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  • tfw152-tt-results-wobbles
    Financial & Performance

    Telefónica wobbles over 2020 finish line, targets stability


    Revenue and OIBDA down 11% as COVID‑19 and currency fluctuations hit. Guidance on cash flow just about achieved; stabilisation a focus for 2021. Dividend down 25% as COVID‑19 challenges continue and 5G auctions loom. Infra picking up minority stakes in Group infrastructure; Tech growth solid. ...

  • Telefónica raises €1bn through sustainable bond issue
    Financial & Performance

    Telefónica raises €1bn through sustainable bond issue


    Sustainability financing includes social impact and environmental targets. Proceeds to fund fibre networks and connectivity in unserved areas.

  • btw321-tt-bt-results-simon-lowth
    Financial & Performance

    BT Q3 FY20–21 results: gone today, (hopefully) here tomorrow


    Nobody obviously interested in Q3, but shares down sharply. Calendar of optimism around pandemic bounce back and fresh starts. Jansen despairingly concedes transformation will take at least five years. BT doing best to railroad Ofcom on fibre-critical WFTMR.

  • vfw193-tt-talkmobile-numbers
    Financial & Performance

    Go-to-market stasis hits Talkmobile numbers


    Vodafone UK’s in‑house MVNO yet to report uplift from u‑turn on customer acquisition and implementation of new platform.

  • vfw193-tt-vi-investment
    Financial & Performance

    Vi eyes $2bn cash injection


    Reports suggest Vodafone’s Indian joint venture will announce funds from a consortium of investors imminently. Fundraising initiative began in September to ease Vi’s debt burden, with 4G expansion also expected to get a boost.

  • vfw192-31-read
    Financial & Performance

    Vodafone Q2 FY20–21


    Cost-cutting props up performance during COVID‑19 -hit quarter and CFO indicates she is preparing to step up efficiency plans further. Lag in delivery of leadership’s “ Phase Two ” plans, including Tech 2025 , muddying attempts to assure stakeholders of a brighter future. Lots of ...

  • vfw192-32-storm
    Financial & Performance

    Headline numbers: weathering the storm, for now


    Key numbers relatively solid, reflecting telecoms sector’s cushioning from worst of pandemic disruption. Cost-cutting props up earnings, offsetting top-line weakness. Results preceded latest coronavirus response measures, which will have exacerbated drag on roaming revenue. Government support measures and resumption of international travel cited as key ...

  • vfw192-30-valencia
    Financial & Performance

    Guidance: tightly-wound numbers obscure future


    On a like-for-like basis, Vodafone Group is holding its own in the pandemic so far and leadership appears confident regarding short-term outlook. Longer-term prospects remain a question mark, however, especially as cost-cutting — rather than the top‑line growth — is keeping the Group on a steady course. ...

  • vfw192-33-sim
    Financial & Performance

    Spend: Della Valle dials it up on COVID cost-cutting


    CFO flags acceleration of savings push during H1, and possibility of a further expansion of ambitions for the post- COVID  era. Planned developments at Vodafone Procurement Company briefly mooted. Stark Retail and Shared Services cutbacks detailed.

  • vfw192-12-read-q2b
    Financial & Performance

    Europe: Read stresses asset line-up is not settled


    Vodafone leadership considering next phase of Group strategy, and indicates M A moves could form part of new medium-term plan. Group open to solutions in markets not generating sufficient return on capital employed. Germany’s importance to Vodafone on display again; commitment to other markets less obvious. ...

  • vfw192-26-sa-helps-vodacom-b
    Financial & Performance

    Africa: resilient SA helps Vodacom through crisis


    Vodacom continues to perform well despite regulatory and macro pressures across its regional footprint. However, unfavourable currency trends remain fly in the ointment when Group’s results are translated to Vodafone’s P L. No sign yet that Vodafone management is going cool on its commitment to Africa, despite ...

  • Headline data: bulked-up DT busting out of old suit
    Financial & Performance

    Headline data: bulked-up DT busting out of old suit


    Double-figure and triple-figure milestones nearing for expanded Group on sales and earnings. TMUS the star, again, but DT’s network of European telcos holding firm during highly problematic FY. Top management unclear on picture at T‑Sys as orders slump.

  • Guidance: beefed-up DT puts on a show
    Financial & Performance

    Guidance: beefed-up DT puts on a show


    Up-sized Group uprates earnings again. America providing the main grunt, but Europe also chipping in. Stakeholders still queasy around cash generation, despite Group’s rude health at EBITDA level.

  • Q3 FY20: Europe fix now tops agenda for transformed DT
    Financial & Performance

    Deutsche Telekom Group Q3 FY20


    Twin-track Group resilient in Europe while continuing to achieve strong growth in the USA. Mismatch between prospects and sentiment in two regions has become a key challenge for management. Attention turning to next strategic cycle, and how DT will seek to reinvigorate Europe-side businesses in stodgy political ...

  • btw317-20-group-b2b-costs
    Financial & Performance

    BT Enterprise dials down on B2B costs


    BT Enterprise flags more cost-cutting measures are being implemented as COVID‑19 disruption adds to the broader challenges it faces in the digital era. As ever, partner and supplier consolidation and change is part of the plan. CEO Jansen presents enterprise 5G as bright spot amid ...

  • Spending: cost controls “here to stay”
    Financial & Performance

    Spending: cost controls “here to stay”


    Current crisis said to have engendered long‑term change for the Group, with claims that costs are being permanently cut, and not just deferred. Further confirmation provided that the peak of capex is behind the Group.

  • Outlook: Cash is king
    Financial & Performance

    Outlook: Cash is king


    Telefónica appears just about on track to meet guidance on operating cash flow during this uncertain year. The weak share price is adding to worries on debt, but generating more free cash flow is the Group’s preferred response to pressure. Management tight‑lipped on future dividend payments. ...

  • Headline data: Another quarter of belt‑tightening and falling revenue
    Financial & Performance

    Headline data: Another quarter of belt‑tightening and falling revenue for Telefónica


    Telefónica’s narrative of core market strength yet to fully win over doubters. Restructuring remains work-in-progress in Hispam, Tech, and Infra.

  • Q3 FY20: Under pressure Telefónica flaunts assets
    Financial & Performance

    Telefónica Group Q3 FY20


    Worries persist about Group debt, a tanking share price, and continued exposure to troubled LatAm markets, but Telefónica insists that €100bn of assets on the balance sheet that could be monetised should calm nerves. “ Double dip ” challenge of pandemic and FX fluctuations acknowledged by management, but ...

  • Q2 FY20–21: Jansen requests patience for transformation
    Financial & Performance

    BT Group Q2 FY20–21


    Revenue and profit keep falling in pandemic. COVID‑19 creates noise and uncertainty, but BT is pushing its transformation story, asking for patience as stakeholders get twitchy. Openreach a lone bright spot, although Global may be benefitting from long‑term recovery strategy. An improved earnings forecast at ...