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O2 Looking beyond the nadir - Venture Insights

Report Overview

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O2 Looking beyond the nadir

PublisherEnders Analysis.
Publish Date November 3, 2020
Sector Telecom.

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There was just a slight deterioration in trends at O2 this quarter as the COVID drag was fairly constant in total, although varied in mix. However, the iPhone launch in Q4 rather than Q3 was almost as detrimental to total revenue growth which will reverse next quarter.

Contents

Most metrics still weak—net adds the highlight

COVID still hitting hard

Strong contract net adds is reassuring

OIBDA relatively resilient

Sector pricing—H3G becoming much more aggressive

Weathering the storm—outlook may be better

Figures

Figure 1: OIBDA, revenue, and mobile service revenue growth

Figure 2: O2 KPIs

Figure 3: O2 mobile revenue and service revenue growth under IFRS 15

Figure 4: O2 revenue breakdown and trends

Figure 5: COVID-19 and iPhone launch impact on revenue growth

Figure 6: Reported organic mobile service revenue growth

Figure 7: Contract ARPU growth

Figure 8: Contract net additions (000s)

Figure 9: Annualised contract churn

Figure 10: Contract gross additions (000s)

Figure 11: OIBDA growth

Figure 12: ‘Sweet spot’ bundle with iPhone 6s/7/8/XR/11

Figure 13: SIM-only pricing by data allowance (GB)—direct distribution (£/month)

Figure 14: SIM-only unlimited data bundle pricing (£/month)