Tuesday, November 30, 2021

Ericsson Mobility Report (November 2021), forecasting until 2027

EMR Nov 2021

  • Subscriptions: 8.1b mobile subscriptions YE 2021 (6b unique subs; 300m PC/tablet and 6.3b smartphone o/w 4.7b 4G and 660m 5G), 8.9b mobile subscriptions YE 2027 (6.7b unique subs; 540m PC/tablet and 7.7b smartphone subs = 86% o/w 4.4b 5G = 49%, 3.3b 4G);
  • Traffic: average traffic YE 2021 11.4 GB/mo/smartphone (W Europe 15.2) to 41 GB/mo/smartphone in 2027E (W Europe 51); 5G carrying 62% of global mobile data in 2027; total global mobile data traffic (incl FWA) 21Q3 78 EB (+42%) o/w 15% from FWA, expects 288 EB by end 2027 (incl FWA 370) o/w 20% from FWA
  • Coverage: global 5G pops coverage 15% YE 2020 to 75% YE 2027 (4G from 80 to 95%, 3G to remain 95%)
  • FWA: 230m FWA lines (800m people) YE 2027 (currently 88m) o/w 110m on 5G
  • IoT YE 2021E: 14.6b connections o/w 12.5m short-raneg, 2.1b wide-area (o/w 1.9b cellular), 2027E: 30.2b connections o/w 24.3b short-range, 5.9b wide-area (o/w 4.4b cellular)
  • Analysis: State of 5G in Latin America; 5G FWA speed-tier offerings are emerging; 5G drives innovation in service packaging; Fast, foldable and everywhere: 5G devices today; Broadband IoT still rising as 2G and 3G continue to decline; Mobile network traffic still climbing steadily; Smartphones and video drive up mobile data traffic; 5G network coverage momentum continues
  • Feature Articles: 1. Building 5G infrastructure for the digital future (Far EasTone, Taiwan), 2. Network build-out to boost digitalization (KSA), 3. Time-to-content: Benchmarking network performance, 4. Building sustainable networks

Monday, November 29, 2021

Week 47 in Telecoms, Internet, Media


  • TIM: Bloomberg: KKR considers raising offer [see 211121] - Report: CEO Luigi Gubitosi willing to step down - Moody's: potential credit negative (leverage rises from 4.2 to 5.8x if debt funded and assigned to TIM)
  • NJJ/Iliad:
    • Eir: 21/22Q1
    • Salt: 21Q3; no IPO plan; ComCo decision (and FAC corroboration) block roll-out of Layer 1 access to Swisscom fiber
  • Telenor: Telenor SE sells Open Universe (wholesale platform, 200k HP) and SDU fiber networks (14k HP) to GlobalConnect (= EQT), SEK 3b
  • VOO:
    • Orange BE: Enters final exclusive negotiations with Nethys to acquire VOO (75% minus 1 share), EV (enterprise value 100%) EUR 1.8b = 9.5x EBITDA (before synergies)
    • Telenet: Drops out of final exclusive negotiations for VOO, to be acquired by Orange BE - May become wholesale customer of Orange/VOO in Wallonia/Brussels
  • CK Hutchison: Avi Gabbay and Shlomo Rodav offer $300m for CK Hutchison's 27% stake in Partner Comms (Israel)


  • General:
    • New gvt DE targets nationwide open FTTH and 5G
    • NKOM (NO) sets discount rate (WACC) 5.33% for fixed & mobile price regulation, consultation until 211217, final decision 22Q1
    • ANCOM (RO) report 21H1: average FBB (Orange RO, RCS&RDS, Telekom RONextgen Comms, Vodafone RO) download 429 Mb/s, upload 280 Mb/s; average MBB download (Orange RO, Vodafone RO, Telekom RO, RCS&RDS (Digi)) 31 Mb/s, upload 11 Mb/s
  • Mobile:
    • Tutela report on BE MNOs (226k tests, 13m measurements during May-Oct 2021): best quality Orange, best coverage Proximus, best video experience Proximus & Orange
    • Tutela report on NL MNOs (409k tests, 23m measurements during May-Oct 2021); best experience T-Mobile, best video experience Vodafone & KPN, best 5G coverage Vodafone, best overall coverage T-Mobile
  • Copper switch-off: NKOM (NO) proposal to ensure predictability for wholesale customers in the copper network, consultation until 211206
  • Liberty Global: To keep investing in HFC & Docsis 4.0, do FTTP on case-by-case basis; may considers IPOs for Sunrise UPC (2022), VodafoneZiggo, Virgin Media O2 (2024); plans wholesale in UK, Virgin Media O2 to add 7m HP; "Convergence works in Europe – it’s critical, The fixed mobile businesses are all about driving scale and growth and taking market share and ultimately driving massive free cashflow"; Liberty’s ventures portfolio is “now too big to ignore” - John Malone: "The biggest threat has always been the stupid guy with a lot of money coming into your business. They might not end up with a lot of profitability, but they sure as hell can damage the profitability of the incumbent."; "we are not empire builders, we decided we had to get smaller to get bigger” (building fixed-mobile champions in key markets and withdrawing from those where it lacked scale)
  • Proximus: Starts EV charging trial in Mechelen (8 chargepoints), with Fluvius: up to 3500 in Flanders (total max 7k) street cabinets (of 28k) doubling as chargepoints
  • Wind Hellas (= United Group): Establishes Hellenic Open Fiber (Hellenic Openfiber; FTTH & FTTO, OA, passive & active (Wind Hellas to own active layer for mobile), to invest EUR 150m by 2026 for 600k premises; 3379 km of fiber at start (o/w 595 km to be built), valuation EUR 70m
  • Primevest: Plans fiber for NDIX datacenters in DE
  • Allianz Capital Partners: Establishes Österreichische Glasfaser-Infrastrukturgesellschaft (öGIG; owns 75% of Niederoesterreichische Glasfasergesellschaft (noeGIG)), to invest EUR 1b; target 1m premises (non-urban) by 2030


  • Walt Disney: Plans to spnd $33b on content (originals, licensed content, sports rights) in 21/22 (20/21: $25b)
  • NBCU: Considers pulling content from Hulu to add to Peacock early (2022) or at when bought out of Hulu by Disney (2024); considers longer window for TV content after airing on NBC (from 1 day to 1 mo)
  • Netflix: Acquires Scanline VFX (special effects studio), to close 22Q1; to remain standalone business
  • Amazon: Rumor: interested in NFL’s media properties (NFL Network, RedZone, NFL.com), to acquire 49%
  • Viaplay: Plans launch in NL March 2022
  • Ericsson acquires Vonage (cloud-based comms, CPaaS for enterprise customers, enables communications applications to be integrated into business systems via APIs, 1m app developers, 120k customers; also cloud-based VoIP and UC), 21.00 $/share = $6.2b (enterrise value) cash, to close 22H1, accreditive to FCF & EPS from 2024 - Moody's downgrades outlook (Ba1) to stable (EV = 30x EBITDA 2021E) - Synergy Research report on CPaaS market: Twilio 38.0%, Vonage 11.8%, Sinch 8.1%, bandwidth 6.5%, MessageBird 5.6% (rest 30.0%)


  • PTS (SE) opens application for local 3.7 GHz (3760-3800 and 26G Hz (24.25-25.1) bands (for industry, mining, ports, warehouses, hospitals)
  • Belgium gvt approves auction plan, to facilitate newcomer (#4) in 5G auction 22Q2, expects to raise EUR 800m; Citymesh/Cegeka focus on B2B, may expand to B2C
  • ANCOM (RO) raises EUR 43m from auction, 2 winners: RCS&RDS (DIGI) EUR42.7m for 2×5 MHz in 800 MHz band (EUR 22m), 4 2×5 MHz blocks in 2600 MHz FDD band (EUR17.2m), 1x15 MHz unpaired spectrum in 2600 MHz TDD band (EUR 3.5m), all valid from 220101 until 290405; Invite Systems EUR 0.7m for 1x5 MHz block in 3400 MHz-3600MHz band, valid from 220101 until 251231


  • Google:
  • Facebook: Gizmodo to publish all Facebook Papers (edited with NYU, UMass Amherst, Columbia, Marquette, ACLU)
  • Microsoft: Sued by Nextcloud (DE; privacy-friendly alternative to other file-hosting/storage services), supported by others, over bundling/pre-installing OneDrive, Teams, other with Windows 11
  • Apple: Sues NSO Group (Pegasus spyware), seeks permanent injunction (for violating Computer Fraud and Abuse Act), NSO to delete all data, disclose entities it shared data with - To donate $10m + any dmages from lawsuit to organizations pursuing cybersurveillance research and advocacy
  • General
    • EDPB proposes ban on tracking, child profiling, real-time biometrics (facial recognition), consumer classification based on ethnicity, gender, politics - EDPB publishes draft guidelines on the interplay between the application of GDPR Article 3 and its provisions on international transfers in Chapter V, direct collection of personal data by non-EU companies is not a "data transfer" under GDPR; consultation until Jan 2022
    • AGCM (IT) fines Apple (134.5m) & Amazon (68.7m) EUR 203m over collusion in sale of Apple products (barred resellers from using amazon.it)
    • AGCM (IT) fines Google & Apple EUR 10m each for not giving information aboujt collection and use of data; plan appeal
    • EP Committee on the Internal Market and Consumer Protection (IMCO) approves DMA [see 211118] - EP plenary vote follows Dec 2021, negotiations with EU governments to start 22H1
    • 193 countries (incl China, excl US) adopt UNESCO’s recommendation on AI ethics (ban social scoring and the use of AI for mass surveillance; AI developers should conduct ethical impact assessments; governments should put in place strong enforcement mechanisms and remedial actions
    • New gvt DE plans to ban biometric facial recognition and restrict the usage of mass surveillance tools
    • EU Council approves DSA & DMA; to discuss in trilogue with EC and EP 22H1 (issue: which regulators will have the right to levy fines: EC vs NRAs; EC to be sole regulator for VLOPs), to become law probably 2023
    • EC proposes rules on political advertising: scope (ads by, for or on behalf of a political actor as well as so called issue-based ads), transparency (clearly labelled as such and include information such as who paid for it and how much), targeting (banned when using sensitive personal data (race, political opinions, religious beliefs, sexual orientation, health conditions, trade union affiliation) without explicit consent), fines (to be set by National Data Protection Authorities) - EC proposes update to EU rules on funding of European political parties and foundations - To be discussed with EP and EU Council, to be implemented spirng 2023

Monday, November 22, 2021

Week 46 in Telecoms, Internet, Media


  • TIM:
    • S&P downgrades to BB (from BB+), outlook stable (adjusted leverage 4.3x) 
    • KKR (owns 37.5% of FiberCop) considers friendly offer conditional on 51% acceptance level (for both classes of shares) & due diligence (4 weeks) & gvt clearance: 0.505 EUR/share cash (premium 46%) = EUR 10.8b (excl EUR 22.5b net debt (gross debt EUR 29b)); Reuters: plans gvt-regulated fixed-line network spin-off (comparable to Terna (energy grid) and Snam (gas grid)); Reuters: Vivendi (24%, paid 1.071 EUR/share) finds offer too low 
  • Deutsche Telekom:
    • Handelsblatt: plans (partial) sale or spin-off of T-Systems (29k employees; Project Falcon, Eagle) by Sep 2022, candidates: Accenture, Capgemini; 2 customers (Bundeswehr, Bundesnachrichtendienst) may complicate sale; DT may have to pay EUR 1b; may sell 33% to German gvt, 33% to investor
    • Proposes tower merger and deconsolidation of GD Towers, not IPO (Deutsche Funkturm 32800 towers in DE; Magenta Telekom Infra 7000 sites in AT), could add towers in CZ and Slovakia
  • Orange: Expects 4-to-3 consolidation among MNOs FR
  • BT: Reuters: Altice UK considers expanding stake (12.1%)
  • Vodafone:
    • 21/22Q2    
    • Vantage Towers: Vodafone proposes merger with TOTEM (= Orange); interested in buying out Telefonica (Virgin Media O2, owns 50%) from Cornerstone Telecommunications Infrastructure Ltd (CTIL; 14200 macro sites, 1400 micro sites); interested in acquiring towers from VodafoneZiggo
    • Vodacom: Plans spin-off of towers ZA
  • Bouygues: 21Q3; maintains outlook 2021, BouygTel: organic SR growth 5%, EBITDA AL growth 7%, capex EUR 1.3b; Ambition 2026 targets maintained: SR >EUR 7b, EBITDA AL 2.5b (margin 35%), FCF 600m
  • Iliad: 21Q3
  • Altice: Altice FR 21Q3; acquired MVNO Prixtel - Altice PT not for sale


  • RTL: Iliad objects to M6-TF1 merger at EC, Canal+ may join [see 210517]; Ministry of Culture and CSA already approved, Autorité de la Concurrence to decide
  • UMG (Vivendi): Variety: to acquire Sting (Gordon Matthew Thomas Sumner) song catalog from Sony Music, >$250m
  • Mediaset: Vivendi supports plan for dual-class share structure; to sell entire stake held through Simon Fiduciaria
  • Warner Music: Raises $535m from sr secured note for potential acquisitions
  • TIDAL: Plans user-centric royalties system and direct-to-artist payments for new HiFi Plus tier (20 $/mo, Master Quality Authenticated, Dolby Atmos, Sony 360 Audio); launches free tier TIDAL Free (entire catalog of 80m tracks, max 160 kb/s, shuffle mode, interruptions from TIDAL)
  • Spotify:
  • Storytel: Acquires Audiobooks.com (US, 300k audiobooks) from KKR, $135m
  • SoundHound: Plans IPO via SPAC merger with Archimedes Tech SPAC Partners Co at $2.1b valuation, IPO price $10.00
  • MoviePass: Co-founder Stacy Spikes acquires the company from Helios & Matheson Analytics, plans relaunch 2022     
  • Netflix: Launches Top 10 on Netflix website (global & country lists for films (English), TV (English), films (non-English), TV (non-English), weekly and all-time), refreshes Tuesdays based on Monday-Sunday data - Viewing stat for series Squid Game: 1.65b hr (182k yr) of viewing during first 28 days - Movie Red Notice sets opening weekend record: 149m hr
  • NLziet: Min OC&W (NL): NPO and RTL/Talpa sometimes have different views on developing NLziet; RTL/Talpa propose new free ad-supprted tier with reduced content: no live channels, limited replay, required registration (NPO opposes ads), NPO proposes  new cheaper tier (incl live channels & 7 days replay) with options for paid add-ons (such as Videoland, NPO Plus and 3rd-party SVOD services)
  • Walt Disney:
    • Disney+: Rumor: board disagrees on expanding Disney+ content beyond family fare
    • Hulu: Raises Hulu With Live TV price from 65 to 70 $/mo 211221 but includes access to Disney+ and ESPN+; Hulu (ad-free SVOD) + Hulu With Live TV (incl Disney+ amd ESPN+) from 71 to 76 $/mo
  • NBCU: Sky UK/IE launches Peacock content (premium tier with ads) 211116, free add-on for subs; later in DE, CH, AT, IT
  • Discovery: Discovery+ plans Spot-Lite Ads (ad-free viewing after watching 3 consecutive episodes), Green-Light Ads (one-day sponsorship where a commercial will be the first thing viewers see), High-Light Ads (first ad break in a show), Stop-Light Ads (appear at pausing), Showcase Ads (allow viewers to make purchases via the TV screen), Search-Light Ads (contextually relevant content), Marquee Collections (messaging exposure)
  • Facebook: To add tools for users to control News Feed (opt out of ad topics) & for advertisers to exclude topics (News & Politics, Social Issues, Crime & Tragedy) early 2022, updates from 22Q1
  • Snap: Launches Multi-Format delivery (includes all video ad formats: Snap Ads, Story Ads, Collection Ads), allows brands to purchase all video ad formats in a single ad set
  • Google:
    • To invest AUD 1b over 5 yr into Australian Digital Future Initiative (talent, tech, partnerships), plans research hub, to develop cloud services; will create >28k jobs, to add AUD 6.5b to GDP
    • Partners with Agence France-Presse (AFP), 5 yr, for content in Search in Europe - And with German publishers (Spiegel, Zeit Handelsblatt, Tagesspiegel, Ströer, Wirtschaftswoche, Watson, Giga, Potsdamer Neueste Nachrichten, Manager Magazin, Golem, Netzwelt)
  • Apple: Rumor: plans autonomous car 2025
  • DuckDuckGo launches feauture App Tracking Protection for Android (beta): blocks data collection
  • Mozilla expands Firefox Relay (hides email address) with premium tier $/EUR/CHF 1 per mo
  • Brave adds native cryptocurrency wallet

Services, Broadband, Wholesale

  • Ookla Speedtest Global Index (Oct 2021), based on averages: global average FBB 117/65 Mb/s, MBB 68/14 Mb/s; FBB: Monaco #1 (270), HK #2 (260), Sing #3 (257), RO #4 (241), CH #5 (232), NL #25 (170); MBB: UAE #1 (274), S Korea #2 (214), Qatar #3 (179), NO #4 (179), Qatar #4 (172), Kuwait #5 (171), NL #17 (108)
  • Ookla Speedtest Global Index (Oct 2021), based on medians: global average FBB 56/24 Mb/s, MBB 29/8 Mb/s; FBB: Singapore #1 (188), Thailand #2 (173), HK #3 (170), Chile #4 (163), DK #5 (147), NL #21 (95) MBB: UAE #1 (130), NO #2 (108), S Korea #3 (99), Qatar #4 (93), NL $5 (92)
  • Accenture for CTIA report (5G Fixed Wireless Broadband: Helping Close the Digital Divide in Rural America)
  • Virgin Media O2: Liberty sees opportunity for wholesale in UK
  • CityFibre launches new National Access service for ISPs 
  • TPG Telecom: ACCC opens consultation on functional separation based on Telecommunications Legislation Amendment (Competition and Consumer) Act 2020: allows TPG to expand network and offer BB retail & wholesale services (to compete with NBN), requires structural or functional separation; subsmissions until 211217, decision Feb 2022

Networking, Open RAN, WiFi, Cloud, Security, Quantum computing

  • Qualcomm Investor Day: addressable opportunity to grow from $100b today to $700b in next decade (more devices become intelligently connected); Focus on handsets, RF front-end (modems), automotive, IoT; 5G as wireless fiber; cloud growth CAGR 35%; "In an intelligent connected world, virtually every road leads to Qualcomm" - Partners with BMW - Partners with L&L Holding Co to create immersive visitor experiences in NYC's Times Square
  • Ericsson launches cloud-native Intelligent Automation Platform for service management & orchestration for 4G & 5G Cores, supports Open RAN, facilitates AI & ML automisation through monitoring & optimisation
  • Nokia launches Software-as-a-Service for CSPs for analytics, security, data management early 2022; first offering Nokia Data Marketplace (data trading and AI), to add NetGuard Cybersecurity Dome and Nokia Anomaly Detection; to create 3 SaaS suites to house its various services: Digital Engagement; Marketplaces; Networking
  • TIP launches Fixed Broadband Project Group (chaired by Vodafone and Telefónica) covering the access, broadband and service gateway technologies; to design, develop, test & validate a new generation of open & disaggregated technologies that will enable operators to deliver services in a more flexible & cost-effective way; common principle: Interoperability, Modularity, Sustainability, Simplicity, Flexibility
  • TIP update on OpenRAN, Open Optical and Packet Transport (OOPT), OpenWiFi, Fixed Broadband Project Group (FiBr); partners with International Finance Corporation (IFC) for the Networks as a Service (NaaS) Solution Group to support the creation of an avenue for the financial community to invest in NaaS companies; Connected City Infrastructure Solution Group rolls out in Dublin; 5G Private Networks Solution Group trials in Brazil
  • Recommendations from DT, Orange, TIM, Telefónica, Vodafone (Building an Open RAN ecosystem for Europe), based on Analysys Mason report: 1. Open AN as strategic priority, 2. EC should establish European Alliance for Next Generation Communication infrastructures and a roadmap for innovation, 3. tax incentives to operators, vendors and start-ups, 4. Promote European leadership in standardisation to contribute to globally harmonised standards, 5. promote a secure, diverse, and sustainable digital and ICT supply chain
  • TIP and WBA propose WiFi 6 GHz for mobile backhaul
  • IBM launches Eagle processor: can handle 127 qubits
  • Thales Cloud Security Study report 2021
  • Gvt Australia to invest AUD 111m in quantum computing


  • EU Competition chief Margrethe Vestager proposes increased competition for European champions (not less, allowing them to emerge) as it forces them to innovate and come up with more efficient solutions; wants NRAs to refer small acquisitions to EC to prevent killer acquisitions (buying innovative startup firms with the goal of preventing them from becoming rivals [see DMA])
  • Copper switch-off: NKOM (NO) orders Telenor to keep copper network (currently 180k active lines; targets closing 2022) open until autumn 2025
  • Platforms:
    • EP special committee (AIDA) approves internal AI report: to make AI regulation less burdensome and more innovation-friendly
    • Report: internet majors (Facebook, Google, CCIA) lobby for case-by-case approach in the DMA
    • EU Ambassadors approve general approach to DSA: centarlised enfrorcement  of VLOPs at EC; illegal hate speech to be taken down in max 24 hr; search engines added as #4 stand-alone category; to functions as lex specialis to the e-Commerce Directive; moderation of harmful (but legal) content left to providers of intermediary services (based on their T&Cs); VLOPs required to conduct risk assessments for harmful content; to be approved by Competitiveness Council 211125
    • EU lawmakers agree on DMA adjustments: sales >EUR 8b, market cap >EUR 80b, fine between 4 and 20% of annual trunover; ban on killer acquisitions (deigned to cut off emerging competitors), ban on targeted ads aimed at minors, targeted ads for adults only based on explicit user consent (personal data related to politics, religion, race, trade union membership, health conditions, sexual orientation); interoperability of ancillary services (devices, messaging services, social media); prohibition to self-reference extended to all services (not only those providing a ranking); users to be able to uninstall apps, change default settings, move data they generated to a different platform; more than 1 Core Platform Service (e-commerce, video sharing platforms, search engines, social media, operating systems, cloud & messaging services, web browsers, virtual assistants, smart TVs) approach to determine gatekeepers rejected [ie one-trick ponys can also be gatekeepers]; EP IMCO to approve 211122, EP vote Dec 2021
    • MIT: clickbait & fake news farms in southern regions (Myanmar, Cambodia, Vietnam, Macedonia, Kosovo) register with Facebook's Instant Articles & Audience Network (ads) & Ad Breaks (inserts ads in videos) & IGTV Monetization (for Instagram) & In-Stream Ads (for Live videos); also with Google's AdSense; "created an information ecosystem where content that goes viral on one platform will often be recycled on the other to maximize distribution and revenue"

Tuesday, November 16, 2021

T-Mobile NL's new owners aim for a B rating

 First, a recap on the T-Mobile NL buy-out (values in EUR b):

A. Enterprise value: 5.10 (source: Deutsche Telekom)

B. Net debt (at 21Q2): 2.08 (source: Tele2)

C. Equity value 25%: 0.86 (source: Tele2)

D. Equity value 100%: 3.44 (follows from C)

E. Net debt: 1.66 (follows from A and D)

F. Debt reduction since 21Q2: 0.42 (from B and E). This is presumably the proceeds from the tower sale to Cellnex NL)

G. Net debt to be raised: 2.00 (source: S&P)

H. Total debt post debt raising: 3.66 (from E and G)

At 4.15%, the annual interest charge will be EUR 152m (possibly higher, if the existing debt (E) carries a higher rate).

How does this compare?

EBITDA AL LTM (last 12 months) is EUR 614m (delta yoy +12% from the Simpel takeover (1 Dec. 2020), synergies and one-offs). Hence a leverage of 5.94x.

FCF LTM is about EUR 348m, making the interest bill almost half (44%) of FCF.

For KPN (Moody’s: Baa3), this ratio is just 10%.

For VodafoneZiggo (Moody’s: B1), where all finance expenses are included, the ratio is currently 45%.

It would follow that the agencies would consider for T-Mobile NL’s new Term Note B a B-rating, plus or minus a notch for the quality of the free cash flow.

Vodafone's complex strategy

Results 2021/22Q2: report and presentation

Outlook 21/22 raised: adj EBITDA AL EUR 15.2-15.4b (from 15.0-15.4), adj FCF >EUR 5.3b (from >5.2)

Strategy udate, 3 pillars:

  • A. Growth & improving shareholder returns
    • Initial Phase 4 key strategic priorities: 1. deepening customer engagement 2. accelerate transformation to digital first organisation, 3.improve utilisation of assets, 4 optimise portfolio
    • Next phase growth based on 3 commitments (best connectivity, leading innovation in digital, outstanding digital experience) & 3 enabling strategies (efficient operator, social contract, leading networks))
  • B. Near-term operational priorities
    • Strengthen commercial momentum DE
    • Accelerate transformation ES
    • Position Vodafone Business for EU Recovery funding)
  • C. Strategic opportunities through portfolio optimisation (medium-term)
    • 4 operational layers:
      1. Infra
        • passive mobile (Vantage Towers)
        • active mobile (135k radios in Europe, sharing in 7 markets)
        • fixed (consumer connectivity, mobile backhaul, int terrestrial & submarine)
      2. Shared ops (repeatable processes):
        • procurement (Vodafone Procurement Co)
        • network deployment & operations (Shared Service Centres or _VOIS; 30% of headcount; unified technology operating model with one integrated European network & IT/digital team)
        • Vodafone Roaming Services
        • Partner Markets
        • sales activities
        • customer support operations
        • billing & transaction processing
      3. Growth platforms [see 210929]
        • Digital consumer services
        • IoT
        • Fintech in Africa
      4. Retail & customer service, 3 segments:
        • Europe Consumer (Vodafone)
        • Africa Consumer (Vodacom)
        • Business (Vodafone Business)
      • Plus 3 Priority areas to realise value:
        1. Opportunities for Vantage Towers (consolidation in Europe; to be deconsolidated)
        2. In-market consolidation in Europe
        3. Integrate Vodafone Egypt in Vodacom (pan-African powerhouse [see 211110])
Our purpose: We connect for a better future (100% renewable energy since July 2021; net zero carbon emissions by 2030 & across entire value chain by 2040, Eco Rating, Eco SIM-cards; Vodafone Spirit)

Sunday, November 14, 2021

Week 45 in Telecoms, Internet, Media


  • KPN: Raises EUR 700m debt from Sustainability-Linked Bond (0.875%, matures 331115), links coupon to performance against commitment to reduce absolute value chain CO2 emissions; coupon may increase by 0.375% from 311115 if target not met
  • Proximus: Raises EUR 750m from green bond (0.75% due 361117)
  • Deutsche Telekom:
    • T-Mobile NL to raise EUR 2b debt (Term Loan B (institutional investors), 4% over Euribor + 0.15% in ase of failing green targets) - S&P: 7-yr, YTM 4.15% (E+400), offered at 99.5%, +/- bp on ESG goals, commitments due 211118; MS, Barclays & DB global coordinators
    • 21Q3; increases div 2021 to 64c; sale of T-Mobile Infra to Cellnex NL (DT 37.65%) closed 210601, EUR 0.4b (377m) cash inflow for DT, sale & lease-back for 12 yr; total consideration of Simpel acquisition EUR 293m
  • United Internet: 21Q3; confirms outlook 2021: rev EUR 5.6b, EBITDA 1.15b
  • 1&1: 21Q3; confirms outlook 2021: SR EUR 3.10b, EBITDA 670m
  • Telefonica: Plans 2-4k job cuts in ES via voluntary redundancy program
  • Vodafone UK supports consolidation (Bloomberg: 3 UK merger; co-invest in Virgin Media O2 FTTP)
  • Inmarsat: Offer from Viasat, $7.3b ($850m cash + 46.36m new shares at 67.00 $/share ($3.1b) = 37.5% Viasat stake + $3.4b debt), to close 22H2
  • Google/Alphabet: 
    • Acquires $1b equity stake (via nonvoting convertibles) in CME (Chicago Mercantile Exchange), CME trading systems to migrate to GCP
    • Establishes Google Labs (merges AR, VR, Starline, Area 120), head Clay Bavor
  • Amazon: 
    • Rivian prices IPO at 78.00 $/share (original range 57-62, raised to 72-74), valuation $77b, to raise $11.9b from 153m shares, ticker RIVN; first trade 211110 $106.75, closes at $110.73 - Amazon reports as 10% owner (owns Class Class A stock, series A, D, E, F), totakl 148,409,083 shares + 3,723,050 warrants (conversion $9.089) + $490m convertiles (at $71.03 [= 6,898,494 shares])
    • Acquired Rivian shares [see 211109], total 158,363,834

Broadband, FTTP, mobile, 5G

  • Broadband: 
    • US House approves Infrastructure Investment and Jobs Act: to invest $1.85t in 10 yr o/w $65b in BB for nationwide coverage
    • Gvt NO proposes expanding BB funding by NOK 100m for nationwide coverage 2025
    • Digital Economy and Society Index (DESI) 2021 (based on 2020 results)
      • 4 main areas: 1. Digital skills: 56% of individuals have basic digital skills, 2. Connectivity: very-high-capacity networks available in 59% of EU HH, 3.  Integration of digital technologies: 26% of companies use cloud, 4. Digital public services
      • Ranking: 1 DK, 2 FI, 3 SE, 4 NL, 5 IE
  • TIM: Reuters: KKR considers expanding FiberCop stake (37.5%) or direct sake in TIM  
  • Open Fiber: EC approves 40% sale to Macquarie (CDP 60%)
  • Vodafone UK becomes anchor tenant on CityFibre's FTTP network spring 2022
  • Youfone: Provides services over Primevest FTTH (Eindhoven, Rotterdam, Den Haag): 1 Gb/s for 52 EUR/mo, TV 14 EUR/mo, FT 1 EUR/mo
  • Copper switch-off:
  • 1&1 (= United Internet) plans to exceed 5G coverage requirements (1k sites YE 2022, coverage 25% YE 2025, 50% YE 2030); to resell BB & TV from 1&1 Verasatel; plans full Open RAN network, with Rakuten
  • Ericsson ConsumerLab report 5G Pacesetters - what's their secret? (analysis of 73 MNOs in 22 markets, based on 105 criteria in 16 categories)
    • launches 5G Maturity Index
    • measures progress in 5G based on two aspects: consumer satisfaction/perception & service provider’s own efforts
    • 4 stages of maturity (Explorer, Potential, Aspirational, Pacesetter)
    • 6 strategies to succeed (cost efficiency, smartphone experience & coverage, extend FMC with 5G, extend BB with 5G, premium value tiers, innovative & immersive services)
  • NGMN report Green Future Networks: Network Energy Efficiency
  • 6G: KPN, T-Mobile NL, VodafoneZiggo, TNO, TU Delft, TU Eindhoven, Universiteit Twente (with support from AT, Topsector ICT) publish position paper Communicatienetwerken voor en door Nederland; propose Future Network Services (PPP); to focus on 6G, other
  • Liberty Global: Liberty Charge to add 80 EV chargepoints in Croydon; targets 600 in London YE 2021 - Plans migration to e-vans (currently 4300 vehicles) by 2030 - To install EV chargepoints at customers' homes, optional at homes of e-van drivers

Cloud, security

  • Investor consortium (Advent International, Permira Advisers, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Limited, Abu Dhabi Investment Authority) offer EV $14b for McAfee (26 $/share, premium 23%), equity value $12b  
  • Nokia 2021 Threat Intelligence Report  
  • Gartner: global cloud rev 2022 $474b (2021: $408b); 85% of organizations will embrace cloud-first principle by 2025 
  • Google: GCP plans #6 datacenter in BE in Farciennes (Charleroi)
  • Amazon: AWS plans #2 region in Canada in Alberta end 2023/early 2024: AWS Canada West (Calgary) Region (3 Availability Zones)
  • TIM: Considers selling minority stake in Noovle (cloud computing) end 2022

Video, audio, media

  • Netflix: Launches feature Kids Clips on iOS [a la TikTok] (short clips from existing library of children’s movies & series)
  • Amazon: Launches Share Clip: allows clip sharing (max 30 sec) from select originals on iOS
  • Walt Disney:
    • 20/21Q4 (as of 211002):
      • Paying subs total 179m: Disney+ 118.1m (+60%), ESPN+ 17.1m (+66%), Hulu SVOD 39.7m (+22%), Hulu With Live TV 4.0m (-2%)
      • ARPUs Disney+ $4.12 (-9%), ESPN+ $4.74 (+4%), Hulu SVOD $12.75 (+1%), Hulu With Live TV $84.89 (+18%)
      • plans to raise originals investment above previous guidance ($8-9b in 23/24) driven by local & regional content (currently 340 local titles in development)
      • Disney+ to double #countries (currently 60, target 120 by FY 21/22, target 160 by FY 22/23; launches 211112 in S Korea & Taiwan, 211116 in HK)
      • to maintain flexibility regarding release windows
      • considers building Disney Metaverse 
    • Disney Plus Day (2 yr anniversary) premieres: movies Jubgle Cruise and Home Sweet Home Alone, series Dopesick; shorts Olaf Presents and The Simpsons and Ciao Alberto; specials for Star Wars and Marvel Cinematic Universe; screens select movies at 200 AMC theaters 211112-14, $5 each - Premieres 17 titles - Changes UX
  • ITV: 21Q3; distr deal for ITV Hub with Virgin Media O2, 5 yr
  • SES (Astra sats) plans OTT service in DE (HD+ IP; >50 HD channels), first app for Panasonic smart TVs
  • SKO (NL) report Oct 2021: living room TV usage -16% yoy (live linear -22%, delayed -5%, on demand -5%)
  • Spotify: Acquires Findaway (150 employees; audiobook distr platform (325k titles), connects creators with resellers: Apple, Google, Scribd, Audible, Nook, Rakuten Kobo, Chirp, Storytel (a Spotify partner), Overdrive, Audiobooks.com, etc), to close 21Q4
  • CvdM (NL) report Mediamonitor 2021:
    • digital transformation (newspapers, podcasts, SVOD, strreaming audio), concentration (DPG Media + Sanoma, RTL NL + Talpa Netwerk (not approved yet)), Netflix led market in normalising paying for content, Pay-TV inceasingly for aging groups
    • 4 recommendations in relation to proposed RTL/Talpa merger: 1. Future-proof and indepedent pubcaster, 2. RTL NL to hold Dutch (not Luxemborg) license, to comply with Mediawet, to create level playing field for broadcasters, 3. Level playing field with Big Tech (Google, Meta), 4. Tranparency on ownership and financial KPIs

Web services

  • B2B: 
    • Apple launches Apple Business Essentials for small businesses (max 500 employees), max 3 devices/user (free beta in US): bundle of device management, AppleCare+ (24/7 phone support for IT & end-users), business iCloud storage (max 2 TB/user), option for onsite repairs; commercial launch spring 2022
    • Microsoft partners with Meta to integrate Microsoft Teams into Facebook Workplace
  • Niantic (Alphabet spin-off) launches platform Lightship to build real-world metaverse apps
  • Twitter: Launches Twitter Blue in US (3 $/mo), Canada, Australia, NZ (4.5 NZD/mo):
    • Ad-free acrticles (formerly Scroll; from WaPo, LA Times, USA TODAY, The Atlantic, Reuters, The Daily Beast, Rolling Stone, BuzzFeed, Insider, Hollywood Reporter)
    • Top Articles (most shared [a la Nuzzel])
    • features (exclusive app icons, colorful themes, Bookmark Folders, Custom Navigation)
    • Undo Tweet
    • Reader (turns long threads into an easier-to-read experience)
    • early access to new features

Regulatory, platforms

  • Google: 
    • ECJ upholds EC fine EUR 2.42b on marfket abuse with Google Shopping (2017)
    • Supreme Court UK rejects case by Richard Lloyd (2017) over data collection via Apple Safari (2011-12, 4.4m users) for lack of evidence
    • US State AGs (led by Texas) update antitrust lawsuit against ad business Project Bernanke (2013) using bidding data to its own advantage)
  • Amazon: Bloomberg: aims to settle EC concerns (abuse of market power by using 3rd-party seller data for its own retail brands, using Buy Box for Prime subs for own brands) [see 201110]
  • Facebook:
    • Meta to block all political, religious ad targeting (incl sexual orientation, religious practices, political beliefs, social issues, advocacy causes, political organizations & figures, health causes) from 220119
    • Oversight Board quarterly update 21Q3: 78 recommendations since 210101
    • US Appeals Court: Facebook may pursue lawsuit (WhatsApp et al v NSO Group Technologies et al, Oct 2019) against NSO Group over Pegasus malware in WhatsApp [see 200403]

Friday, November 05, 2021

Week 44 in Telecoms, Internet, Media



  • Deutsche Telekom: Establishes GlasfaserPlus: 50/50 JV with IFM Global Infrastructure Fund (= IFM Investors = 23 pension funds); IFM to contribute EUR 900m; plans 4m rural OA FTTP lines in DE by 2028, Telekom DE to be wholesale customer; to raise bank debt; total DT FTTP investment 2022-2030 (incl GlasfaserPlus) EUR 30b
  • Orange:
    • Operational launch of TOTEM (towerco); owns passive mobile infrastructure assets (sites, land, leases, leases to third parties); open for other operators; to keep control; 150 employees (100 in FR, 50 in ES); >26k sites in FR (18500 sites o/w 58% tower sites, 30% flat roofs, 12% other) & ES (7900 sites o/w 50% towers, 50% flat roofs); considers incorporating passive assets from other Orange companies in Europe
    • Operational launch of Orange Concessions (Orange 50%, consortium (La Banque des Territoires (Caisse des Dépôts), CNP Assurances, EDF Invest) 50%); comprises 24 PINs (to cover 4.5m HH), 100 employees, valuation EUR 2.675b; target 30% coverage of rural market by 2025
  • TIM: Bloomberg: considers relinquishing control of network to revive merger talks for FiberCop with Open Fiber
  • BT: cancelled search for co-investment partner for Openreach, FTTP roll-out cost dropped to 250-350 GBP/home (from 300-400)    
  • Liberty Global:
    • considers (slide 8) establishing NetCos (with wholesale) for Virgin Media O2, Virgin Media IE, VodafoneZiggo    
    • Virgin Media IE plans full fiber upgrade (10 Gb/s): 952k premises by 2025, open network with wholesale; EUR 200m (excl success-based customer connection costs), 500 jobs
  • EQT: Closes EQT Infrastructure V, cap EUR 15.7b, total 12 portfolio companies (ferry line operators Molslinjen and Torghatten in Nordics, energy transition companies Covanta and Cypress Creek in N America, digital infrastructure operators Deutsche Glasfaser, DELTA Fiber, Fiberklaar in Cont Europe), 60-65% invested
  • GSMA survey report (103 CSPs): rising energy demand and costs are critical issues; along with the use of renewables, AI energy management software is central to many CSP strategies to shrink their environmental footprint
  • Oxford Analytica report for Virgin Media O2 (Digital Connectivity Index): digital connectivity upgrading (full fiber & Mobile) boosts economic growth; becoming OECD leader (currently #11 or #8 shared with Lithuania, NO, ES) would add GBP 70b in GDP & 510k jobs by 2026, annual GDP growth rate to rise by 0.88 pp by 2026
  • Italian gvt plans tenders early 2022 for EUR 4b for 6.2m rural & semi-rural premises
  • UK:


  • 5G
    • IBM proposes maintenance (robot Spot) killer app for 5G
    • T-Mobile US: smartphones are 5G killer app
    • GSMA Intelligence brief: FWA is one of the most promising 5G use cases
    • Telstra launches 5G FWA service (average 378 Mb/s during daytime, coverage 75% of pops, target 95% 250630), 85 AUD/mo, no contract, incl router, data cap 1 TB/mo
    • Far EasTone (Taiwan) demos network slicing (simultaneously connecting multiple network slices per device running on Android 12), with Ericsson
    • Google: Android 12 to support network slicing, 2 versions: 1. for enterprise-owned handsets (routes all data sent and received by a device over the network slices provided by that company's mobile operator), 2. implemented in the work profile (enterprises will be able to route data to and from separate repository over a network slice)
    • Smart City Observatory annual IMD-SUTD Smart City Index (SCI) based on economic & technological aspects (survey of 15k city dwellers in 118 cities): Singapore #1, Zurich #2, Oslo #3, Taipei City #4, Lausanne #5, Helsinki #6, Copenhagen #7, Geneva #8, Auckland #9, Bilbao #10
    • Discovery: Discovery+ integration with HBO Max (will result in a service that appeals “to all demographics,” global addressable market “should be on par with the biggest streaming services”) may initially be offered as bundle    
    • Netflix: Expands mobile games to all subs on Android (downloadable from Google Play store), 5 titles at launch: Stranger Things: 1984 (BonusXP), Stranger Things 3: The Game (BonusXP), Shooting Hoops (Frosty Pop), Card Blast (Amuzo & Rogue Games), Teeter Up (Frosty Pop)
    • Amazon: Trials Prime Video Channels data sharing with Discovery in Europe
    • Conviva State of Streaming report 21Q3


  • Facebook shuts down Face Recognition system on Facebook (over societal concerns, awaiting regulation), to delete >1b facial tenmplates - Meta may use facial recognition for Instagram, Portal, metaverse
  • Microsoft Ignite developer event; launches Microsoft Mesh for Teams (AR/VR; build spaces, bring avatars); launches Loop: app (combines a flexible canvas with components that sync across Microsoft 365 services to help teams communicate and work remotely together)
  • Draft impact assessment (by Regulatory Scrutiny Board) of EU Data Act rejected (over not providing sufficient information on the conditions for public bodies to access data, the compensation for businesses and the relation with other legislative measures)
  • Data Governance Act is aimed at sharing data protected by laws that impede access (such as personal data, data protected by some intellectual property provisions or by specific trade secret laws, etc)
  • EP special committee on AI roadmap report to be debated in EP 211109
  • EU Council proposes exclusive power to enforce obligations on VLOPs (very large online platforms) under DSA (country of origin principle would bottleneck enforcement with countries such as Ireland and Luxembourg)
  • Australian privacy commissioner: Clearview AI breached privacy by scraping biometric information from the Internet and releasing it through a facial recognition tool; required to delete all data of Australians


  • Telefonica, Telefonica DE, BT
  • Liberty Global, VodafoneZiggo, Sunrise UPC, Virgin Media O2, Virgion Media IE, UPC    
  • RTL, Mediaset, ProSieben
  • ViacomCBS, Discovery, Lionsgate
  • Pinterest, Airbnb

Tuesday, November 02, 2021

Netflix: becoming self-financing

Netlix reports rising numbers for subscribers, ARM (average revenue per member), revenues and cash content investments. The pandemic reduced investments temporarily, giving cash generation a boost. With $7.5b in cash, there currently is no need to raise cash on the bond market.

See a company profile here (in Dutch).

Two graphs illustrate Netflix's progress.

In the lower one, CF from ops falls when content investments are up - except in the final quarter, when rising investments led to rising CF from ops.

Monday, November 01, 2021

Week 43 in Telecoms, Internet, Media


  • KPN
    • complets EUR 200m SBB, reduces shares outstanding by 73,684,157 (~1.75%).
    • KPN Wholesale:
      • KPN Wholesale extends contracts with Budget Thuis and Youfone by 5 yr; total ~75 wholesale customers
      • KPN Wholesale to index tariffs 220101: MDF-access, Collocatie, ODF-access FttH, Carrier (Pre)Select, WLR, WBA/VULA, WMP
    • T-Mobile NL sues KPN to delay copper switch-off 2 yr (to no earlier than 250101) on account of: full information available May 2021, ACM market assessment due 21Q4, switching off normally requires 3 yr migration (EC based), hearing 211027 - T-Mobile claims 37% of consumers cancel, 68% of business customers oppose migration
  • BT: Rumor: hires investment bank Robey Warshaw to defend from Altice offer [see 210610]
  • Telstra: Acquires Digicel Pacific (2.5m subs in Papua New Guinea, Nauru, Samoa, Tonga and Vanuatu, Fiji; 1700 employees; EBITDA margin 54%),$270m;  with Australian gvt ($1.33b; total $1.6b + $250m earn-out
  • Vivendi: Plans to expand Prisa stake (9.94%) to 29.9%
  • Channel 4: Rumor: Michael Grade considers offer


  • Handelsblatt: Telekom DE plans fiber JV for rural FTTP, EUR 6b, 4m lines by 2028; candidate investors: Brookfield, Caisse de depot et placement du Quebec, IFM (expected IRR 8%); start-iup capital EUR 1b
  • Telenet:
    • Telenet BV (HFC in 2/3 of Flanders & parts of Brussels) partners with Fluvius System Operator (HFC in 1/3 of Flanders, leased to Telenet until 2046), non-binding LoI (binding LoI expected spring 2022), to establish NetCo (to contain HFC & FTTP) to roll-out OA FTTP    
    • starts strategic review of tower business (3311 sites o/w 2145 owned (o/w 37% towers) + 1166 owned by 3-rd parties)    
  • SIRO (Vodafone, ESB) plans expansion by 320k to 770k premises (2.1m pops) in 154 towns, EUR 620m (o/w EUR 170m from EIB)
  • KPN plans roll-out in Oisterwijk end 2022 (also: Delta Fiber)
  • Open Dutch Fiber (KKR, DTCP) (total 209k premises in 7 towns)
    • Open Dutch Fiber starts roll-out in Leidschendam-Voorburg (city #6) plans entire muni; first in Leidschendam (37k premises) Nov 2021, activation from March 2022, to finish mid 2023
    • Open Dutch Fiber to start roll-out in Delft-West (city #7) Nov 2021, areas Tanthof West, Tanthof Oost, Buitenhof, Voordijkshoorn, Hof van Delft; activation from early 2022, to finish 2023
  • Underline started operations, first roll-out in Colorado Springs (target 55k premises, $100m, 400 route km): OA FTTP; tiers: 500 Mb/s for 50 $/mo, 1 Gb/s for 65 $/mo; target list contains 2500 cities


  • Ericsson launches Critical IoT software toolbox upgrade for Time-Critical Communication (cloud gaming, AR/VR, remote control, mobility automation, industrial control) to deliver consistent low latency and high reliability in 5G networks
  • IBM proposes maintenance (robot Spot) killer app for 5G
  • Dish orders 5G blockchain tech from Helium Network for crowdsourced network, rewards users with crypto currency (HNT)
  • EE (BT) launches 5G-700 for indoor at 50 sites


  • Amazon: eero networks activated with ISPs grew >75% yoy at 210930; new customers: REV (Cable Bahamas Group), OXIO (Canada), Eye Networks (Nordics), Adamo and MasMovil (Spain), TalkTalk and Utility Warehouse (UK), UScellular and Mediacom (US); current portfolio: eero 6 and eero Pro 6 mesh WiFi systems, eero Secure (security), eero Insight (mgt solution)


  • Amazon: Project Kuiper (3236 sta LEO system) ordered by Verizon for backhaul, rural connectivity



  • B2B: Cisco WebexOne event: launches Webex Hologram: real-time holograms (instead of avatars) for holographic meetings of remote colleagues (with Magic Leap 2 glasses) or shared 3D images at meetings
  • B2C: Telefonica adds home insurance offer (Telefonica Seguros), with Santalucia and BBVA Allianz
  • Video:
    • Swisscom launches blue Play (films & series), free for blue TV subs; via STB or OTT (apps for iOS, Android, LG Smart TV, Samsung Smart TV) or web (blue.ch); different offerings per language territory: 3k titles in Italian, 5k in French, 10k in German; adds features to blue Sport
    • Viaplay: Rumor: in distr talks with Ziggo, KPN, Delta/Caiway
    • Netflix: S&P raises rating 2 notches to BBB (investment grade), outlook stable
    • ViacomCSB: Bundle of Paramount+ (Essential tier, with adss, no local CBS stations) & Showtime priced at 12 $/mo or 120 $/yr; bundle of Paramount+ (Premium tier) & Showtime 15 $/mo or 150 $/yr
    • WarnerMedia: HBO Max launches in ES, Andorra, NO, SE, DK, FI with promo until 211130: lifetime 50% discount at 5 EUR/mo; max 3 streams, 5 profiles
    • Redbox: Plans package of streaming & disc rental
  • Gaming:
    • Roblox: Service outage since 211028 (7PM est) >48 hr, has 200m MAU, 40m DAU, average 156 min/day for daily active users - Restored 211031 5:30 PM EST
    • Samsung plans cloud gaming platform for Smart TVs based on Tizen OS
    • Facebook:
      • metaverse investments to reduce oper profit 2021 by $10b; to report in 2 business segments: Family of Apps (FoA; Facebook, Instagram, Messenger, WhatsApp, other) & Facebook Reality Labs (FRL; AR/VR consumer hardware, software & content)
      • Facebook Connect; changes corporate name to Meta Platforms Inc, stock ticker MVRS from 211201; plans new VR games (with Vertigo Games, Epic Games, WarpFrog, Rockstar Games), new hardware (Project Cambria: VR/MR headset, to release 2022; Project Nazare: AR glasses), plans metaverse development (with focus on privacy, safety, interoperability); launches Horizon Home (home base in the metaverse); updates Project Aria (3D mapping and contextualized AI); launches Quest for Business (new features); updates Spark AR; launches Presence Platform for developers to create MR experiences for Oculus Quest (VR headset) - Rumor: plans smartwatch - Acquires Within (VR fitness app Supernatural) - Oculus executive named Jason Rubin wrote a 50-page document “The Metaverse” in 2018


  • EP approved European Council mandate on EC's proposal to EU Roaming Regulation (to extend RLAH regulation beyond June 2022), interinstitutional negotiations to agree on a common final text to start; Transatel proposes lower wholesale raoming caps to protect MVNOs (do not have inbound roaming income) and IoT
  • Anacom (PT) raises EUR 567m from 4G/5G auction: Nowo (= MasMovil) acquires spectrum in PT, EUR 70.2m: 5 MHz in 1800 band, 5 MHz in 2600 band, 4x10 MHz in 3500 band; NOS spends EUR 165m, Vodafone PT EUR 133m, Meo EUR 125m, DixaRobil EUR 67.3m, Dense Air EUR 5.76m


  • Erasmus Centre for Entrepreneurship (ECE) report for NLdigital & Dutch Startup Association on DMA impact on start-ups & scale-ups
  • CISPE report on potential unfair practices for cloud computing services (survey of 25 companies): large software providers (Microsoft, Oracle) may abuse market power with unfair license terms (limiting choice); call on EU to address this in DMA
  • ACCC Digital Platform Services Inquiry interim report; “Google’s existing dominance and its commercial arrangements have significantly increased barriers to entry and prevented new or emerging rival search engines from reaching consumers”; considers mandating a ‘choice screen’ for Android devices or end bundling of search engines with devices or other services
  • FT report: Apple's privacy changes (iOS 14, since April 2021, App Tracking Transparency (ATT) policy) cost Snapchat, Facebook, Twitter, YouTube $9.85b


  • Orange, TIM, KPN, Proximus, Swisscom, Telenor
  • Telenet, Comcast
  • Cellnex
  • Nokia
  • NENT Group, Spotify, Universal Music Group
  • Microsoft, Apple
  • Alphabet, Amazon, Facebook