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Telcos (SXKP): is Tele2 a warning shot for the broader sector?
The key question today is on Tele2′s miss and warning, is it foretelling bad news in the transition of customers from 3G to 4G at a time the sector is +30% in 4 months? Sweden is a sophisticated mobile...
View ArticleTele2: first thoughts from the call, still lots of questions
This was a poor call. Downgrading 2015 targets 6 months after setting them, making guidance changes in lots of regions (there are indeed many, most are for sale), saying trends they expected to happen...
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Price pressure in Fixed-line: the new Bouygues offer,€16 per month
Bouygues is launching an online-only double-play offer (telephony and broadband, but not TV) at €16 a month, if the consumer buys a EUR35 old generation set top box. Included in the offer are unlimited...
View ArticleMillicom: bid target?
There is a lot of speculation about Kinnevik selling Tele2 (value of the stake SEK11bn) with Hutchinson being mentioned as a suitor. We think it makes sense given Kinnevik’s focus on emerging markets...
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Tele2: a bid target?
“Consolidation here to stay”. Kinnevik’s Stenbeck. The statement hints very strongly that T2 will not have the same shape in 12 months that it has now. Both Millicom (except in some African countries)...
View ArticleUS corporate cash
There is nearly $1t of US corporate cash stashed in foreign (off shore) accounts that cannot find its way back to the USA save repatriation tax. Enamoured by recent deal activity we suspect more of...
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