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Karen Egan, senior telecoms analyst at Enders Analysis, said Iliad’s announcement was ‘something of a surprise’, highlighting that the firm previously said it had moved from its offer for Vodafone Italy made last year.
‘Iliad may be banking on Vodafone management being under greater pressure at this stage,’ Egan said.
“This operation would have a good chance of stopping the price war because Iliad would become a small part of Vodafone,” explains François Godard, analyst at Enders, who emphasizes, however, that any consolidation movement will have to be validated by Brussels and that ;there are therefore uncertainties. Iliad could also have to battle with Swisscom, present in the peninsula via Fastweb and interested in Vodafone in Italy.
“Just as Italy was a pioneer in mobile telephony with prepaid plans, it is trying an interesting and unique experiment with this operation,” explains François Godard. Potentially, it is a way of pooling operators' network expenses and giving them oxygen. But everything remains to be drawn, the result is uncertain.
Karen Egan, head of mobile at Enders Analysis, described the implied valuation of Vodafone Italia as “really quite attractive in today’s market”.
She added: “[Iliad] will definitely be conscious that Vodafone shareholders want action and they want to take advantage of that.”
Karen Egan, from Enders Analysis, called the Vodafone Italia valuation “very attractive” for today’s market, “given it is not far off the price that was put forward by Iliad last year in a very different macro environment”.
Iliad has made an attractive offer for Vodafone Italy, to initially form a joint venture but to ultimately give Iliad the right to buy Vodafone's stake.
Vodafone management may be more keen on a less transformative, but easier, deal with Fastweb, retaining Vodafone's presence in Italy.
Iliad's announcement is likely aimed at highlighting to shareholders and the Vodafone board that a more value-creative deal is on the table, even if management appetite is not there for it just yet.
That could marginally decrease the ads’ effectiveness but isn’t a massive threat, according to Joseph Teasdale, head of tech at London-based research outfit Enders Analysis. “The search side of the business is fine. Ninety percent of the effectiveness is in the keywords,” Teasdale said. Amazon took in more than $30 billion in ad revenue in the first nine months of this year.
Rich in twists and turns, the saga of the sale of the Telegraph takes place in a context of great turmoil for the British press. For many observers, this is a form of litmus test () for the real value influential newspapers in the digital age. “It’s true, confirms the managing director of Enders Analysis, Douglas McCabe, a recognized expert in the media industry across the Channel, the battle of the 'Telegraph' serves as a litmus test for the 'quality' British press. in a pivotal period of upsurge.
For Alice Enders, one of the best Enders Analysis experts, the path remains complicated for the Redbird IMI tandem. “But the operation is likely to succeed because the United Emirates are very important allies of the British government and have promised to invest 10 billion pounds in five years in the UK.”She is confident the deal will go ahead, even if Paul Marshall still enjoys significant political support.
The UK’s ‘zombie’ economy—largely flat since March 2022—is due to the cost-of-living crisis weighing on households, with this exacerbated in 2023 by the rising cost of credit. Real private expenditure growth will be weakly positive in 2024 before strengthening in 2025 as headwinds recede
Our 2023 forecast of a nominal rise but real decline in display advertising was realised, with TV’s revenues falling while digital display rose. Advertiser spend online is justified by the channel’s size and growth, worth an estimated £406 billion in 2023
For 2024, much lower inflation and mildly positive real private expenditure growth points to 3-4% display advertising growth, with a stronger recovery anticipated in 2025
The Premier League deal will help to guarantee Sky’s future by removing a risk to its TV subscription base, even as the cost of living crisis is hitting the mobile and broadband market.
Under Strong’s three-year tenure, the broadcaster had been able to bring its US parent “on board with Sky’s objectives” — including signing the cheque for more than £5bn for the rights.