The first thing you need to do is choose a news reader, if you already don't have one. This is a piece of software that checks feeds you have requested and lets you read any new articles that have been added. There are various types of news reader. You should choose one that will work with your computer’s operating system.
When you have chosen a news reader, you can decide what content you want to keep up to date with. Please choose from below:
|Albania||Bosnia and Herzegovina||Bulgaria||Croatia|
|INTERVIEWS BY BALKANS.COM|
Alternatively, you can paste one of the BBN RSS URLs into a new feed in your news reader.
|E-mail article||Save||Additional News in English||Još vesti na Srpskom||Επιπλέον ειδήσεις στα Ελληνικά||Text|
News: Vodafone reported financials for 3Q13 yesterday (financial YE is in March, so their 3Q13 coincides with calendar 4Q12 - we use a calendar timeline below so that the numbers are comparable to those of Turkcell and Avea). The segment EBITDA margin is reported on a half-yearly basis, and so the EBITDA margin was not reported in these results.
Our View: We think that Vodafone Turkey's results are a positive read-across for Turkcell. Like Avea, Vodafone showed an acceleration of growth in 4Q12 in lira terms: mobile service revenue growth accelerated to 15.5% YoY vs. 11.5% YoY in 9M12. Voice revenue growth was one driver (+12% YoY in 4Q12 vs. +11% YoY in 9M12), as the market seems to be stable in terms of pricing. Another was mobile data growth, which was supported by rising smartphone penetration: up 1.4pp for the quarter to 18.9%, compared with the total 0.4pp increase in penetration over the last two quarters. Customers continued to migrate to postpaid product: postpaid as a share of the total subscriber base has reached 35%, vs. 30% at end-calendar 2011 - a trend we will likely see in Turkcell numbers as well.
In Italy, Vodafone's mobile service revenue was down 14% YoY in 4Q12, same as in 3Q12, impacted by the mid-year MTR cut. Vodafone claims the strong price competition in Italy continued. We think the situation has not changed much compared to 3Q12, so this is a largely neutral read-across for VIP: Wind Italy has likely continued to gain market share, but the market is challenging.
Related News in English
Povezane vesti na srpskom
Συναφείς Ειδήσεις στα Ελληνικά