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Exposure to emerging markets benefits world’s largest telcos

20 сентября 2010

Emerging markets remain a source of profit for many of the world’s largest telcos, according to Analysys Mason’s recent report, Worldwide telecoms market share report 2009, which evaluated the financial and operational performance of more than 100 operators worldwide.

According to Roz Roseboro, Principal Analyst at Analysys Mason and author of the report, revenue growth in emerging markets continued to fare better than in mature markets. Also, many large operators with exposure to emerging markets realised higher EBITDA margins than their peers without such exposure.

When looking at the top operators by revenue, five with the highest EBITDA margins also have exposure to emerging markets. 


Rank by revenue

Rank by EBITDA margin


China Mobile












Telecom Italia




France Telecom




“Industry watchers should consider exposure to growth markets when evaluating the growth potential of large, Tier 1 operators,” says Roseboro.

Emerging markets achieved higher GDP growth in 2009 than mature markets, so consumers in these markets had a greater ability to pay for telecoms services, a situation Analysys Mason says will continue.

“We expect mature markets to remain challenging, so operators will be well-served to have a position in dynamic growth markets,” she adds. Still, emerging markets are not without their challenges. “The business environments in emerging economies are prone to volatility, and many are becoming extremely competitive, so operators must vigilantly manage their costs, and develop innovative business models in order to profitably maximise the opportunity.”

Other findings from the report include the following:

  • Operators in mature markets experienced strong growth in mobile broadband revenue.
  • Investment continued to flow from mature markets to growth markets, and across growth markets.
  • Licensing activity is bringing new entrants to growth markets, which is increasing competition and the availability of telecoms services.

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