Arthur D. Little - Exane BNP Paribas report 2014
by Didier Levy, Dr. Karim Taga, Bertrand Grau, Laurent Barbezieux
Capex: the long march

We foresee revenue decline for European telecoms operators (-1.6% 2013-2016e CAGR), with a contraction in mobile and growth in fixed broadband. We believe that despite the planned decline in revenue, telecom capex will continue to rise, driven by new network deployments and fostered by increased competition by cable and mobile leaders. This will drive consolidation of the market. If you would like your own full copy of the report, please contact Isabelle Tisserant (

tisserant.isabelle@adlittle.com).