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1、EquityResearch7July2017TelecommunicationsINDUSTRYUPDATE2Q17KeytrendsandtacticaloutlookEuropeanTelecomServicesPOSITIVEEUTelcoshaveperformedweaklyin2Q17withsignsthatcompetitiveintensityisUnchangedincreasingandtheregulatoryoutlookdeteriorating.Intermsofmobile,wenoteth
2、eintroductionofEUroaming,althoughwedonotseemuchdownsideriskasmostLatinAmericaTelecom&Mediacompanieshavecalledouttheimpact.Therehavebeenanumberof“moreforNEUTRALmore”pricinginitiatives,especiallyaroundunlimited,althoughwedoseerisingUnchangedpromotionalactivityinanumb
3、erofkeymarkets(Spain/France/Italy/NL).Weexpectfixedlinetrendstoremainsolid,althoughwecontinuetomonitorenterpriseForafulllistofourratings,pricetargetandtrends,whichhavegenerallybeenweakoflate.earningschangesinthisreport,pleaseseetableonpage2.Roaminginfocus–hopefully
4、anonevent.GiventhatEUroamingbecamefreeinJune2017,weexpectmostTelcostogiveanupdateontheimpactthisissettohaveonEuropeanTelecomServicesnear-termfinancials(manyhavealreadyprovidedestimates).WenotethatmostTelcosMauricePatricksawalowerthananticipatedimpactin2016duetoelas
5、ticityandupselling,andwith+44(0)203134362250%increaseindataroamingtrafficinthefirstweekandotherTelcosinvokingthemaurice.patrick@barclays.comBarclays,UKsustainabilitymechanism,wedonotexpectanynegativeshocks.MathieuRobilliard“Almostunlimited”mobiledataandwirelesscomp
6、etitionthethemeofquarter.We+442031343288noteanumberofTelcoshavelaunchedquasi-unlimitedtariffsinrecentweeks,inanmathieu.robilliard@barclays.comattempttodrive“moreformore”strategies(e.gVodafonePass,3UKBingeon).OurBarclays,UKworkinTheirrelevanceofyield(6April2017)show
7、edthatmarketstructureiskeyinDanielMorrisdrivingsustainablegrowth(suchasFinland).IndeedinSpainwenoteheightened+44(0)2077732113competition(MasMoviltakingshare),strongpromotionalactivityinFrance(largelydaniel.m.morris@barclays.comSFR/Iliad),anddiscountbrandlaunchesinI
8、talyaheadofIliad’slikelylaunchlaterthisBarclays,UKyear.AlsoinGermanyweseeariskthattheTelefonicaDe15GBfor€30/monthdrivesretailcompetition(andfacil
