook for the industry is further enhanced by the impact of much lower paper costs, allied with cost measures on print usage, and reduction in expenditure on online ventures. The industry is increasingly benefiting from best practice although anomalies remain in margins that indicate further room for improvement. Editorial investment has not alas managed to halt continuing slow declines in circulation that are inevitable in our opinion.

Telecoms 16 January 2002
Cable & Wireless: UK vs. the 'exotics'

This report examines the medium-term prospects for Cable & Wireless. In 2003, analysts sensed a new dawn for C&W following the arrival of new management and the company's exit from the US.

  • Cable & Wireless
Telecoms 13 May 2004
Cable & Wireless/Thus: a deal worth doing

In our view the potential for synergies from an acquisition of Thus by C&W, though more limited than might be supposed, would still have a significant impact on the combined entity at the EBITDA level

  • Cable & Wireless
Mobile, Telecoms 30 June 2008
Cable & Wireless Worldwide: Turnaround or acquisition, easier said than done

Cable & Wireless Worldwide’s new CEO Gavin Darby has outlined a turnaround strategy for a business which is not performing that badly in context, against the backdrop of Vodafone considering a bid to buy the company

Mr Darby’s strategy is yet to be finalised, but in outline contains lots of initiatives which are good in theory but hard to implement in practice, especially in a weak macroeconomic climate, in the face of intense competition

Integrating Vodafone UK’s mobile wireline backhaul and core networks with C&W WW’s UK network would yield slim synergies, as the most expensive part of Vodafone’s wireline network has little overlap with that of C&W WW

We think that Vodafone is more likely to be interested in using C&W WW to help sell integrated fixed-mobile products to corporate customers, and, to a lesser extent, SMEs. Whether the benefits will outweigh the significant integration headaches is something only Vodafone can decide

  • Vodafone
  • Cable & Wireless
Fixed Line, Mobile, Telecoms 17 February 2012
Cable & Wireless Worldwide interim results 2010/11: not much excitement

C&W Worldwide’s performance over the six months to September was strong in terms of cash flow growth, although this was partly due to lower bad debt cost

Revenue decline is easing, but weakness in the mid-market business and reduced public sector spending are weighing on EBITDA

Looking ahead, this should improve somewhat, as the retail mid-market business recovers, but we expect growth in the core business to remain unexciting

  • Cable & Wireless
Telecoms, Fixed Line 19 November 2010
Cable & Wireless Worldwide full year results 2010/11

C&W Worldwide’s performance over the year to March was weak, with the most meaningful metrics showing positive but very low growth

The sharp decline in the mid-market business appears to be over, but price pressure and accelerating loss of ‘traditional’ voice revenue is preventing further progress

Guidance for the year to March 2012 is uninspiring. Beyond that, growing momentum in cloud services and the overseas businesses should generate more significant progress, but organic growth looks set to remain modest

  • Cable & Wireless
Fixed Line, Telecoms 25 May 2011
Cable & Wireless Worldwide annual results to March 2010: continuing strong cost control

C&W Worldwide’s first set of annual results since demerger were flattered by the inclusion of a full year of Thus

Nonetheless, management has continued to execute well despite difficult market conditions. Excellent cost control generated another year of strong underlying cash flow growth, albeit from a low base

Looking ahead there are grounds for continuing optimism, despite minimal guidance, although the rate of cash flow growth is set to drop, as cost reduction becomes progressively more challenging

  • Cable & Wireless
Telecoms 26 May 2010
Cable & Wireless UK business update. "My gaff, my rules."

C&W UK’s new Chairman John Pluthero’s turnaround strategy involves shedding 27,000 business customers and focusing on 800 of the largest accounts

Viability is a major concern. Although the Freeview channels and much of the on-demand content will be free, subscriber acquisition costs probably will exceed £200, while per subscriber on-demand revenues are unlikely to amount to much more than £1 or £2 per month 

  • Cable & Wireless
Telecoms 1 March 2006
Cable & Wireless half year results to September 2008: free at last

The UK business (EAUS) is continuing to improve ahead of guidance as expected and its turnround can now be judged a success. Management has announced an aggressive plan to extract synergy from the recently acquired Thus

  • Cable & Wireless
Telecoms, Mobile, Fixed Line 12 November 2008
Cable & Wireless half year results to September 2007: International weak but encouraging progress in UK

International performance was hit by problems in Jamaica and was weak generally except for Panama and Macau

  • Cable & Wireless
Telecoms 15 November 2007
Cable & Wireless half year results to Sept 2009: rum punch

The international business (CWI) has been hit by a sharp downturn in tourism, but performance at the UK-based business (Worldwide) remains on course, despite declining revenue

The initial announcement of an intention to demerge Worldwide from CWI will be followed by more details by the end of November

With little prospect of growth at International in the second half, and a successful turnaround phase at Worldwide beginning to draw to a natural conclusion, the demerger may not have the impact some had hoped

  • Cable & Wireless
Telecoms, Fixed Line, Non-UK Telecoms 9 November 2009
Cable & Wireless full year results to March 2009: strong cost control

The UK and international businesses (now ‘Worldwide’ and ‘CWI’) are both continuing to perform well, despite weak revenue growth, thanks to strong cost control. Worldwide is now generating cash organically for the first time in memory

Performance at the newly-acquired Thus has been slightly below expectations, mostly due to increased customer churn. The sale of the ‘mid-market’ part of the business is a possibility

The market was disappointed by guidance for the new financial year. In our view it is both acceptable and achievable

  • Cable & Wireless
Telecoms, Mobile, Fixed Line, Non-UK Telecoms 20 May 2009
Cable & Wireless full year results to March 2008: International still weak but continuing progress in the UK

International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge

  • Cable & Wireless
Telecoms, Fixed Line, Non-UK Telecoms 27 May 2008
Cable & Wireless full year results to March 2007: a start is a start

The performance of the international business remains solid

  • Cable & Wireless
Telecoms, Fixed Line 28 May 2007
Cable & Wireless annual results ending 31st March 2006

International subsidiaries continue to perform solidly 

  • Cable & Wireless
Telecoms 30 May 2006

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