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

Iliad’s 2006 results were solid with broadband subscriber growth on target, DSL market share up one point to 19%, ARPU up 7% to €34.5/month and churn (enviably) at just below 1% per month. Over 1 million of Iliad’s subscribers have dropped France Télécom line rental and Iliad now completely owns those fixed-line telecoms customer relationships

Aggregate mobile service revenue growth in the December quarter was stable at 4.2% although, given an easing of termination rate cuts, the underlying growth actually dropped by 0.5 percentage points

Mobile handset form factors have continued to multiply, but the general trend is for flagship models to be slimmer, sleeker and more metallic

Virgin Media’s Q4 results were again mixed – increasing competition is continuing to have a significant effect on net additions but, as yet, most higher ARPU customers are staying put, permitting modest revenue growth

Mobile WiMAX is still being heavily hyped as the future of mobile broadband, with Sprint in the US, with its $3 billion network rollout, being lauded as the pioneer

Vodafone and Orange are planning to share their 3G networks in the UK, and are looking at potentially sharing their 2G networks in due course

Group revenue growth was strong but helped by a one-off price change and LLU supply issues at Openreach

This report sets out the technological, regulatory and consumer demand issues relating to the provision of mobile TV services in the UK. In summary, technology is uncertain, spectrum is scarce and demand is weak but, nonetheless, we expect industry enthusiasm to drive full multi-channel broadcast services before the end of the decade

Strong second quarter subscriber figures, including 432,000 gross additions, the highest in six years, attest to a strong and improving product offer. To reach the core target of 10 million subscribers by 2010 will, however, require poaching many cable customers

Three sources of downside risk for Trader Media include: a sluggish car market impacting on print and online ad volumes; the decline of print ad volumes as a result of the shift to online and resulting compression of Trader’s operating margins; Trader’s powerful competitors in the online ad market, especially eBay

Trader’s valuation could be 10 to 11 times 2006 profit of £120 million, although a minority stake makes it difficult for a private equity investor to get in, slash the expensive print-based cost structure, and get out quickly