Vodafone’s European organic service revenue growth dropped again in the September quarter, to -1.3%, and we estimate that it continues to underperform its competitors’ growth by two percentage points, thus losing market share. Margins also fell, as the company’s cost reduction measures continue to fail to stop costs rising
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
Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable
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
Having acquired national broadcast TV rights for premium content, France Télécom’s Orange TV will launch on satellite on 3rd July and introduce subscription football and film and series services from August, in a first for a major European telecoms incumbent
Canal+ is entering a critical phase of growth following the recent merger with its former rival Télévision Par Satellite (TPS). Vivendi has set short term guidance targets for 2010 of 11.5 million subscriptions, turnover above €5 billion and more than doubling of EBITA from €490 million to over €1 billion. This presentation examines these targets and concludes that Canal+ will fall short of all them. In the best case baseline scenario of least competition from other pay-TV and free-to-air (FTA) services, it projects EBITA in 2010 of just €890 million
This presentation reports on the triple play of broadband, full telephony and DSL-delivered IPTV in France, the leading market in Europe for the triple play. Of France’s 16.2 million broadband subscribers, one third have migrated entirely to the VoIP services supplied by their broadband provider, dropping their line rental from France Télécom. We estimate that about 3.5 million households have activated the set-top box to receive DSL-delivered IPTV on their main set, also receiving digital terrestrial TV
Vodafone’s Q4 revenues were healthy if a little weak, with underlying growth slowing from 2.0% to 1.8%, but the improvement in Germany is very welcome
International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge
Vodafone UK has announced a tariff refresh that includes ‘free’ mobile browsing with all of its new contract plans