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Enders Analysis provides a subscription research service covering the media, entertainment, mobile and fixed telecommunications industries in Europe, with a special focus on new technologies and media.

Our research is independent and evidence-based, covering all sides of the market: consumers, leading companies, industry trends, forecasts and public policy & regulation. A complete list of our research can be found here.

 

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It is this high degree of fragmentation, operators argue, that has driven up competition and pushed down prices, as usage of the network has surged. In the UK alone, mobile service revenues have fallen by almost 30 per cent in real terms over the past decade while mobile traffic levels are more than 30 times higher over the same period, according to Enders, the telecoms consultancy.

It could take years before Eutelsat can provide the Ukrainian military and civilians with connections that are on par with what’s currently available from Starlink, Enders Analysis’ researcher Hamish Low said.

“Starlink is just this insane moving target,” he said. “No matter how hard Eutelsat tries, they’re still going to be blown away over the next couple of years.”

Geopolitical clashes between the US and Europe were a barely concealed undercurrent at this year’s MWC, with European tech regulation at odds with US moves, and telcos pitching for regulatory favours on firmer ground than they have had for years.

Perhaps the largest impact is on the satellite industry, with Eutelsat OneWeb having been given a new lease of life as the EU champion versus a now disfavoured SpaceX/Starlink.

AI was of course the talk of the town, but largely in ways that are tangential at best to traditional telcos, with the necessary building blocks for telcos to play a big role (i.e. network APIs) still needing much work.

Enders’ senior analyst Francois Godard said the Canal+’s full-year result confirm that it’s a “value stock,” but that “it’s not a company that will see tremendous growth.”

“When you see tech companies who are posting 20% growth every year, that’s not what Canal+ is doing and that’s never been what they promised. Their reputation is built on the fact that they’re a solid company, which is built on a viable, cost-effective economic model that brings a slow but steady growth.”

Godard suggested that Canal+ may take longer than expected to find its footing at the London stock exchange because “it’s unlike any other listed media group.” “There are no comparisons and it’s difficult to explain the potential of their strategy because a lot of people are concerned about cord-cutting and don’t necessarily understand the value in aggregation,” says Godard. Ultimately, it requires some thoughts and long-term forecasting that investors don’t always seek,” he continued.