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Media and Telecoms 2018 & Beyond conference

On the 8 March 2018 Enders Analysis co-hosted the annual Media & Telecoms 2018 & Beyond conference with Deloitte and sponsored by Barclays, Linklaters and Moelis & Company.

With the conference taking place on International Women’s Day it was particularly poignant to see a 50/50 gender balance on the line up. Chaired once again by David Abraham and with a stellar speaker line up, this conference was a highly informative and stimulating day. Videos of the presentations are available on the conference website.

Women at Work 2018

To celebrate International Women's Day on 8 March 2018 in the centenary of the partial suffrage, Women at Work 2018 promotes the goals of professional women in the UK 

Women at Work 2018

Public Policy

To download any of our reports on public policy please click on the links below:

Brexit risks for the creative industries

Trade policy path to Brexit for the UK

Public Service Broadcasting

Enders Analysis is a firm believer in strong public service broadcasting which boosts the entire UK creative industry and is consumed by almost everyone. We have published a report on Channel 4 relocation.  To download this report please click on the link below:

Channel 4: relocation and dislocation 

 

Latest reports More

  • BT
  • Canal Plus
  • SFR
  • Sky
  • Sky Italia
  • Telecom Italia
  • Telefonica
  • Vivendi
  • Media
  • Telecoms

The rights auction for France’s Ligue 1 will be held on 29 May. With Altice’s struggling subsidiary SFR unlikely to bid, Canal+ and BeIN Sports may not offer enough to meet reserve prices, triggering a postponement of the auction

In Spain, stiff fixed-line competition is shifting battlegrounds from football to scripted content. The Champions League has yet to sign up a platform for next season, while the upcoming 2019-22 La Liga rights auction may well fail to increase domestic revenues

With just 12 weeks before next season kicks off, Italy’s Serie A is also yet to secure a broadcaster, although we expect the league to back down and settle with Sky. In this deflationary environment, top clubs are eyeing a new Club Word Cup as an extra revenue stream – running the risk of further widening the financial chasm between themselves and smaller clubs

  • BT
  • EE
  • Fixed Line
  • Media
  • Mobile
  • UK Media

BT has emphasised ‘convergence’ in its new Consumer strategy, but it has avoided most of the usual fixed-mobile convergence mistakes, with separate brands, minimal discounting and only slightly flawed converged products

The general strategy is to improve customer service to improve market share trends (particularly in broadband), enable premium products/positioning, and allow for cross-selling of a strong set of converged (in a broader sense) products, which is very sensible in our view

It does require extra spending in the short-term to improve customer service and the perception thereof (particularly in broadband) before premium positioning and cross-selling can be effective, therefore improved trends at the bottom line may take some time to come through

 

  • Non-UK Telecoms
  • Telecoms
  • Vodafone

The major change in trend evidenced in Vodafone’s Q4 results was a decline in mobile service revenue growth in Germany by 2ppts on the December quarter, in spite of record contract net adds and improving growth trends from its competitors

At least part of this deterioration is likely due to its strategic focus on converged products; we estimate discounts of around one third and question the rationale for this initiative, particularly given the admission that this is distracting from the core mobile business

Vodafone’s guidance for 1-5% group EBITDA growth next year reflects the challenging outlook and uncertainty in southern European markets, a more positive view on the UK, with Vodafone’s German strategy a major swing factor

  • Canal Plus
  • Orange
  • Prosieben
  • RTL
  • SFR
  • Sky Deutschland
  • Sky Italia
  • Telecom Italia
  • Telefonica
  • TF1
  • Vodafone
  • Media
  • Telecoms

The UK continues to lead the EU5 in take-up and consumption of video-on-demand services, with close cultural alignment and a historic williness to pay for TV content making it a receptive home for US SVODs

Netflix dominates in most markets, benefiting from high-profile US imports and big-budget local productions. Local SVODs are struggling, with those operated by FTA broadcasters facing considerable challenges

Collaboration between local broadcasters and pay-TV platforms is essential if they are to hold at bay the threat of Netflix and co., with an increasingly favourable regulatory environment opening the door for unprecedented collaboration

  • BT
  • EE
  • Fixed Line
  • Media
  • Mobile
  • Telecoms
  • UK Media

BT Group met expectations for the 2017/18 financial year, but future guidance is very modest compared to previous performance and financial market expectations, with 2018/19 revenue and EBITDA both guided to decline by around 2% with capex rising

In our view, this weakened outlook is primarily driven by the ongoing slowdown and increasing competitiveness of the UK broadband market, with operating metrics at BT Consumer particularly weak

BT’s re-vamped strategy looks good in parts, and could deliver the incremental improvements necessary to outperform the new (much more modest) expectations, helped by existing – and likely continued – strength in mobile

  • Liberty Global
  • Vodafone
  • Fixed Line
  • Media
  • Mobile
  • Non UK Media

Vodafone’s acquisition of Liberty's assets in Germany and Central Europe is likely to face regulatory scrutiny at the EU – and possibly also German – level. We view Vodafone’s expectation of closure in mid-2019 with no remedies as unlikely

The economics of the deal for Vodafone are slim, highly reliant on extracting sizeable synergies, and vulnerable to operational risk and potential remedies for regulatory approval, particularly in Germany

While we see some synergy benefit from combining two cable assets in Germany, we are unconvinced of meaningful benefits from combined fixed/mobile offerings