The Strategies of Towercos and Fibercos - Full Integration in the Telecoms Value Chain

Table of Contents

1. Executive Summary

2. Overview towercos and fibercos
2.1. Main drivers in the emergence of towercos and fibercos
2.2. State of towerco development
2.3. State of the fiberco development

3. The go-to-market strategies of towercos and fibercos
3.1. Divestment from a telecom operator
3.2. Neutral network wholesaler
3.3. Infrastructure companies expanding in the technology value chain

4. Case studies
4.1. Reykyavik Fiber Network
4.2. China Tower
4.3. Cellnex
4.4. CETIN/O2 CZ

Table of Figures

2. Overview of towercos and fibercos
Figure 1: Total fixed and mobile broadband subscriptions
Figure 2: Share of ultrafast fixed (FTTx) and mobile (4G/5G) in global fixed and mobile subscriptions
Figure 3: Involvement of each player in the mobile telecoms value chain
Figure 4: Top worldwide towercos (excluding MNO owned), as of December 2019
Figure 5: Share of 5G in total mobile subscriptions, 2019-2025
Figure 6: Breakdown of IoT market by access technology, 2019-2025
Figure 7: FTTH/B European market evolution, 2012-2019

4. Case studies
Figure 8: Reykjavik Fibre (RFN) connected homes in period 2009 to 2019
Figure 9: Current RFN current offerings, as of April 2020
Figure 10: RFN capex reduction strategy
Figure 11: RFN Financial data
Figure 12: China Tower discount model
Figure 13: Breakdown of China Tower revenues in 2019
Figure 14: Tenants and tenant ratio, 2017 -2019
Figure 15: Trends in EBIDA and EBIDA margin, 2017 -2019
Figure 16: Number of sites per country (towers and fibre) in Europe, as of December 2019
Figure 17: Major M&A activity of Cellnex
Figure 18: Adjusted EBITDA of Cellnex
Figure 19: Recurring Levered Free Cash Flow of Cellnex
Figure 20: CETIN separation
Figure 21: Trends in O2 CZ share prices including CETIN activity prior to 1 June, 2015
Figure 22: CETIN EBITDA and EBITDA margin