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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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Joseph Teasdale was quoted in CityA.M. on "What’s going on with X/Twitter’s Community Notes?"

9 November 2023

This is a way to save money by “outsourcing moderation costs to users [allowing Musk to] avoid paying professional fact checkers by getting the punters to add context and vote” according to Joseph Teasdale.

However, overall Teasdale “likes” community notes. He told City A.M. notes are “a nice middle ground between doing nothing about false or misleading posts and simply removing them.”

He pointed out the “problems with a central platform applying content policies designed on the West coast of the USA to products that people all over the world rely on for information”. 

“I’m sure community notes are open to abuse, if enough users organise against  a given tweet or opinion,” Teasdale agreed.

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BT: Strong financials, but challenges still to come

8 November 2023

BT continued to perform well financially in Q2, with revenue and EBITDA growth remaining robust, and full year cashflow guidance nudged up.

ARPU growth remained robust across fixed, mobile and Openreach, but subscriber growth was weaker, especially in mobile and Openreach, and this will become more of a concern if it persists.

Maintaining growth across retail divisions will be a challenge as the price rise effect wanes, especially in weak economic conditions, and while Openreach’s FTTP roll-out is going well, full success is still not assured.

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ITV Q3 2023 results: A tough winter ahead

8 November 2023

ITV Studios (+9%, £1.52 billion) continues to prop up the company's advertising business (-7%, £1.23 billion)—which faces macro headwinds—helping external revenues for the first nine months of 2023 slightly upwards to £2.53 billion

Q4 is shaping up as a particularly difficult period for advertising with the lead up to Christmas potentially down by 15% YoY

ITVX continues to show growth; given that this is mostly a result of cannibalising ITV's linear audience, there is a ceiling on its potential

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Virgin Media O2: Challenges and opportunities

8 November 2023

With a difficult price rise adjustment now behind it, VMO2’s subscriber momentum is much improved, in part aided by accelerated network expansion.

Backbook pricing remains under pressure on the fixed network with revenues down 1.2% in spite of sizeable price rises and footprint expansion—upcoming OTS may exacerbate this issue.

VMO2 has thus far only countered the downside of the UK’s fibre revolution. A new approach to branding and expansion of its addressable market are upside opportunities—with the ultimate potential to even deliver improvements on its previous position.

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Karen Egan was mentioned in Reuters on "Vodafone to sell Spanish arm to Zegona for $5.3 billion"

1 November 2023

Enders Analysis' Karen Egan said the multiple of 5.3 times core earnings was well below other recent deals, and was disappointing in the context of Vodafone's history in Spain, where it had paid 7.2 billion euros to buy Ono in 2014.

But she said Della Valle was under pressure to deliver a deal, and Zegona's track record in Spain made it somewhat uniquely qualified to take on the challenge.

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Karen Egan was quoted in The Times on "Vodafone’s drain in Spain ends in €5bn deal"

1 November 2023

Karen Egan at Enders Analysis said: “While the pragmatism of the move will be applauded, the valuation may be viewed as disappointing by some.”

She said this partly reflected the “intensively competitive” market in Spain, the uncertain outlook — with MasMovil, the country’s fourth-biggest operator, awaiting clearance from the European Commission for a joint venture with Orange — and Vodafone being a “keen seller”, as Della Valle was “under pressure to deliver a deal where her predecessor did not”.

Egan added, however, that Zegona’s “track record” in Spain made it “somewhat uniquely qualified to consider taking on such a challenge”.

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Streamers and studios tracker H2 2023: Debt looms large, price rises difficult

31 October 2023

Unable to match Netflix, financially-pressed Hollywood studios are cutting content output and reassessing the DTC model

Price rises are being forced through, however for challengers this is asking a lot from subs, who don’t see an improvement in product or usage

The corporate landscape is fluid—loss-making DTC platforms and revenue-plunging linear channels are candidates for M&A

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Adiós España: Vodafone Spain sold

31 October 2023

Vodafone has struck a deal to sell its ailing Spanish business in a deal worth €5bn, equivalent to 5.3x EBITDAaL.

While the pragmatism of the move will be applauded, the valuation may be viewed as disappointing by some.

The deal removes an enduring drag on the company’s financials, providing scope for better European trends, but this is one of several challenges facing the company, with the dividend policy question now to the fore.

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