Fitch: Capital Intensity Persists in German Telecoms Market
OREANDA-NEWS. Fitch Ratings says in its German Telecoms Dashboard that investments in fixed and mobile telecoms infrastructure are likely to weigh on the free cash flows of German telecoms operators. However, total market EBITDA is likely to stabilise during 2016 after revenue growth turned positive in 1H15 and margins are now stable.
The 2H15 German Telecoms Dashboard explores key trends in the sector and their impact on the main network operators in the country, including the following:
- Key theme: network investments keep capex high, but competitive pressures ease
- The dynamics of high-speed broadband uptake (cable versus fibre)
- Vodafone's market share development, particularly in mobile.