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TMN will continue to be more profitable than Telecel Vodafone (Portugal)

  • August 20th, 2008
  • 2:04 pm

TMN, Telecel Vodafone and Optimus is serving Portugal’s mobile market. Mobile penetration is above the EU average. Growth is driven by the popularity of using multiple SIMs. MVNO market is undeveloped, partly though network operators having their own low-cost schemes. However, further competition in this sector is expected. TMN continues to enjoy higher profitability than Vodafone.

Notable highlights of  Portugal Mobile Forecast include:

  • The wireless market in Portugal will be growing somewhat slowly compared to many other European countries.  Number of total subscribers will increase from our projected 14.7 million in 2008 to a forecasted 15.1 million in 2010. In 2010, the wireless penetration level in the country will reach 139.8%.
  • Market shares (by subscribers) of the two largest operators will remain roughly the same over the next few years in Portugal. TMN, Telecel Vodafone and Optimus will continue to have approximately 44%, 35% and 20% of total subscribers respectively over the next three years.
  • TMN will continue to be more profitable than Telecel Vodafone, and we forecast that its EBITDA margin will be 43.2% in 2010. On the other hand, the EBITDA margin of Telecel Vodafone will continue to remain low at 35%.