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雷达卡
Contents
Key Industry Investment Debates: ............................................................................................................................... 3
Quick Summary of 2Q09 Key Trends........................................................................................................................... 4
2Q09 Big Picture............................................................................................................................................................. 5
2Q09 Highlights .............................................................................................................................................................. 8
Company Snapshots.................................................................................................................................................... 12
Telecom Performance: Broader Market’s Beta Rally Helped Erase Telecom’s Early 2009 Outperformance...... 17
Valuation: Bells Trading Remains at Attractive Levels............................................................................................. 18
Revenue Generating Unit—Spread Widening for Qwest .......................................................................................... 27
Broadband Adds at Multi Year Low; Telco’s Share Surges...................................................................................... 37
Bell Wireline Margins Remain Under Pressure.......................................................................................................... 46
Enterprise Growth Extends Downward Trend ........................................................................................................... 48
Capex Down 16.6% Y/Y for the Bells and Sprint........................................................................................................ 50
AT&T and Verizon Wireless Pulling Away from the Pack......................................................................................... 53
Towers: Steady Leasing Activity Expected to Continue........................................................................................... 69
Canada: Wireless Postpaid Holding Up...................................................................................................................... 74
Alternative Carriers: Data Center Metrics Strong: Utilization High; Churn Under Control ................................... 79
Alternative Carriers: Churn Higher as Pricing Sees Some Pressure ...................................................................... 82
Alternative Carriers’ Better Cost Control Drives Strong EBITDA Performance ..................................................... 84
Appendix ....................................................................................................................................................................... 87
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