Showing posts with label Vivendi. Show all posts
Showing posts with label Vivendi. Show all posts

Monday, May 24, 2021

Week 20 in Telecoms, Internet, Media (UPDATED)

CORPORATE

  • KPN: Telegraaf: EQT and Stonepeak still interested in offer
  • Telefonica: Rumor: to sell Zeleris (logistics), wants EUR 100m, HIG Capital interested
  • BT: Fitch: agreement with BT Pension Scheme (to meet part of its pension deficit repair plan through an asset-backed funding (ABF) structure) is broadly neutral to BT's leverage profile and rating
  • CityFibre (West Street Infrastructure Partners = Goldman Sachs 35%, Antin Infrastructure Partners 35%): Rumor: to sell 30% stake for GBP 1b to ~20 pension & investment funds, to expand target from 8m to 10m premises 
  • Vodafone
    • 20/21Q4 prelim
      • guidance 21/22: adj EBITDA AL EUR 15.0-15.4b, capex GBP 8b (raised), adj FCF >EUR 5.2b
      • Strategy Update
        • to apply for EU's Recovery & Resilience facility
        • targets rev growth, adj EBITDA AL growth MSD, adj FCF growth FCF, leverage 2.5-3.0x, dividend minimum 9c
        • focus on 1. Network investment (fixed & 5G), 2. stronger, more comprehensive product offering, 3. accelerate digital capabilities, 4. flexibility to support Vantage Towers
    • Rumor: interested in co-investment with BT to build 5m premises by 2026
  • VodafoneZiggo: Ziggo Sport to lose Formula 1 rights from 2021/22 season to NENT Group, rumored to pay >EUR 30m, to establish Viaplay, with Bundesliga football (currently at RTL NL); reaches 1.5m viewers
  • Liberty Global
    • CMA approves Virgin Media / O2 UK merger without remedies, to close 210601
    • Establishes JV AtlasEdge Data Centres with Digital Colony to develop >100 edge datacenters in Europe, to close & launch 21Q3; for s 5G, gaming, IoT, edge compute applications; e Josh Joshi to be Exec Chair; Virgin Media UK & IE, Sunrise UPC, UPC Poland to be anchor tenants, open for 3rd parties
  • Cegeka: Citymesh plans to expand mobile nationwide and into consumer market under new brand, to invest EUR 100m, to participate in upcoming auction (700, 900, 1400, 1800, 2000 bands)
  • Iliad: 21Q1; delays fixed-line market IT entry to after summer 2021; expects Iliad IT to report positive EBITDA AL over 2021; to sell remaining 30% stake in towerco FR (On Tower France = Cellnex), >EUR 600m; to revise Op CF target for FR (excl B2B, originally EUR 900m) by Sep 2021
  • Altice Europe: SFR acquires 50% stake in RegloMobile (MVNO France, 770k subs; = Afone Participations) from E Leclerc Group (retailer)
  • 1&1 Drillisch: Finalises nat roaming (2G, 3G, 4G plus 2G, 3G, 4G, 5G MVNO; excl 4G in urban areas from 260101: 1&1 Drillisch 5G covered areas) deal with Telefonica DE, 5 yr; 1&1's subs to be migrated to own network after certain period
  • Gamma Communications: AGM & 21Q1 trading update; outlook 2021: rev, adj EBITDA, adj EPS at high-end of range of market forecasts (rv GBP 442-461, adj EBITDA 86-94m, EPS 55-63p)
  • Deutsche Telekom
    • CMD (1)
      • Targets 2021-24: rev CAGR 1-2%, adj EBITDA AL CAGR 3-5%, FCF >EUR 18b by 2024 (2020: 6.3b), EPS >EUR 1.75 by 2024 (2020: 1.20), pay-out ratio 40-60% of EPS (lower limit EUR 0.60); aims for sustainable growth
      • 5 key action areas: 1. Turning customers into fans (leader in terms of customer experience in fixed, mobile, convergence; superior networks and best-in-class service), 2. Lead in B2B in Europe (rev CAGR 2% in DE and Europe; T-Mobile US to double market share), 3. A new level of sustainability (to become climate neutral in terms of its own emissions (Scope 1 and 2) by as early as 2025, from 2040, 10 years earlier than the original target, this will apply to the entire value chain (Scope 1, 2 and 3), management compensation contains components based on these targets), 4. Number one in fiber and 5G (FTTH penetration >60% by 2030, from 5% currently; to add 2.5m HP/yr from 2024; 5G coverage 97% pops coverage by 2024), 5. We continue to drive digitization (continue to digitize its business at all levels, 30 percent of purchases by customers in Germany to go via our electronic channels by 2024) 
      • Strategic review for T-Mobile NL (preparing for sale) & towers
    • CMD (2)
      • Targets tech & inovation
      • Targets T-Systems
      • Group Development (US, BT stake, NL, Towers, DTCP): valuation T-Mobile US $76b, BT stake GBP 1.9b, GD Towers EUR 12.8b, T-Mobile NL EUR 5.7b incl towers 5.0b excl towers (reduced EBITDA AL EUR 30m) (based on broker estimates), own valuation EUR 6b (enterprise value)
      • Targets T-Mobile NL ('Crown Jewel') YE 2024: 900k fixed subs, FMC penetration of branded base >40%, >50% of customer transaction digital
      • GD Towers ('Kingmaker asset') targets 2024: add 6k sites, 15k site extensions, external rev CAGR >3% (3rd party business), lower opex/site; targets GD 2024: rev CAGR >2%, adj EBITDA CAGR >4%, cash contribution AL CAGR >6%
  • AT&T
  • SingTel: Plans impairment charge on Amobee (ad platform), Trustwave (cyber security), Optus (Australia)
  • RTL
  • Vivendi: Reduces ambition for ownership of UMG after IPO 210927 of 60% from 20 to 10% (Tencent to retain 20%), may sell 10% to US-based investor or increase float to 70%; to retain 10% stake for minimum 2 yr; UMG 21Q1: rev EUR 1809m (+9.4%; recorded music +10.8%, music publishing +6.9%, merchandising & other -10.0%), EBIT 322m (+36%)
  • Google: Bloomberg: Waymo plans to raise $4b, considers IPO

VIDEO

  • Amazon
    • The Information: to offer $7-10b for MGM (studio, channel Epix); Variety: to offer $9b (others expect $5b)
    • libary of 4000 films (incl James Bond, Hobbit, Rocky/Creed, RoboCop, Pink Panther franchises) + 17k episodes (incl Stargate, Vikings, Fargo, The Handmaid’s Tale, Get Shorty, Condor, Fame, American Gladiators, Teen Wolf, In the Heat of the Night), unscripted shows (incl The Voice, Survivor, Shark Tank, The Real Housewives of Beverly Hills, The Hills)
    • MGM 21Q1: rev $403m (+27%), net income $29.3m
    • Variety: valuation $5-6b + debt, Eon Productions (= Broccoli family) control James Bond franchise, insist in theatrical release, refuse spin-offs
  • NENT Group: Plans to launch Viaplay in NL 22Q1 as streaming ad-free SVOD service
  • WarnerMedia: HBO Max AVOD tier (HBO Max With Ads)
    • to cost 10 $/mo
    • to launch in US early June 2021
    • to exclude day-and-date Warner Bros movie premieres throughout 2021
    • no ads against HBO originals; minimal ad load
    • to produce equal margin to ad-free tier
    • ad types: Brand Block, Pause Ad, Branded Discovery
    • ad-free tier to expand to Latam/Caribbean end June 2021
    • to upgrade HBO-branded streaming services in Europe to HBO Max 21H2
    • Some HBO Max originals to be aired on TBS & TNT from summer 2021
  • ViacomCBS: CBS plans addressable commercials for broadcast TV from 21H2
  • Netflix
    • Established division (events/spectacle team) focused on obtaining franchise rights; currently 90 shows in development based on already established properties across comics, books, manga, video games
    • Rumor: plans expansion into videogames, ad-free, may be bundled with SVOD - Confirms expansion into interactive entertainment
  • Vimeo: Launches enterprise-grade video hub

MUSIC

  • Spotify
    • Launches virtual concert series May/June 2021 (with The Black Keys, Rag’n’Bone Man, Bleachers’ Jack Antonoff, Leon Bridges, girl in red)
    • Spotify for Artists publishes Fan Study
    • Partners with Storytel (500k audioboks, 1.6m subs) to allow Storytel subs to connect their account through Spotify to access their audiobooks within Spotify’s app (based on Open Access Platform, to add more OAP partners)
  • Amazon: Allows Amazon Music Unlimited subs (10 $/mo for Amazon subs, 8 $/mo for Prime subs, 15 $/mo family plan) free upgrade to Amazon Music HD (originally 15 $/mo); 70m tracks in HD (lossless, 16 bit, 44.1 kHz) o/w 7m in UHD (24 bit, 192 kHz), some upgraded to 3D Audio (Dolby Atmos, Sony 360RA)
  • Apple: To migrate to lossless audio (ALAC; from 16 bit 44.1 kHz to 24 bit 48 kHz and24 bit 192 kHz) & spatial audio (Dolby Atmos) June 2021, price unchanged; total 75m tracks

WEB SERVICES

  • Google I/O 
  • Snap
    • Partner Summit
      • new services
      • Spotlight paid out $130m since launch to creators (5400)
      • reaches 500m MAU
      • demos Spectacles gen 4 for AR creators (currently 200k, supports with $3.5m + $1m with Verizon for 5G-based AR): AR (dual waveguide displays capable of superimposing AR effects made with Snapchat’s software tools), 4 built-in microphones, 2 stereo speakers, built-in touchpad, Connected Lenses (allows multiple people to see and interact with the same scene in AR)
      • launches Ghost (AR innovation lab)
    • Acquires WaveOptics (AR display supplier, powers Spectacles), >$500m
  • Microsoft launches personal (consumer) version of Teams: chat, video calling, share calendars, locations & files (online (teams.live.com) or app for desktop, Android, iOS) 
  • Vodafone UK launches 3 packages for SME around Wix services (website creation tool): Get Selling Online (10.5 GBP/mo excl VAT; create presence, with payments), Peace of Mind Online (13; adds security), Supercharge My Business Online (22.4; adds Microsoft 365)

TELECOM SERVIVES

  • Ziggo launches internet-only tiers: 75/10 Mb/s for 42.50 EUR/mo, 300/30 for 53, 600/40 for 60.50, 1000/50 for 65.50

NETWORKS

  • Ookla Speedtest Global Index (April 21): global average FBB 102/54 Mb/s, MBB 53/13 Mb/s; FBB: Singapore #1 (246), S Korea #2 (242), HK #3 (241), Monaco #4 (220), RO #5 (214), NL #25 (153); MBB: UAE #1 (191), S Korea #2 (186), Qatar #3 (181), China #4 (149), KSA #5 (148), NL #9 (107) 
  • GSMA calls on governments to allocate 6 GHz band (5925-6425 & 6425-7125) to 5G (at least 6425-7125 portion, 5925-6425 license-exempt; currently mostly for WiFi) for mobile, smart city, smart industry, smart transport
  • Melita (first in Malta) launches 5G (in existing spectrum), nationwide, with Ericsson
  • Sunrise UPC proposes 5G for Smart Buildings (using MR, AR) for Building Information Modeling (BIM); demos transparent building app from Builcon (MR glasses see through walls, enabling them to detect where pipes, cable routes and ducts run)

REGULATORY

  • Platforms
    • EU proposes unified corporate tax regime, based on OECD rules (to be agreed June 2021)
    • US House Dems propose Social Media DATA Act: forces platforms to share data (ad libraries) with researchers and FTC (description of the audience that was targeted, information about how many people interacted with the ad, details about whether the ad was optimized for awareness, traffic or some other purpose); working group within FTC to establish best practices around social media research
  • Apple: lawsuit Epic Games (Fortnite) vs. Apple ongoing


at 12:01 am 0 comments
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Sunday, May 09, 2021

Week 18 in Telecoms, Internet, Media

CORPORATE

  • KPN: Bloomberg: EQT/Stonepeak offered to add EUR 4b to capex, to merge with Delta Fiber, to offer >3 EUR/share; now willing to offer more    
  • TIM: Reuters: government Italy abandons network merger plan with Open Fiber; TIM denies
  • MasMovil (KKR, Cinven, Providence): Sells 51% stake in rural FTTH network (1.1m HP in >1000 towns) to Onivia (= Macquarie), rumored price EUR 390m incl option for 100k HP more; to acquire Lycamobile España
  • Cordiant Digital Infrastructure: Acquires towerco (660 for mobile & RTV) from České Radiokomunikace from Macquarie Asset Mgt; acquires fiberco Norway
  • Orange Belgium: Orange expands stake to 76.97% (46,191,064 shares) as 14,368,307 shares (23.94%) tendered
  • Verizon: Sells 90% of Verizon Media (Yahoo, AOL) to Apollo Global Mgt, $5b ($4.25b cash, $750m in prefs), to close 21H2; to be renamed Yahoo, Guru Gowrappan remains CEO - Moody's: no impact on ratings or outlook
  • Vivendi and Mediaset waive all litigation & claims, Dailymotion settles with Mediaset (RTI, Medusa), pays EUR 26.3m, Vivendi to reduce mediaset stake by 19.2 pp in 5 yr (for 2.75-3.10 EUR/share), to hold 4.61%; Fininvest (Berlusconi, 44%) to raise stake by 5 pp at 2.70 EUR/share
  • Canal+ Polski (Vivendi, Liberty Global, TVN): Suspends IPO plan (IPO price max PLN 60)
  • Amazon
    • CEO Jeff Bezos sold shares 210503-04; started with 53,209,269, ended with 52,470,237 shares [sold 739,032 shares at average ~3350 $/share = $2.48b]
    • CEO Jeff Bezos sold shares 210505-06; started with 52,468,037, ended with 51,731,205 shares [sold 736,832 shares at average ~3300 $/share = $2.43b]

EARNINGS

  • Liberty Global: 21Q1; guidance 2021: return to rev growth (overcoming regulatory headwinds), to capture GBP 15m costs in 21H1, adj EBITDA stable, OpFCF decline LSD
  • VodafoneZiggo (Vodafone, Liberty Global): 21Q1 prelim, COVID-19 impact: rev -13m (roaming/OoB, VR, handset sales), adj EBITDA -3m (roaming, handset, personnel, marketing); maintains guidance 2021: adj EBITDA growth 1-3%, capex/sales 19-21%, cash distribution EUR 550-650m
  • Sunrise UPC (Liberty Global): 21Q1
  • RTL: 21Q1; maintains outlook 2021: rev EUR 6.2b, adj EBITDA EUR 975m (incl streaming startup losses EUR 150m)
  • ViacomCBS: 21Q1; Paramount+ net adds 6m; total streaming subs 35.9m; Pluto TV reaches <50m MAU; Paramount+ to premiere 1 film/week from 2022, to double originals spending in 2021; Paramount+ to lower price of AVOD tier form 6 to 5 $/mo from June 2021; Paramount+ plans expansion to Australia/NZ 210811 (to rebrand 10 All Access), 9 aud/MO, 20k
  • Cegeka: 2020: rev EUR 640m

NETWORKS

Copper switch-off

  • KPN: KPN NetwerkNL switched off copper access lines (40k) in Amsterdam IJburg, Bennekom, Bergeijk, Eersel, Eibergen, Zwolle Stadshagen 210401 (Project KoperUit), KPN Wholesale ended MDF-access, WBA/VULA over koper, WLR/CPS, WEAS over koper, ILL 2 Mbit/s services (small number of copper lines remain, with VULA, WBA, WEAS), adjust migration process for speedier transition to fiber; large scale copper switch-off from 2023
  • TIM launches copper switch-off, first in Trento

FTTH Netherlands

5G

SERVICES

  • Vodafone: Expands Google GCP partnership: to build data platform Nucleus (incl Dynamo system to drive data); combined 1000 employees in US, UK, ES; developed >700 use cases to deliver new products & services quickly across markets, support fact-based decision-making, reduce costs, remove duplication of data sources, simplify & centralise operations
  • Ericsson launches Ericsson Wireless Office subscription service (pay-as-you-go) in US, from 100 $/employee/mo: virtual workspace (office-in-a-box, Workspace as a Service), cloud-based (removes the dependency of in-house IT expertise, physical installments, devices), 5G-ready, automates desktop provisioning and software license management, embedded security framework, cloud storage; distr deal with Telarus for marketing; technology based on StratusWorX acquisition
  • SPI International: Launches linear channel FilmBox in NL, first distr partner Canal Digitaal (Canal+) (first in DTH at channel 14, IPTV to follow)
  • Cinemark partners with 5 majors (Warner Bros Picture Group, Walt Disney Co, Paramount Pictures, Sony Pictures Ent (previouslu Universal Pictures [see 200116])) on shorter theatrical window
  • Facebook Workplace (software for internal business social network to communicate with employees) reaches 7m paid subs, adds features (live Q&A, Microsoft 365 integration, Google G Suite integration)
  • Twitter
    • Acquires Scroll (software platform to read content only from multiple participating subscriptions, without ads, 5 $/mo; also Nuzzel, email newsletter of top stories shared in Twitter feed), to develop subscription service, to close down Nuzzel
    • Content deals with NBCU, MLB, Genius, Billboard, Tastemade, NHL, Vice Media Group’s Refinery29, Riot Gams
    • Launches Tip Jar to make donations to creators using Bandcamp, Cash App, Patreon, PayPal, Venmo (on Android: also Spaces), Twitter takes no cut
  • Snap: Plans to launch Creator Marketplace, allowing creators to partner with marketers

Streaming video

REGULATORY

FTTH coordination: ACM report (Update markstudie uitrol van glasvezel in Nederland)

  • positive on accelerated fiber roll-out (at current tempo nationwide by 2030), worried about some duplication (disruption from digging, deters some investors), considers geographic coordination with munis & operators & MinEZK (suggests co-investment)
  • ACM has no power to prohibited roll-out (but will act on anti-competitive behavior)
  • duplication improves competition
  • ACM considers new access regulation (replacing WFA, complementing KPN's voluntary wholesale offering)
  • estimated 20k rural addresses will not have fiber (operators are not applying for state support for white spots)
  • ACM suggests SOK (samenwerkingsovereenkomst = convenant) on trench depth, locations of cabinets & PoPs, muni may want to prevent cherry-picking, reciprocal access conditions can't be forced by ACM), operators have limited interest in trench sharing
  • KPN and T-Mobile NL positive on cooperation

Net neutrality: New York AG report: US ISPs flooded FCC with fake comments ahead of abolishing NN regulation (2017)

WFH: Google: Googlegeist (annual employee survey; total 110k in 170 cities in 60 countries): 70% positive about WFH, 15% negative - Expects 20% of employees to work from home permanently, 40% to work from normal office several days a week, 20% to work from other offices


at 10:22 pm 0 comments
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Sunday, February 14, 2021

Week 6 in Telecoms, Internet, Media

Corporate

  • BT:  Hatch report (The Economic Impact of BT Group in the UK): gross value added (GVA) 2019/20 GBP 24b, supports 300k FTE, spent GBP 10.1 on UK suppliers, maintains 35k vehicles; spending by people on BT pension contributed GBP 2b, supports 26600 jobs
  • Proximus: Buys out Swisscom (22.4% for EUR 110m) and MTN (20.0% for EUR 107m = ZAR 1.8b, to record ZAR 1.2b book profit) from BICS for full ownership and strategic flexibility; EV EUR 569m = 4.4x EBITDA
  • Vodafone: Vantage Towers Moodys: Baa3, outlook stable
    • 45,500 fully controlled macro sites + 14,200 and 22,100 co-controlled macro sites in Cornerstone (50%) and INWIT (33.2%) JVs, 20/21 Adj EBITDA EUR 814m; debt EUR 2.3b, leverage 4.0 (Moodys: gross debt/EBITDA excl Cornerstone, INWIT 5.0x)
    • Positives: strong market positions, geographically well-diversified, high barriers to entry for competitors, high barriers to exit for customers, good earnings & cash flow predictability (supported by anchor long-term service contracts with Vodafone), expectation of medium-term EBITDA growth (driven by site additions, improving tenancies ratios, operational efficiencies)
    • Negatives: high customer concentration with Vodafone, short history of operating as a separate entity, expectation of negative free cash flow over the next 2 years (as a result of Vantage Towers' capital intensive model (7,100 contractual built-to-suit commitments that it is targeting over FY2022-FY2026) and planned dividend payments of EUR 280m to be paid in FY2022), starting net leverage of around 4.0x EBITDAaL with willingness to increase up to 5.5x
  • Telenet: 20Q4
    • Outlook 2021: rev (+1%) & Adj EBITDA (up 1-2%) to return to growth, Op FCF -1%, FCF 420-440m
    • Outlook 2018-2021: Op FCF CAGR lower end of current range 6.5-8.0%
    • Focus on 5 pillars: 1. Expand customer relations, 2. grow in B2B, 3. Customer approach simplified, digital-first, 4. Perfect networks, 5. Empower employees, agile structure
    • Eltrona deconsolidation [see 200225] reduces operationals from 21Q2: HP -47700, customers -9500, RGUs -18500, TV -9200, BB -5500, FT -3800
    • Other: expects to win VOO auction (21Q2), Wallonia may hold on to stake; talks with Fluvius on FTTH ongoing (currently full fiber for FTTO and greenfields); considers towers (>3000) monetisation in case of funding need or transformational transaction
  • MasMovil: Acquires controlling stake in Lucera: energy reseller
  • Vivendi: To spin off 60% of Universal Music Group (Tencent holds 20%, Vivendi to hold 20%) in IPO as special dividend end 2021 in Amsterdam 'to reduce Vivendi’s conglomerate discount'; EV EUR 30b; EGM 210329; Vivendi shareholders to receive 44%, Bollore Groupe (holds 27% of Vivendi) 16%; proposes ordinary div EUR 0.60 over 2020, AGM 210622
  • Twitter: 20Q4
    • outlook 21Q1: rev $940-1040m, oper income loss $0-50m
    • outlook 2021: headcount +20%, costs + expenses +25% (incl new datacenter), rev to grow faster than expenses, SBC expense $525-575m, capex $900-950m
    • CEO Jack Dorsey considers decentralised social network to be built by Bluesky team [see 191211]; plans to give people more choice over what they see through marketplace of algorithms
  • Match Group acquires Hyperconnect, $1.73b: social network S Korea, operates Azar (live video & audio chat platform) & Hakuna Live (live-streaming app for video & audio broadcasts)
  • Bumble: Sets IPO price at $43, to sell 50m shares - First trade $76.00, closes at $70.31

Networks

  • 5G
    • GSA report on 5G devices: total 558 announced (o/w 365 = 62% commercially available) in 20 form factors from 113 vendors, 294 smartphones & 113 FWA devices announced (o/w 251 resp 42 commercially available)
    • GSA report on 4G & 5G networks, technologies & spectrum: 806 commercial 4G networks (incl 421 FWA, 743 mobile); 156 invest in NB-IoT o/w 111 launched, 51 deply LTE-M; 413 operators in 131 countries invest in 5G (o/w 65 operators in SA 5G) o/w 144 in 61 countries commercially launched 5G
    • Qualcomm launches Snapdragon X65 5G Modem-RF System (gen 4 5G modem-to-antenna solution; Release 16, 10 Gb/s, sub-6 GHz & mmWave, AI antenna tuning tech, upgradeable architecture) & X62 (for mainstream adoption of mobile broadband)
    • Personal (= Telecom Argentina) launches 5G in Buenos Aires, Rosario using DSS
    • Omantel launches 5G, no extra charge
    • Asia Pacific Telecom develops 5G-supported smart robots, with Foxconn Global Network (FHnet), to operate over SA Private 5G
    • Verizon opens 5G for sub-brand Visible (supports e-SIM)
  • 6G
    • Fraunhofer (5 institutes: IIS, HHI, FOKUS, IAF, IZM) launches 6G Sentinel research; focus on THz (100-300 GHz; very small cells, beamforming (Massive MIMO) integrated), flexible networks
    • CEA-Leti launches 6G research project RISE-6G, with 13 partners (Orange, TIM, NEC; Chalmeers University, Aalborg University, National & Kapodistrian University of Athens, University of Notthingam; Consorzion Nazionale Interuniversitario Italiano, Centre National de la Recherche Sceintifique; SNCF, Fiat); plans 'smart & energy-sustainable technology advances, on reconfigurable intelligent surfaces that will enable programmable control'
  • LEO
    • Starlink requests FCC designation as Eligible Telecommunications Carrier (ETC) to comply for funding [see 201207] - Competitors (FBA, NTCA) oppose funding as Starlink to hit capacity ceiling (congestion) by 2028 (Starlink plans 12k sats, throughput per sat 20 Gb/s, peak bandwidth per user 1.7-2.7 Mb/s); Starlink current permission max 1m users, to raise to 5m
    • Telesat orders LEO fleet Lightspeed (at 1015 and 1325 km; Ka-band, first launch in 2 yr, commercial servivces 23H2) from Thales Alenia Space; total capacity with 298 sats 15 Tb/s, max data rates 7.5 Gb/s (20 Gb/s for hotspot)
    • Starlink beta to expand to ZA in 2022 (already in US, Canada, UK); opens for deposites, fulfilled on a first-come, first-served basis - And to Spain - And global, where legal
    • Starlink (SpaceX) considers IPO
  • FTTH
    • Fern Trading
      • Jurassic Fibre (= Fern Trading) launches service in Barnstaple, max 950 Mb/s; to cover 10k premises by summer 2021
      • Swhish Fibre (= Fern Trading; plans 250k HP in 33 towns, 10 Gb/s) plans expansion in South Buckinghamshire
      • Vorboss (plans 250k FTTP lines by 2022) 75% stake acquired by Fern Trading

Services

  • B2B
    • Deutsche Telekom: T-Systems adopts Cloud-First strategy, expands partnerships with AWS, Azure; to launch new cloud offering 210216
    • Swisscom: Acquires Webtiser (expertise in SAP Customer Experience, 40 omployees), expands SAP-unit to 440 employees
    • Multiscope Thuiswerk Monitor survey report NL: 44% of WFH staff (due to corona virus) bought office products, spending average EUR 359 = total EUR 400m; 48% received financial support from employer
    • Microsoft adds Bulletins (news, info) and Milestones (track progress of work items) apps for Teams
    • Metrigy report (survey of 476 firms): 47% of businesses globally use UCaaS

  • Wholesale
  • Mobile
  • Smart city
    • Plasencia (Spain) orders smart city solution for tourism from Red.es and Vodafone ES, EUR 374k
    • Sharing Cities program (London, Lisbon, Milan, Bordeaux, Burgas, Warsaw) reaches EUR 250m investments in retrofitting buildings with energy-saving measures, developing sustainable energy management systems for new & existing developments, shared electric mobility, smart street infrastructure
  • Video
  • Web services
  • Hardware
    • Amazon: Rumor: plans wall-mounted Echo device as smart home control by end 2021/early 2022; 10-13 inch, $200-250
    • Facebook: Rumor: plans Android-based smartwatch, with  health and fitness features

Regulation

  • Spectrum
    • Nkom (NO) plans 5G auction Sep 2021: 2.6 GHz band (2x70 MHz in 14 blocks of 2x5 (minimum price NOK 25m) + 1x50; cap 80 MHz), 3.6 GHz band (3400-3800; 4 blocks of 40 (minimum price NOK 100m), 24 blocks of 10; cap 120 MHz), consultation until 210409
    • Ancom (RO) plans 5G auction 21Q3 (700, 800, 1500, 2600, 3400-3800; procedures by 21Q2; plans consultation on 24 GHz band
  • FT: EC considers forced payments by platforms to publishers for using snippets in search results, news
  • EU decides on e-privacy guidelines


at 2:26 pm 0 comments
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Sunday, January 31, 2021

Week 4 in Telecoms, Internet, Media

Corporate

  • KPN
  • Orange: Partners with Sanofi, Capgemini, Generali to establish e-health JV platform, funding EUR 24m, to launch June 2021 (virtual), Dec 2021 (physical)
  • TIM: Establishes Noovle: cloud & edge services for enterprises [see 200527], to be based on 17 datacenters, targets rev CAGR 20% to EUR 1b by 2024 with EUR 400m EBITDA
  • Telia: 20Q4 final, Annual Report 2020, motto Dare Care Simplify; Strategy update Reinventing a Better Telia; establishes Telia Asset Mgt (towers & fiber); focus on raising mobile ARPU (from improved customer experience & 5G monetisation), FMC (reduces churn, upselling potential), ICT (new rev streams), FWA; to establish separate Infra Cos (to crystalize infrastructure value & accelerate investments); Outlook 2021-23: service rev  growth LSD, adj EBITDA growth LSD-MSD, capex/sales from 17% down to 15%; leverage target 2.0-2.5x, div floor SEK 2.00 with ambition of MSD growth
  • Elisa: 20Q4
  • Vodafone
  • Liberty Global: Plans more M&A deals, interested in VOO (Wallonia), MNO Ireland
  • RTL
  • Vivendi: Closes stake sale to Tencent 210129, UMG plans IPO 2021/22
  • Vimeo: Raises $300m equity from T Rowe Price Group and Oberndorf Enterprises at $5b valuation; spin=off planned 21Q2; 200m users in 190 countries, 1.5m paying subs
  • Facebook: 20Q4; outlook 2021: commerce ongoing shift to online and consumer demand shifts from services to products positively impact advertising, yoy rev growth 21H1 stable to modestly accelerating, 21H2 pressured (due to reversal of corona virus trends), ad targeting headwinds from platform changes (iOS 14 from March 2021), 2021 total expenses $68-73b, capex $21-23b, tax rate high teens; expands SBB by $25b
  • Twitter: Acquires newsletter publishing platform Revue (NL, 6 employees)
  • AT&T: 20Q4; charges $15.5b on pay-TV, $650m on WarnerMedia
  • Verizon: 20Q4

Networks

  • FTTP
    • TIM: Proposes co-investment in OA FTTH via FiberCop to Agcom: fiber to 1610 munis in grey & black areas (urban & semi-urban) to connect 75% of premises by 2025; atrchitecture to balance eficiency, infrastructure competition, simple customer migration; to comply with EU Telecom Code
    • CETIN: Avege download speed 2020 105 Mb/s (+25%); to expand FTTP/FTTB to 150k YE 2021, 1m by 2027 
    • Virgin Media plans FTTP at new homes built by Barratt Developments, 15k in 2021 - Rolls out FTTP in Shrewsbury - Launches FTTP in Debdale (Greater Manchester), 5k HP
    • GlasVoorNop starts roll-out in Noordoostpolder (10 villages, total 47k pops), first in Creil; RSP: KPN (incl Solcon, XS4ALL, RoutIT), T-Mobile (incl Tele2), Online (= Canal+), Youfone, Tweak, Kliksafe, Freedom Internet, Oxxio, NEM, Budget, ONVI, Qonnected, HeldenVan.nu, hallo,
    • Google Fiber launches 2 Gb/s in Salt Lake City and Provo (Utah) and in Atlanta (Ga)
  • Mobile network sharing
  • 5G
    • Ericsson launches 5G RAN slicing, proposes slicing for high-revenue generating use cases (cloud gaming, smart factories, enhanced video, smart healthcare), enables 1 ms latency at RAN (with SA 5G)
  • 6G
    • EU launched Project REINDEER (REsilient INteractive applications through hyper Diversity in Energy-Efficient RadioWeaves) as part of 5G PPP, funding from Horizon 2020, 210101 until 240630, Ericsson to develop multi-antenna-based smart connectivity platform, with KU Leuven, Linköping University, Lund University, etc; RadioWeaves technology is key deliverable: fabric of distributed radio, compute & storage, to enable large-scale intelligent surfaces & cell-free wireless access to offer capabilities far beyond future 5G networks, to offer capacity scalable to quasi-infinite, perceived zero latency & interaction with a large number of embedded devices
  • LEO

Services

Regulatory

  • Auctions
    • Ofcom (UK) delays auction (700 & 3.6-3.8) by 2 mo over corona virus to March 2021
    • MNUs HU (Magyar Telekom, Vodafone, Telenor) extend 900 & 1800 licenses by 15 yr until 370409, HUF 150b (EUR 418m); Magyar Telekom 16 MHz in 900 & 40 MHz in 1800; Telenor 26 MHz in 900 & 40 MHz in 1800; Vodafone 2x9 MHz in 900 for HUF 22.7b & 2x20 MHz in 1800 for HUF 26.4b
  • Switching


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Sunday, December 20, 2020

Week 51 in Telecoms, Internet, Media

Corporate

Networks

General

  • Eur Council & EP approve EC's Horizon Europe fund, EUR 95.5b until 2027 (follow-up to Horizon 2020)
  • Ookla Speedtest Global Index (Nov 20)
    • global average FBB 92/49 Mb/s, MBB 46/13 Mb/s
    • FBB: Sing #1 (241 Mb/s), HK #2 (223), Thailiand #3 (213), Monaco #4 (207), NL #26 (134)
    • MBB: UAE #1 (170), SK #2 (167), Qatar #3 (160), China #4 (148), Australia #5 (113), NL #7 (100)

FTTH

5G
  • Environmental
    • Haut Conceil pour le Climat (FR) report (Maitriser l’impact carbone de la 5G): 5G to lead to sharp increase in power consumption and greenhouse gas emissions; additional carbon emissions from data centres and device manufacturing
  • Security
  • Technology
    • 3GPP delays Release 17 (SA NR 5G, ultra-low latency, MIMO support, RAN slicing, integrated access & backhaul, MBS positioning, multicast & broadcast, multi-SIM support, etc) by 6 mo to mid 2022: stage 2 functional freeze June 2021, stage 3 protocol freeze March 2022, coding freeze June 2022; to decide on Release 18 roadmap by end 2022  
    • Samsung demos 305 Gb/s over 5G SA Core per server, with Intel  
    • Swisscom trials CA and VoNR on SA 5G, with Ericsson, OPPO, over SA 5G  
  • Launches
    • Free (Iliad) launches 5G in 700 MHz & 3.5 GHz bands (70 MHz) with smartphones at 5255 sites (pops coverage <40%; all sites for 700 band, 220 for 3.5 band) in FR, no extra cost for Free Mobile Plan subs; Free Unlimited 5G 10 EUR/mo for Freebox Pop subs, 16 for other Freebox subs; extra SIM 150 GB/mo for 20 EUR/mo for mobile-only subs; uses mainly European equipment  
    • Linkem launches 5G FWA (coop with Fastweb) in 3 towns (Modugno, Grottaglie, Avellino), target 50 YE 2020, 500 YE 2021, 2000 YE 2023; max 1 Gb/s  
    • Fastweb (Swisscom) launches 5G (26 GHz) in 50 cities (part of NeXXt Generation 2025 plan) as UltraFWA network, max 1 Gb/s, no caps; target 500 cities by 2021, 2000 by 2024; total coverage 2024E 8m HP in grey areas, 4m in white areasl CPE based on Qualcomm X55; to launch mobile 5G service 201227 in Milan, Bologna, Rome, Naples, target 90% pops coverage 2025 (to be included FWA at no extra cost)  
    • Vidéotron launches 5G (600, 700 MHz; 2.6 GHz) in Montreal, with Samsung (RAN)  
    • 3 Denmark (= Hi3G Access = 3 Group Europe = CK Hutchison 60%; Investor AB 40%) launches 5G in Copenhagen & Roskilde (425k covered subs o/w 15k have 5G smartphone), with 14 smartphones; no price premium; real speeds 25-345 Mb/s down, 23-38 Mb/s up; targets nationwide coverage summer 2022  
    • Wind Hellas launches 5G in Athens, Thessaloniki; target 60% pops coverage after 3 yr 
    • Cosmote launches 5G in Athens, Thessaloniki, other cities, with Ericsson; no price premium
    • Proximus launches 5G in 3.6-3.8 GHz band (based on temporary license)  
  • Applications
    • Vodafone DE trials 5G for broadcast pre-production at football stadium, with Sky DE  
    • AT&T demos 3D AR concert over 5G, with Ericsson, Songland (= NBC); spectators place 3D version at home and interact  
    • Telia FI launches FWA over 5G; max 400 Mb/s for 40 EUR/mo, max 1 Gb/s for 45 EUR/mo, installation fee EUR 500  
    • Aerospace & Saab launch Private 5G at plant in Linköping (SE), with Combitech, Vinnergi (SI), Nokia; spectrum subleased from Edzkom (formerly Ukkoverkot) & 3 Sweden (50 MHz in 2.6 GHz band)  
    • Chunghwa Telecom launches Private 5G at AES Group factory in Kaohsiung (to add 7 factories in 2021)  
LEO
  • Project Kuiper (Amazon; LEO) demos user terminal prototype (phased array antenna), smaller & cheaper than standard sat equipment; 400 Mb/s and 4K video with GEO  
  • SpaceX to raise funds  
  • AST SpaceMobile plans equatorial sat network (no expensive specialized satellite phones or ground antenna systems required, 4G and 5G phones suffice; to serve 49 countries, 1.6b pops), 1.6b covered pops; plans first launch of 20 sats, target 100 after 2 yr, 233 by 2027; targets 9m subs YE 2023, ARPU for SpaceMobile ~$1; targets 2023: rev $181m, EBITDA $130m; targets 2027: rev $9.7b, EBITDA $9.6b; supported by Vodafone/Vodacom and AT&T as wholesale customers (50/50 rev share); plans IPO via SPAC (symbol ASTS)  
  • OneWeb launches 36 sats; to raise $400m; target total 650 LEO sats 

Services

Retail, hardware
  • Sunrise: Launches XPLORA X5 Play eSIM: smartwatch for kids (voice calls, voice messages, SOS button, GPS for tracking, no internet), CHF 12.25 for We Connect subs (17.25 CHF/mo in 24 mo contract)
  • Telenet Business launches Tellie platform for care institutions: video calling from TV
Wholesale
Music
Video
Web services

Regulation

Telecoms

  • AGCom (IT) starts antitrust investigation against Sky IT
  • Spectrum
    • EETT (GR) launches multiband (700 MHz, 2 GHz, 3-4-3.8 GHz, 26 GHz) auction 201216, expected to raise EUR 367m - Raises EUR 372m after 6 rounds; Cosmote 123m for 2 700MHz blocks (51m), 4 2GHz blocks (35m), 15 3.5GHz blocks (31m), 2 26GHz blocks (6.5m); Vodafone 130m for 2 700MHz blocks (51m), 4 2GHz blocks (35m), 14 3.5GHz blocks (38m), 2 26GHz blocks (6.5m); Wind 119m for 2 700MHz blocks (50m), 4 2GHz blocks (35m), 10 3.5GHz blocks (30m), 1 26GHz block (3.3m)  
    • Appeals Court Sweden allows PTS to conduct auction - To start 210119  
    • MinEZK (NL) plans 3.5 GHz (3450-3750) auction 22Q1, to be available 220901, consultation 21Q1; goals: realistic chances for all candidates, realistic proceeds, simple & transparent auction model; auction model to be proposed by DotEcon; auction rules to be published 21H1, applications from 21H2 

Google

  • DoJ antitrust trial to start 230912, next staus hearing 210121 [see 200827]
  • 10 US state AGs (all Republican, led by Texas AG) start antitrust lawsuit against Google (colluding with Facebook) over monopoly in Search (redesign disadvantaged specialised (vertical) search engines, such as Amazon, TripAdvisor, Yelp, Angie's List; as Google prioritises own results) & online ads, co-conspired with Facebook to rig ad auctions and fix prices - Google denies, points to falling ad and ad-tech prices
  • Antitrust lawsuit by AGs (bipartisan) from 35 US states, DC, Guam, Puerto Rico related to Search & Search Advertising (violating Sherman Act, self-reinforcing, limiting consumer options), requires design changes - Google opposes (redesign 'to prominently feature online middlemen in place of direct connections to businesses')
  • Rejects ACCC's News Media & Digital Platforms Mandatory Bargaining Code as unworkable ("Google to pay to show links in an unprecedented intervention that would fundamentally break how search engines work", no website or search engine paid to connect people to other websites), proposes News Showcase as alternative
  • 4 Private publishers file 2 antitrust lawsuits (1 by Sweepstakes Today, 1 by Genius Media Group, The Nation, The Progressive) over digital ad sales 
Platforms
  • FTC orders Amazon, Facebook, WhatsApp, YouTube, Discord, ByteDance, Reddit, Snap, Twitter to reveal data collection policies, to respond in 45 days [in relation to tracking, personal info, privacy, kids, ads]
  • EC launches
    • DSA (Digital Services Act; e-commerce; remove illegal goods, transparency on algorithms & other recommendation engines; each acuisition to be reported; max fines 6% of annual global turnover)
    • DMA (Digital Markets Act; gatekeepers based on size (active in >= 3 states, annual rev >$6.5b, market value >EUR 65b, >45m MAU, >10k annual business customers), role, duration; may not use data from 3rd-party sellers, may not block users & businesses from using competitors, may not favor own services in rankings; fines max 10% of global turnover; systematic non-compliance may result in behavioral orders, forced divestments or breakups); national Digital Services Coordinator to monitor every 6 mo; to be negotiated with member states & EP - BEREC supports (ex-ante regulatory framework)
  • Facebook opposes Apple's iOS 14 (to show App Tracking Transparency (ATT) prompt from early 2021, limits data sharing, requires users' consent, reuqires opt-in for tracking), prepares advertisers
  • Facebook supports Epic Games in complaint against Apple's App Store policies - Judge orders Tim Cook & Craig Federighi (both Apple) to testify

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