European mobile revenue growth improved very slightly in Q4 2010, up by 0.1ppt in reported and 0.2ppts in underlying terms, but remained negative
While the improvement is welcome, growth remains very subdued compared to pre-recession levels, especially in Italy and Spain, which continue to lag the growth of the UK, Germany and France
The outlook for mobile revenue growth is bleak, with severe MTR cuts in Germany and the UK likely to drive growth down again over the next six months
Canal+ France has issued a prospectus in view of the April flotation of Lagardère’s 20% stake, which could still reach an agreement to sell with majority owner Vivendi
The prospectus provides a unique insight on the performance of Canal+, which has increased ARPU and profitability in the past three years, despite erosion of its subscriber base due to competitive pressures and the recession
Management’s revenue and profit targets for 2013 appear within reach, and we also see potential upsides
To draw in competitors to Canal+, French football Ligue 1 broadcasting rights are being tendered in 12 lots, offered in three sequential auctions (non-premium Fans matches, Premium, highlights)
H3G and T-Mobile have agreed to fully share their 3G networks, with their networks being roughly doubled to a combined 13,000 sites over the next two years
H3G has launched the ‘Skypephone’, a Skype-branded phone with a free Skype VoIP service fully integrated into the handset
H3G’s revenue growth has slowed significantly, with H1 revenue flat on the previous half, driven by steady churn and a reduced investment in customer acquisition
Canal+ targeted subscription (as opposed to subscriber) growth of 1.3 million by 2010 has a lot of stretch in view of the intense competition from free-to-air (FTA) services and in particular digital terrestrial TV
H3G’s H2 2006 results were a mixed bag, with the UK’s revenue growth strong but Italy’s weak, churn reduced but unit SACs up, and non-SAC operating costs reduced but capex up sharply
H3G has removed roaming charges for customers roaming onto its own overseas networks. While reducing roaming prices can be partially, or even fully, compensated for by elasticity effects, removing them altogether has far more limited direct compensations, especially when consumers are on bundle tariffs