Some of the key findings include:
- The aggregate revenue of the top five telcos is now almost 9% lower than it was in 2010.
- In 2014, the top five telcos, on average, kept the top line flat - a marked improvement on the 2% revenue fall in 2013.
- Europe’s top five telcos’ operations generated net cash of 47 billion euros in 2014 compared with 61 billion euros in 2010 (after tax and interest payments)
- Europe’s top telcos are now spending an average of 17% of revenues on capex (excluding spectrum license fees), up from 14% in 2010.
- With an average return on capital employed (ROCE) between 2010 and 2014 of 6.5%, Europe’s big five telcos are not an attractive proposition for investors
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