Broadbanders
This report looks at the characteristics of today’s UK broadband users in order to understand (a) likely future trends in subscriber numbers growth; and (b) how usage patterns vary between broadband and narrowband customers. We carried out a large piece of market research during the summer and the results are presented here. |
Telecoms |
September 2003 Access this report
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BSkyB Q3 2000 Results
In this report Chris Goodall carries out a brief analysis of Sky's results published today and compares them to our projections.
Our emphasis in this note is on ITV Digital. What are the options open to the two shareholders of ITV Digital, Carlton and Granada? How can they reduce the burden of supporting ITV Digital through the next few years? What is the likelihood (or otherwise) of substantial improvement in that company’s results, in particular break even in 2003? |
Media, Telecoms |
May 2001 Access this report
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BSkyB Targets
BSkyB’s quarterly results will be delivered on Friday 14th November. Prior to these new figures, this report gives our views on the attainability of BSkyB’s medium term targets. |
Media, Telecoms |
November 2003 Access this report
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BSkyB Targets II
The BSkyB change of strategy announced last August by James Murdoch has claimed its first victim according to this report: the company's own original target of 30% operating margin by FY 2006/07. That leaves the company with just two of its core targets: £400 ARPU and 8 million subscribers by the end of 2005. Meanwhile, the profit target has been replaced by the long-term growth target of 10 million Sky Digital subs by 2010, over 25% with Sky+ boxes and more than 30% with multiroom subs. |
Media |
November 2004 Access this report
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BSkyB trading update to 30 June 2007
Another record quarter of subscriber growth testifies again to the strengths of Sky’s marketing strategy and its successful entry into the telecommunications arena. The target of 10 million subscribers by the end of 2010 looks increasingly likely
TM is now looking at a sales target of £450 million instead of £600 million, though the revised target may still be too high, with the sale taking place at a time when regional newspaper fortunes are at a low ebb |
Media, Telecoms |
July 2007 Access this report
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BSkyB's Results and the State of Pay-TV in the UK
NTL's share price slide over the last few weeks has focused attention again on the prospects for UK pay-TV.
This report extends the analysis to the two largest European incumbents, France Telecom and Deutsche Telekom. We look at trends in market share, wholesale and retail pricing, and the impact of increased competition. We identify the companies' strategies in the face of these forces and show the impact of stretched balance sheets on corporate actions. |
Media |
July 2001 Access this report
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BT - The Pressure Will Continue
As the various separations in the BT family draw closer, we use this report to assess the likely prospects of the core UK fixed line division, Wholesale and Retail.
The key points are: |
Telecoms |
August 2001 Access this report
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BT 2009/10 Q4 results: strong cost control and better visibility, but a tough year ahead
BT met its guidance for the year to March 2010, although the improvement this quarter was more modest and concentrated at Global Services
New guidance gives an exceptional level of visibility over the next three years which, although welcome, reflects the challenges which lie ahead
BT has stepped smartly back from the brink but, as management concedes, there is much left to do, particularly at Global Services, which continues to burn cash
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Fixed line, Telecoms |
May 2010 Access this report
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BT and Earthlease
We note with interest the reported bids by various consortia for part or all of BT's fixed-line network. According to press reports, the Earthlease consortium has offered £8bn for BT's local loop (i.e. the copper wire connecting individual telephones to the local exchange), while a WestLB led consortium is reported to be ready to offer £18bn for the entire network. Note that each of these bids will be structured as asset purchases financed largely by debt. The plans are to provide wholesale access to the network to BT Retail and other telcos. |
Telecoms |
August 2001 Access this report
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BT and FON
BT is now offering its broadband customers the option of joining the FON network, allowing them to use the FON worldwide network of Wi-Fi hotspots |
Fixed line, Telecoms |
October 2007 Access this report
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BT Broadband
In this report, we show that price competition between ISPs is helping to push broadband penetration to higher levels than we expected. BT is likely to achieve at least some of its targets for broadband connections. However, this is at the expense of profitability. We suggest that BT Retail is unlikely to make money on broadband connections, particularly in view of the high acquisition costs and the potential for subscriber churn. We also note that the BT strategy in broadband is crippling other ISPs. |
Telecoms |
November 2002 Access this report
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BT Broadband
BT's direct access broadband product attracted a lot of attention last week. This note examines the likely scale of demand for the product over the next four years. We conclude that although the product does have a niche among sophisticated users, the number of prospective customers is very unlikely to exceed 1 million. BT forecasts several times this number. |
Telecoms |
April 2002 Access this report
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BT FY 2005-06 Q4 results
BT is continuing to grow revenue in spite of increasing competition in the residential market |
Telecoms |
May 2006 Access this report
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BT FY 2005/06 Q3 results: light at the end of the tunnel?
Global Services is now established as the main engine of growth at BT
The company will take a significant cash hit in the early years of the project but CPW’s new-found scale in fixed telephony means the strategy is likely to succeed |
Telecoms |
February 2006 Access this report
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BT FY 2006-07 Q1 results: revenue growth looking more vulnerable but overall performance continuing to improve
Group revenue growth remains positive, but intensifying competition in residential services and the absence of further big wins in corporate contracts mean that it looks more vulnerable than it has for some time |
Telecoms |
July 2006 Access this report
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BT FY 2006-07 Q2 results: further progress but rougher water ahead
Group revenue growth continues to be positive but vulnerable; EBITDA growth continues apace but cash flow growth has again been hit by 21CN capex |
Fixed line, Telecoms |
November 2006 Access this report
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BT FY 2006-07 Q4 results: going whoosh?
Revenue growth was weaker but EBITDA growth remained strong and capex fell, sending cash flow growth strongly positive |
Fixed line, Telecoms |
May 2007 Access this report
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BT FY 2006/07 Q3 results: firing on (almost) all cylinders
Group revenue growth was strong but helped by a one-off price change and LLU supply issues at Openreach |
Fixed line, Telecoms |
February 2007 Access this report
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BT FY 2007-08 Q3 results: under pressure
Increasing loss of retail call market share and continuing decline in wholesale revenue stunted growth in group revenue, which would have dropped slightly without help from acquisitions |
Fixed line, Telecoms |
February 2008 Access this report
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BT FY 2007-08 Q4 results: continued pressure on underlying performance
BT’s Q4 results were a welcome improvement on Q3, with better growth in revenue, consistent growth in EBITDA and strong growth in cash flow
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Fixed line, Telecoms |
May 2008 Access this report
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