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【出版时间及名称】：2010年1月加拿大电信与电缆行业研究报告
【作者】：desjardins银行
【文件格式】：pdf
【页数】：98
【目录或简介】：
Table of contents
4 Profitability drivers
5 Investment thesis
6 Industry valuation
6 Higher valuations for certain companies are still justified on a relative basis
7 High dividend yields lend support
7 Wireless industry overview
8 Wireless still the growth engine
8 Canada a laggard in wireless penetration
9 Wireless margins and free cash flow yields have peaked
10 Voice generates majority of revenue
10 Changing market dynamics may promote wireless substitution
10 Wireless long distance substitution expected
10 Data usage continues to provide growth opportunities
11 Continued upside to smartphone adoption
11 Rogers as wireless leader
13 Evidence that investments in smartphones are paying off
14 Churn and ARPU drive lifetime customer value
15 Shareholder value is what counts
15 Rogers’ leadership may not be sustainable
15 Bottom line—wireless to continue to be the engine of growth in the short to medium term
16 Wireline and cable industry overview
16 Incumbent wireline share declines—a mixed bag
17 Business lines appear stable
17 Residential lines—the source of decline
18 Cable telephony additions decelerating
19 Wireless substitution remains muted—but probably not for long
19 TV and Internet offerings key drivers of home phone and wireless bundling
21 Telcos require further capex—not an issue for cablecos
21 We expect wireline revenue declines to continue but margins should hold steady
22 Bottom line—cable companies expected to exhibit solid profitability with mature products
24 BCE Inc.
33 Bell Aliant Regional Communications Income Fund
42 Cogeco Cable Inc.
52 Manitoba Telecom Services Inc.
60 Quebecor Inc.
70 Rogers Communications Inc.
79 Shaw Communications Inc.
87 TELUS Corporation
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