Telefonica Acquires Most Spectrum in U.K. Auction, 3 Receives Least; No FVE Changes, All Undervalued
On April 5, Ofcom, the U.K. telecom regulator, announced the completion of its spectrum auctions. In the 2.3 GHz band, Telefonica won all 40 MHz of spectrum offered with a bid of GBP 205.896 million. Telefonica had the weakest spectrum position in the U.K., so we believe it was important for the firm to gain some spectrum here. However, we are a little surprised that it succeeded in obtaining all of it. In the 3.4 GHz band, Vodafone won the largest amount of 50 MHz with a bid of GBP 378.24 milli...BT is a communications services company, delivering products and services with industry-specific communications solutions and consulting expertise. Co.'s principal activities include: networked IT services; local, national and international telecommunications services; broadband and internet products and services; and converged fixed/mobile products and services. Co. operates five lines of businesses: BT Global Services, BT Business, BT Consumer, BT Wholesale and Openreach, providing services to around 6,500 large corporate and public sector customers, in more than 170 countries worldwide.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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