法国兴业银行：一体化电信服务行业研究报告2009年7月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Contents
3 Sector anatomy – presentation of the sector
3 Products sold
4 Sector anatomy – performance and valuation
4 Focus on two main changes foreseen in Belgian Telecoms
5 Sector – leading indicators
6 Investment summary: good vs bad maturity
8 Key issues
9 Mobile market: high prices to drop / low competition to heighten
9 Belgian market: too perfect to last
13 A more forceful regulator and a potential new entrant
17 Competition between existing players: possible intensification
20 Data usage: Belgium behind the curve, good and bad news!
23 Financial performance: at best in line with the rest of Europe
24 More capex to come
25 Fixed broadband: between a rock and a hard place
25 Market profile: one of the worst combinations in Europe
26 Pricing ranks among the most highest on the continent
26 Belgacom’s market share: big and small
29 Price / Product: Belgacom more expensive than Telenet on bunldes
32 Belgacom: maturity with rising risk
32 Business diversification: a questionable risk/reward profile
33 Balance sheet: the worst of all worlds
35 Earnings: difficulties ahead
36 Sell recommendation, given worsening risk/reward profile
37 Mobistar: (slowly) falling angel
37 Economic and regulatory environment: resilience in doubt
39 Strategic issue: managing the corner
40 Balance sheet and shareholder return: the upside is behind us
41 Earnings: already on the high end
42 Sell recommendation: ongoing derating appears justified

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 法国兴业银行 研究报告 兴业银行 行业研究 研究报告 电信 服务行业 法国兴业银行

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！

谢谢分享！！！！！