New Street: Emerging Market Telcos Modelling the Enterprise S-Curve
In case you missed it, last week we published a deep-dive sector note analysing the Enterprise opportunity in EM and we have had a lot of investor interest in the piece.Post-Covid emerging economies are digitizing rapidly, and importantly following an S-Curve of Enterprise penetration. S-Curves are exceptionally powerful in our experience and we show in this note that Enterprise revenues could in many cases double in 4-6 years, adding 10-25% to the top line for a number of leading EM telcos. The market doesn’t want to believe, but with other revenue lines also improving (Broadband, Fintech, 5G etc) the EM Telco revenue outlook is probably better than it has been for years.
Bharti Airtel provides telecommunication systems and services to individuals and businesses in India with operations in 20 countries across Asia and Africa. In India, Co.'s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Co. had nearly 287 million customers across its operations at the end of Dec 2013.
China Telecom is a full services integrated information service operator and wireline telecommunications and broadband services provider in the People's Republic of China. Co. offers wireline and mobile telecommunications services including wireline voice, mobile voice, internet, managed data and leased line, value-added telecommunications services, integrated information application services and other related services. As of Dec 31 2010, Co. had wireline access lines in service of approximately 175 million, wireline broadband subscribers of approximately 63 million and mobile subscribers of approximately 90 million.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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