5G auction Spain translates to other auctions and spectrum holdings

In Spain, 200 MHz in the 3.5 GHz band was auctioned for 20 years for total proceeds of EUR 1.41 billion. Prior to that, MasMovil bought 40 MHz for EUR 30 million. This works out to be 0.755 c/MHz/pop/year for the auction and 0.080 c/MHz/pop/year for the MasMovil transaction.

Conclusions

• Good deal for MasMovil.
• No matter all the differences between auctions (bands, number of participants, etc.), this may be translated to other auctions. The Dutch 2019 auction would have proceeds of EUR 572 million at the valuation of the Spanish auction.
• Apparently, satellite stocks respond to these auctions because of the potential 5G spectrum holdings (SES, Intelsat, Eutelsat).