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- Highly regulated, concentrated markets with generally predictable cash-flows and limited churn
- Generally high EBITDA margins (30-40%)
- Long-term trend of booming data use
- Resilience to periods of downturns in advanced economies
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- Market maturity in advanced economies leads to strong price competition
- Highly capital intensive business (capex in the range of 10-20% of revenue)
- High leverage (net debt / EBITDA > 3) among a few large U.S. and European players
- Uncertainties related to the U.S.-China tensions, Huawei of China being the leader in 5G technologies
- Sensitivity to periods of downturns in emerging economies
Key players
Country | Role | Sector risk |
---|---|---|
![]() |
#1 Market by revenue |
B
Medium risk |
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#2 Market by revenue |
B
Medium risk |
![]() |
#3 Market by revenue |
B
Medium risk |
![]() |
#4 Market by revenue |
B
Medium risk |
![]() |
#5 Market by revenue |
A
Low risk |
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