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5G, improving economic environment to rekindle growth in 2021

L

LOW RISK for entreprises

  • Fragmentation

  • Internationalization

  • Capital Intensity

  • Profitability

  • Fragmentation

  • Internationalization

  • Capital Intensity

  • Profitability

  • 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
  • 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
United States

#1 Market by revenue

B

Medium risk

China

#2 Market by revenue

B

Medium risk

Japan

#3 Market by revenue

B

Medium risk

United Kingdom

#4 Market by revenue

B

Medium risk

Germany

#5 Market by revenue

A

Low risk