How Much is a 3G Licence Worth in Argentina: Movicom-BellSouth Case Study

Pyramid Research, Inc, January 2001, Pages: 16

In this White Paper, Pyramid Research addresses one of the leading concerns of mobile operators today: What is the value of 3G spectrum in Latin America? We seek to answer this question by undertaking a valuation of a hypothetical 3G licence winner: Movicom-BellSouth of Argentina. Pyramid's financial analysis, which involved building revenue, capital expenditure and operating expenditure models for Movicom-BellSouth Argentina's 3G business, found that the expected value of discounted cash flows for Movicom-BellSouth's 3G business amounts to $207m.

Region:

Latin America

Number of Exhibits: 10

Executive Summary <BR><BR>Argentina: First Mover in 3G Licencing Process <BR><BR>Argentina's Mobile Communications Market <BR><BR>BellSouth's 3G Business Case <BR><BR>Strategic Over Financial Considerations Preside <BR><BR>Improving Movicom-BellSouth's Business Case: Tapping Untraditional Revenue Sources <BR><BR>Conclusion <BR><BR>Appendix A Movicom-BellSouth 3G Valuation Metrics, 2004-2014<BR><BR><b>List of Exhibits:</b><BR><BR>Exhibit 1 Argentina's Mobile versus Fixed-Line Penetration Rates, 1996-2006 <BR><BR>Exhibit 2 Evolution of Mobile Subscriber Market Share in Argentina, 1995-2000 <BR><BR>Exhibit 3 Movicom-BellSouth 3G Business Case Assumptions <BR><BR>Exhibit 4 Movicom-BellSouth's 3G Subscriber Growth, 2004-14 <BR><BR>Exhibit 5 Movicom-BellSouth's 3G Revenues, 2004-14 <BR><BR>Exhibit 6 Evolution of Movicom-BellSouth's 3G Monthly ARPS, 2004-2014 <BR><BR>Exhibit 7 Movicom-BellSouth's 3G Free Cash Flow and EBITDA Margin, 2004-2014 <BR><BR>Exhibit 8 3G Subscriber versus 2G Subscriber Voice ARPS, 2004-2014 <BR><BR>Exhibit 9 Upside and Downside Risk of Movicom-BellSouth's 3G Business Plan <BR><BR>Exhibit 10 Argentina's 3G Licence Valuation, in Context<BR><BR><b>Companies Mentioned:</b><BR><BR>

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