Broadcasting And Mobile Towers - Analysys Mason

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American Towers - FY 09American Towers - FY 08GTLI - FY 10Crown Castle - Group - FY 10Crown Castle - Group - FY 09American Towers - FY 10Bharti Airtel - India - FY 09East Europe TowerCo SEP 11African TowerCo 1 FY 10Crown Castle - Group - FY 08African TowerCo 2 FY 10EBITDA margin (%)Tenancy ratio for tower companiesTenancy ratios are a key value driver for a towercompany3.002.502.001.50Benchmark of tower companies’tenancy ratiosEmerging marketsDeveloped markets70%60%50%Benchmark of tenancy ratio vs.EBITDA marginATC2010 2009 200820102008200920AfricanTowerCo 1Crown Castle1.0040%0.500.0030%20%AfricanTowerCo 2East EuropeTowerCo10%FY120%0.5 1.0 1.5 2.0 2.5 3.0 3.5Tenancy ratio21454-482Lower incremental cost vs. price for additional tenancies results inan increasing EBITDA margin with tenancy ratio
% of sites% of sites% of MTN sites% of Vodafone sites25% of sites% of sites% of Tigo sites% of Airtel sites25Tenancy ratio for tower companies21Operators with lower coverage are more likely touse tower companies, increasing tenancy ratios35%30%25%20%15%10%5%0%Relatively high coverageShortest distance between Operator 1Shortest distance between Operator 2sites in Africa (km)sites in Africa (km)7%32%13%58% of sites locatedwithin 2km6%3% 3% 2% 3% 3% 2% 4% 6%4% 4% 2% 3% 2% 1% 0%35%30%25%20%15%10%5%0%0%18% 18% 11%47% of sites locatedwithin 2km8%4% 2% 2% 2% 1% 2% 2% 4% 5% 5%3% 3% 3%4%35%30%25%20%15%10%5%0%1%Shortest distance between Operator 3sites in Africa (km)6%17%11%35% of sites locatedwithin 2km4% 3% 2% 3% 2% 3% 3% 4% 4% 4% 4%Relatively low coverage12%6% 5% 3%35%30%25%20%15%10%5%0%Shortest distance between Operator 4sites in Africa (km)0%10%17%34% of sites locatedwithin 2km7% 8% 9% 1% 1% 1% 1% 3% 3% 3% 2% 2%11% 9%6% 6%21454-482
Page 1 and 2: Broadcasting and mobile towers: key
Page 3 and 4: 3Briefing agendaMarco Cordoni: Towe
Page 5 and 6: Market demand for towersThe demand
Page 7 and 8: Drivers of demand for sites • Tec
Page 9 and 10: Drivers of demand for sites • Reg
Page 11 and 12: Supply of towersBesides self-build,
Page 13 and 14: Supply of towers • CommercialAn M
Page 15 and 16: Supply of towers • RegulatoryTowe
Page 17 and 18: Supply of towersComplexities of neg
Page 19: 19ContentsMarco Cordoni: Tower mark
Page 23 and 24: Tenancy ratio for tower companiesEs
Page 25 and 26: USD per year (thousands)African Tow
Page 27 and 28: Pricing considerations for tower co
Page 29 and 30: 100%90%80%70%60%50%40%30%20%10%0%Co
Page 31 and 32: Valuation per Tower(USD ‘000)Optu
Page 33 and 34: 33ContentsTerry Norman: Facts and f
Page 35 and 36: Revenue per gigabyte(USD)Traffic (P
Page 37 and 38: Billions (USD)Billions (USD)The cos
Page 39 and 40: 39ContentsTerry Norman: Facts and f
Page 41 and 42: Cost savings through network sharin
Page 43 and 44: Percentage savingPercentage savingC
Page 45 and 46: Site countPercentage of poulation c
Page 55 and 56: Analysys Mason Research55We offer a
Page 57 and 58: 57Briefing agendaMarco Cordoni: Tow
Page 59 and 60: Why?Broadcasting tower investments
Page 61 and 62: Initial considerations • European
Page 69 and 70: Trends and challenges • Impact on
Page 71 and 72:
Penetration as % of TV setsTrends a
Page 73 and 74:
Trends and challenges • Impact on
Page 75 and 76:
Trends and challenges • Impact on
Page 77 and 78:
Consumption of online video vs TV (
Page 79 and 80:
79ContentsLluís Borrell: Broadcast
Page 81 and 82:
Future opportunitiesDivestment and
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