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Vodafone Insight 2009: Comparison of Relative Strengths vis-à-vis France Telecom, Telefonica and Hutchison Whampoa
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The battle in the telecoms industry for dominance has never been more vigorous and fierce. Mergers and acquisitions are expected to once again become the order of the day with almost all companies try.....
The battle in the telecoms industry for dominance has never been more vigorous and fierce. Mergers and acquisitions are expected to once again become the order of the day with almost all companies trying to increase their footprint in the global arena. With the recession hitting global economies in 2008, times have been difficult for the telecoms industry to raise the funding necessary for growth and expansion, concurrent with the views of a report by the UN on the global telecoms industry. With a constant downward pressure on prices and a constant upward pressure on facilities demanded by mobile customers, telecom companies are finding it difficult to meet up to the customer expectations. In a report by Ericsson, the way of the future is described as 'free and cheap'. This environment of cut throat competition due to customer expectation is turning the telecoms industry into an increasingly volatile field. In view of the present climate, it has become imperative for telecom companies to have a sound strategy with strong financials to deliver on the strategies. 'If you allow technology to take charge, you lose. That is the fundamental lesson here. User experience will always win', says one telecom company. It will be those companies who successfully align their strategy with the demands of their customers that will survive and dominate in the end. How the future will play remains to be seen, but for a telecoms company, it is given that technology will play a dominant role in its development and the development of the market as a whole. From 2G to 3G and 4G, technology has been on the edge of its seat and is always inching for more, enabling a wide array of applications to run on mobile devices. 'Creative destruction', as Schumpeter, a famous economist and a political scientist aptly put it, describes the innovation in the telecoms industry. This report is the latest in an annual series of reports documenting Vodafone and its market position. In this report, Vodafone's position is comprehensively contrasted against 3 of its principal rivals on a global scale, namely Telefonica-O2, France Telecom/Orange and Hutchison Whampoa (mainly through its H3G Group and HTIL businesses). Strength in strategy versus sound financial management or both? Strategic perspective is what is said to give direction and strength to a company's operations, its vision for the future, its investments and its performance in the financial markets. While strategic management is important, financial management to carry on the strategic objectives of a company is equally important. The flow of analysis in this report involves comprehensive analysis of each company's strategy and then moves on to their financial management performance. This has been done keeping in mind that a strategically sound company also needs a sound financial management. The report first applies this analytical framework to Vodafone, and then to France Telecom, Telefonica and HWL. The analysis of each company takes into account how the history of each company plays the most important role in the development of strategy. Leading on, the strategic analysis of all these companies is carried out followed by ratio analysis of the operations of each of the companies in question. Finally, a comparison is made between the four companies as to which company is better suited to tackle future developments in the telecommunications industry. Additional financial analysis has been carried out in the end in order to provide a comprehensive view of each of the company's performance in the stock market and what interested investors can expect to gain by investing in these four companies. The approach to this analysis is done in with the principles of value investing, an approach followed by legendary investor Mr. Warren Buffett. This report gives a concise view of the four companies which will enable a reader to understand the companies and also the telecommunications industry in general and how both are going to play out in the future. Who should read this report? This is a unique, independent analysis and includes primary research. Inferences have been drawn from trusted sources to help the process of analysis when required. It is expected that the report will prove beneficial to decision making personnel in telecoms companies or investor. Companies in focus This report analyses which, among the four companies, has a better chance of being one of those telecom companies that will lead the way into future generations. Views on stock market performance, financial management and capability of higher management of the four companies will be analyzed in detail because these indicators would give a comprehensive idea about their potential in strategy fulfillment. Though these four companies are direct competitors in very few markets, the best known being the UK, it can be deduced from their growth strategies that they will soon become direct competitors in many markets in years to come. Taking this into account, this report is a comprehensive insight into the global telecom market. Companies Listed A C Nielsen ACEA Aircel AirTouch Communications Alcatel Andala Antena 3 TV Apple AT&T Bakrie Telecom Bearing Point Bell Atlantic BellSouth Bharti Airtel Bitco BlackBerry BPL BSNL BT Carlo Cesky Telecom Cheung Kong Holdings Limited China Mobile China Netcom China Telecom China Unicom Cisco Systems CNTE Colombia Telecom Compagnie Générale des Eaux CRT, Brazil CTC, Chile Deutsche Telekom E- Plus eBay École des Ponts Eircell Eircom Ericsson Essar Spacetel Etisalat DB Telecom Excel Comindo Financial Times France Telecom French Post Office Gartner Ghana Telecom H3G Hani Telecom Hi3G Access AB HP HTHKH HTIL Hutchison CP Telecom Hutchison Essar Hutchison Global Communications Hutchison Whampoa IDEA Indosat Infostrada Intelsat International Telephone and Telegraph Corporation J- Phone J- Sky KDDI Keteke KT Corporation Libertel Lucent Technologies MaLigne TV Mannesmann Max MegaFon Metro Microsoft MobiFon S.A Mobilcom AG Mobile 8 Mobilfunk Motorola MoviLine Movistar MSN MTS MySpace Natrindo NEC Nokia Nokia Siemens Noos Novatel Wireless NTT DoCoMo O2 Oi Olivetti Corporation Omnitel Orange Oskar Mobile Panafon- Vodafone Paris Bourse Peoples Phone Portugal Telecom Proximus Racal Electronics Radianz Equant Reliance Reptrak Rey Moreno S&P Sampoerna SFR Skype Smart Telecom SmarTone SOFTBANK Corporation Sprint Communications ST Microelectronics Swisscom Taiwan Fixed Network Co Ltd TalkLand Tata TDF Telecom, Indonesia Telecom Corporation of New Zealand Telefonica Telenor Telenor Telkomsel The Stock Exchange of Hong Kong TIM Brazil TNS Sofres Tower Participations Unitech Wireless Verizon Wireless Via Digital VimpelCom Vivendi Universal Vivo Vodacom Vodafone Vodafone AirTouch Wanadoo wisscom Mobile Yahoo! YouTube [Studien Infos ausblenden] |
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CHAPTER 1 INTRODUCTION 1.1 GLOBAL SCENARIO OF THE TELECOMMUNICATIONS INDUSTRY 1.2 COMPANIES IN FOCUS CHAPTER 2 ANALYSIS OF VODAFONE 2.1 COMPANY OVERVIEW FIGURE: GLOBAL FOOTPRINT 2.2 HISTORY 2.2.1 EARLY HISTORY 2.2.2 BECOMING A GENUINE GLOBAL PLAYER 2.2.3 NOT PLAYING BY THE RULES 2.2.4 VODAFONE GETS TRULY GLOBAL 2.2.5 MERGERS & ACQUISITIONS ON A SPREE 2.2.6 VODAFONE BRINGS COLOUR TO THE SCREEN 2.2.7 THE 3G TAKES CHARGE 2.2.8 END OF AN ERA: MANAGEMENT CHANGE 2.2.9 SOME DECISIONS COST DEAR 2.2.10 EMBARKING ON TECHNOLOGY AND EMERGING MARKETS 2.2.11 THE SMARTPHONE ERA 2.2.12 CONSOLIDATION FOR STABLITY 2.3 MILESTONES TIMELINE 2.4 STRATEGY 2.4.1 1990- 2008: GROWTH, CONSOLIDATION, CHANGE 2.4.1.1 TAKING ON THE WORLD 2.4.1.2 GROWING CAUTIOUSLY 2.4.1.3 RAGING IN AGAIN FIGURE: A CYCLICAL CHANGE IN VODAFONES STRATEGY 2.4.2 2008- PRESENT: BALANCED STRATEGY FIGURE: 2008 BALANCED STRATEGY 2.4.3 FUTURE DEVELOPMENTS IN STRATEGY 2.5 FINANCIAL PERFORMANCE- PAST 5 YEARS 2.6 FINANCIAL RATIO ANALYSIS 2.6.1 WHAT'S THE BOTTOM LINE? ANALYSIS OF VODAFONE'S PROFITABILITY CHART 1: REVENUE TREND- PAST 5 YEARS CHART 2: PROFIT MARGIN TREND- PAST 5 YEARS CHART 3:OPERATING PROFIT TREND WITH IMPAIRMENT LOSSES- PAST 5 YEARS CHART 4:OPERATING PROFIT TREND WITHOUT IMPAIRMENT LOSSES- PAST 5 YEARS 2.6.2 THE PROFITABILITY- SHARE PRICE CORRELATION CHART 5:EPS TREND- PAST 5 YEARS CHART 6:SHARE PRICE TREND- PAST 5 YEARS 2.6.3 CUSTOMER GROWTH: ARPU, CUSTOMER BASE CHART 7: NUMBER OF CUSTOMERS TREND- PAST 5 YEARS CHART 8: ARPU TREND- PAST 5 YEARS 2.6.4 HOW THIN IS THE CHEESE? ANALYSIS OF VODAFONE'S EFFECIENCY CHART 9: TOTAL ASSET TURNOVER- PAST 5 YEARS TREND CHART 10: FIXED ASSET TURNOVER- PAST 5 YEARS TREND 2.6.5 CAN VODAFONE PAY THE BILLS? LIQUIDITY ANALYSIS OF VODAFONE CHART 11: CURRENT RATIO- PAST 5 YEARS TREND CHART 12: INTEREST COVER RATIO- PAST 5 YEARS TREND 2.6.6 SHAREHOLDERS RULE: RETURN ON EQUITY CHART 13:RETURN ON EQUITY TREND- PAST 5 YEARS 2.6.7 SOURCE OF FINANCING: DEBT OR EQUITY? CHART 14:GEARING RATIO TREND- PAST 5 YEARS 2.6.8 CASH IS KING: CASH FLOW ANALYSIS OF VODAFONE CHART 15:OPERATING CASH FLOW TREND- PAST 5 YEARS CHART 16 :NET CASH FLOW TREND- PAST 5 YEARS 2.6.9 A BIRDS EYE VIEW 2.7 A SILVER LINING IN ITS STRATEGY 2.7.1 MARKET FORECAST OF INDIA CHART 17: INDIAN MOBILE MARKET FORECAST TILL 2015 2.8 KEY POINTS OF THE ANALYSIS CHAPTER 3 ANALYSIS OF FRANCE TELECOM 3.1 COMPANY OVERVIEW FIGURE: GLOBAL FOOTPRINT 3.2 HISTORY 3.2.1 EARLY HISTORY 3.2.2 AN ERA OF CHANGE 3.2.3 RAPID DEVELOPMENT OF FRENCH TELECOM 3.2.4 DEAL WORTH A HIGH FUTURE VALUE 3.3 TIMELINE OF FRANCE TELECOM'S HISTORY 3.4 STRATEGY 3.4.1 MAIN DRIVERS 3.4.2 2006- 2008, THE NExT (NEW EXPERIENCE IN TELECOMS) STRATEGY. 3.4.3 FRANCE TELECOM'S SELECTIVE ACQUISITION STRATEGY 3.4.4 FRANCE TELECOM'S DEBT CRISIS 3.4.5 FROM FRANCE TELECOM TO ORANGE 3.4.6 STRATEGY 2012 FIGURE: FRANCE TELECOM'SORANGE 2012 STRATEGY 3.4.7 ORANGE- STAR PLAYER IN FRANCE TELECOM'S TEAM FIGURE: POSITION OF ORANGE IN THE WORLD TELECOMS MARKET FIGURE: ORANGE LABS FIGURE: ORANGE GLOBAL REACH 3.5 FINANCIAL PERFORMANCE OF FRANCE TELECOM 3.6 FINANCIAL RATIO ANALYSIS 3.6.1 FRANCE TELECOM'S PROFITABILITY: MARGINS CHART 18:REVENUE TREND- PAST 5 YEARS CHART 19:PROFIT MARGIN TREND- PAST 5 YEARS CHART 20:OPERATING PROFIT MARGIN TREND- PAST 5 YEARS 3.6.2 THE EARNINGS- SHARE PRICE CORRELATION CHART 21:EPS TREND- PAST 5 YEARS CHART 22:SHARE PRICE TREND- PAST 5 YEARS CHART 23:EPS- SHARE PRICE CORRELATION- PAST 5 YEARS 3.6.3 FRANCE TELECOM'S CUSTOMER GROWTH: ARPU, CUSTOMER BASE CHART 24:NUMBER OF CUSTOMERS TREND- PAST 5 YEARS CHART 25: ARPU TREND- PAST 5 YEARS 3.6.4 FRANCE TELECOM'S OPERATIONAL EFFECIENCY: TURNOVER CHART 26: TOTAL ASSET TURNOVER- PAST 5 YEARS TREND CHART 27: FIXED ASSET TURNOVER- PAST 5 YEARS TREND FIGURE: ORANGE 2012 STRATEGY 3.6.5 CAN FRANCE TELECOM PAY ITS BILLS? CURRENT RATIO, INTEREST COVER CHART 28: CURRENT RATIO- PAST 5 YEARS TREND CHART 29: INTEREST COVER RATIO- PAST 5 YEARS TREND 3.6.6 HOW HAS FRANCE TELECOM MANAGED SHAREHOLDERS FUNDS: RoE CHART 30:RETURN ON EQUITY TREND- PAST 5 YEARS 3.6.7 SOURCE OF FINANCING CHART 31:GEARING RATIO TREND- PAST 5 YEARS 3.6.8 CASH MANAGEMENT OF FRANCE TELECOM CHART 32: CASH FLOW TREND (NET AND OPERATING)- PAST 5 YEARS 3.6.9 ON A WHOLE: FINANCIAL PERFORMANCE 3.7 FUTURE FOCUS FIGURE: FUTURE FOCUS OF ORANGE FIGURE: ORANGE KEY DATA FIGURE: ENTERPRISE BUSINESS GLOBAL REACH 3.8 KEY POINTS CHAPTER 4 ANALYSIS OF TELEFONICA 4.1 COMPANY OVERVIEW FIGURE: GLOBAL FOOTPRINT 4.2 BACKGROUND 4.2.1 1924-1970: FIRST BASE WITH RAPID TECHNOLOGICAL DEVELOPMENT 4.2.2 1970-1990: GOVERNMENT REGULATIONS 4.2.3 1990-1998: SOUTH AMERICAN EXPANSION 4.2.4 LIBERALISATION 4.2.5 TELEFONICA: 21st CENTURY 4.2.6 O2 4.3 MILESTONES TIMELINE 4.4 STRATEGY 4.4.1 TILL 2005 FIGURE: STRAGEGY IN 2005 4.4.2 FURTHER DEVELOPMENTS FIGURE: REVISED STRATEGY OF 2007 4.4.3 STRATEGY- FUTURE FIGURE: VISION 2011 FIGURE: TRANSFORMANTION KEYS FOR DEVELOPMENT FIGURE: REPTRAK REPUTATION MODEL 4.5 FINANCIAL PERFORMANCE- TELEFONICA 4.6 RATIO ANALYSIS 4.6.1 HOW MUCH PROFIT DOES TELEFONICA PRODUCE EACH YEAR? CHART 33:REVENUE TREND- PAST 5 YEARS CHART 34:PROFIT MARGIN TREND- PAST 5 YEARS CHART 35:OPERATING PROFIT MARGIN TREND- PAST 5 YEARS 4.6.2 THE EARNINGS- SHARE PRICE CORRELATION CHART 36:EPS TREND- PAST 5 YEARS CHART 37:SHARE PRICE TREND- PAST 5 YEARS CHART 38:EPS- SHARE PRICE CORRELATION- PAST 5 YEARS 4.6.3 REVENUE GENERATORS: CUSTOMERS CHART 39:NUMBER OF CUSTOMERS TREND- PAST 5 YEARS CHART 40: ARPU TREND- PAST 5 YEARS 4.6.4 OPERATING EFFECIENCY OF TELEFONICA CHART 41: TOTAL ASSET TURNOVER- PAST 5 YEARS TREND CHART 42: FIXED ASSET TURNOVER- PAST 5 YEARS TREND 4.6.5 HOW IS TELEFONICA PAYING IS BILLS EVERY YEAR? CHART 43: CURRENT RATIO- PAST 5 YEARS TREND CHART 44: INTEREST COVER RATIO- PAST 5 YEARS TREND 4.6.6 HOW IS TELEFONICA MANAGING THEIR SHAREHOLDERS MONEY CHART 45:RETURN ON EQUITY TREND- PAST 5 YEARS 4.6.7 SOURCE OF FINANCING CHART 46:GEARING RATIO TREND- PAST 5 YEARS 4.6.8 CASH FLOW ANALYSIS OF TELEFONICA CHART 47: CASH FLOW TREND (NET AND OPERATING)- PAST 5 YEARS 4.6.9 A CONSISE VIEW 4.7 KEY POINTS CHAPTER 5 ANALYSIS OF HUTCHISON WHAMPOA 5.1 COMPANY OVERVIEW 5.2 HISTORY 5.2.1 HTHKH- HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LIMITED. 5.2.2 H3G 5.2.2.1 OVERVIEW FIG: H3G GLOBAL FOOTPRINT 5.2.2.2 THE BEGINNING, 2000- 2005 5.2.2.3 H3G AND MOBILE 2.0 5.2.3 HTIL- HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED 5.2.4 METRO BROADCAST CORPORATION LIMITED (METRO) 5.3 TOTAL TELECOMMUNICATIONS GLOBAL FOOTPRINT 5.4 MAJOR MILESTONES- TIMELINE 5.4.1 HTHKH 5.4.2 H3G 5.4.3 HTIL 5.4.4 METRO BROADCAST CORPORATION LIMITED (METRO) 5.5 STRATEGY 5.5.1 HTHKH 5.5.1.1 STRATEGIC OBJECTIVES OF HTHKH FIGURE: HTHKH STRATEGIC OBJECTIVE 5.5.2 HTIL FIGURE: HTIL GROWTH STRATEGY 5.5.2.1 GROWTH MECHANISM OF HTIL 5.5.3 H3G 5.5.3.1 BRINGING MOBILE 2.0 TO THE WORLD 5.5.3.2 MOBILE 2.0 5.5.4 METRO 5.6 FINANCIAL PERFORMANCE- GROUP AND SEGMENT 5.6.1 CONSIDERATIONS 5.7 RATIO ANALYSIS 5.7.1 REVENUES CHART 48:REVENUE TREND (GROUP)- PAST 5 YEARS CHART 49:REVENUE TREND (TELECOMMUNICATIONS SEGMENT)- PAST 5 YEARS 5.7.2 PROFITABILITY- PAST FIVE YEARS PICTURE CHART 50:PROFIT MARGIN (GROUP) TREND- PAST 5 YEARS CHART 51:OPERATING PROFIT MARGIN (GROUP) TREND- PAST 5 YEARS CHART 52:OPERATING PROFIT MARGIN (TELECOMMUNICATION SEGMENT) TREND- PAST 5 YEARS 5.7.3 FINANCIAL PERFORMANCE AND SHARE PRICES- CORRELATION ANALYSIS CHART 53:EPS (GROUP) TREND- PAST 5 YEARS CHART 54:SHARE PRICE (GROUP) TREND- PAST 5 YEARS CHART 55:EPS- SHARE PRICE CORRELATION (GROUP)- PAST 5 YEARS 5.7.4 GLOBAL REACH- CUSTOMERS CHART 56:TREND IN NUMBER OF CUSTOMERS (TELECOMMUNICATIONS) - PAST 5 YEARS CHART 57: ARPU (TELECOMMUNICATIONS) TREND- PAST 5 YEARS 5.7.5 HWL's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nhaltsverzeichnis ausblenden] |
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