Tom Rebbeck
@tomrebbeck.bsky.social
Partner, Analysys Mason, focused on telecoms services.
Mobile customers like large data plans, but not unlimited plans.
We've seen this result in previous years and it isn't changing - I suspect customers feel they pay more for something they don't need .
Hard to reverse move to unlimited where it's the default, but that's not the case everywhere.
We've seen this result in previous years and it isn't changing - I suspect customers feel they pay more for something they don't need .
Hard to reverse move to unlimited where it's the default, but that's not the case everywhere.
January 8, 2026 at 10:28 AM
Mobile customers like large data plans, but not unlimited plans.
We've seen this result in previous years and it isn't changing - I suspect customers feel they pay more for something they don't need .
Hard to reverse move to unlimited where it's the default, but that's not the case everywhere.
We've seen this result in previous years and it isn't changing - I suspect customers feel they pay more for something they don't need .
Hard to reverse move to unlimited where it's the default, but that's not the case everywhere.
After years of going sideways, shares in European telcos did well in 2025. Most are seeing slight increases in revenue and profits, and may face reduced competition.
Interesting too to see how well Digi is doing - presumably as investors think it will increase competition (and do well).
Interesting too to see how well Digi is doing - presumably as investors think it will increase competition (and do well).
January 7, 2026 at 8:30 AM
After years of going sideways, shares in European telcos did well in 2025. Most are seeing slight increases in revenue and profits, and may face reduced competition.
Interesting too to see how well Digi is doing - presumably as investors think it will increase competition (and do well).
Interesting too to see how well Digi is doing - presumably as investors think it will increase competition (and do well).
Hard to see this ending well:
"creditors have been left with about €300mn of earnings underpinning their €8bn of debt"
giftarticle.ft.com/giftarticle/...
"creditors have been left with about €300mn of earnings underpinning their €8bn of debt"
giftarticle.ft.com/giftarticle/...
Billionaire Patrick Drahi comes out fighting as creditors fall through ‘trap doors’
Lenders to Franco-Israeli tycoon’s Altice empire are guessing his next move after falling victim to an aggressive restructuring
giftarticle.ft.com
December 5, 2025 at 9:35 AM
Hard to see this ending well:
"creditors have been left with about €300mn of earnings underpinning their €8bn of debt"
giftarticle.ft.com/giftarticle/...
"creditors have been left with about €300mn of earnings underpinning their €8bn of debt"
giftarticle.ft.com/giftarticle/...
Interesting that KORE is trading at about $4.15, despite an offer of $5 per share from Searchlight and Abry. What am I missing here? Sounds like a lot of people not convinced it will happen. ir.korewireless.com/news-events/...
December 1, 2025 at 2:09 PM
Interesting that KORE is trading at about $4.15, despite an offer of $5 per share from Searchlight and Abry. What am I missing here? Sounds like a lot of people not convinced it will happen. ir.korewireless.com/news-events/...
8 min podcast on telecoms operator Q3 2025 results. Overall picture is much improved with revenue growing at about 3% year on year, and costs under control.
www.analysysmason.com/research/con...
www.analysysmason.com/research/con...
Telecoms operators’ financial performance: key trends from the 12 months to 3Q 2025
Tom Rebbeck and Jonathan Daniel discuss the latest trends across telecoms operators' financial KPIs.
www.analysysmason.com
November 28, 2025 at 9:37 AM
8 min podcast on telecoms operator Q3 2025 results. Overall picture is much improved with revenue growing at about 3% year on year, and costs under control.
www.analysysmason.com/research/con...
www.analysysmason.com/research/con...
Just arrived. Looking forward to reading this one.
November 4, 2025 at 10:59 AM
Just arrived. Looking forward to reading this one.
Following Vodafone's acquisition of Skaylink, we've made this piece free. It talks about all of the operators going in the opposite direction and selling off their B2B assets (often to concentrate back on connectivity).
www.analysysmason.com/research/con...
www.analysysmason.com/research/con...
The increasing use of spin-offs highlights an alternative B2B growth strategy that operators should consider
Several operators have spun off B2B units in a trend that runs counter to the established strategy of using acquisitions to bolster such divisions.
www.analysysmason.com
October 31, 2025 at 10:54 AM
Following Vodafone's acquisition of Skaylink, we've made this piece free. It talks about all of the operators going in the opposite direction and selling off their B2B assets (often to concentrate back on connectivity).
www.analysysmason.com/research/con...
www.analysysmason.com/research/con...
the shift and double u keys on my keyboard have stopped functioning. never realised that i relied on them so much. putting a lot in present tense (is/are easier than past versions).
October 29, 2025 at 4:05 PM
the shift and double u keys on my keyboard have stopped functioning. never realised that i relied on them so much. putting a lot in present tense (is/are easier than past versions).
The smartphone takes another victim
October 17, 2025 at 4:28 PM
The smartphone takes another victim
Analysys Mason is moving offices, so time to bid farewell to Bush House, with its lovely (and comms related) details - the old phone box with instructions on how to make a call ('listen for the continuous purring') and a post box split by London & Abroad and Country Letters.
October 9, 2025 at 2:41 PM
Analysys Mason is moving offices, so time to bid farewell to Bush House, with its lovely (and comms related) details - the old phone box with instructions on how to make a call ('listen for the continuous purring') and a post box split by London & Abroad and Country Letters.
Not sure how I feel about this AI customer service. I made a complaint and got this instant reply - I was impressed until I realised it was AI. I don't think this helps at all actually, possibly makes things worse.
October 9, 2025 at 2:01 PM
Not sure how I feel about this AI customer service. I made a complaint and got this instant reply - I was impressed until I realised it was AI. I don't think this helps at all actually, possibly makes things worse.
Strong Clippy vibes from Microsoft's offer of 'help' when I'm in PowerPoint.
October 3, 2025 at 10:52 AM
Strong Clippy vibes from Microsoft's offer of 'help' when I'm in PowerPoint.
DT installs trusted exec as next head of T-Mobile US.
Interesting to see how (if?) this changes relations between German and US businesses.
www.wsj.com/business/tel...
Interesting to see how (if?) this changes relations between German and US businesses.
www.wsj.com/business/tel...
T-Mobile Names Telecom Veteran as Next CEO
Srini Gopalan will lead the wireless carrier after five years under Mike Sievert.
www.wsj.com
September 22, 2025 at 11:33 AM
DT installs trusted exec as next head of T-Mobile US.
Interesting to see how (if?) this changes relations between German and US businesses.
www.wsj.com/business/tel...
Interesting to see how (if?) this changes relations between German and US businesses.
www.wsj.com/business/tel...
New article (free to read) on operator growth strategies.
More reliance than ever on connectivity to drive revenue for most, though KT and NTT have alternative plans.
www.analysysmason.com/research/con...
More reliance than ever on connectivity to drive revenue for most, though KT and NTT have alternative plans.
www.analysysmason.com/research/con...
Operators are relying on connectivity for steady revenue growth, but this may not be enough in the long term
Many operators have regained confidence that connectivity services can boost revenue, but their strategies may not provide long-term growth in real terms.
www.analysysmason.com
September 8, 2025 at 3:46 PM
New article (free to read) on operator growth strategies.
More reliance than ever on connectivity to drive revenue for most, though KT and NTT have alternative plans.
www.analysysmason.com/research/con...
More reliance than ever on connectivity to drive revenue for most, though KT and NTT have alternative plans.
www.analysysmason.com/research/con...
Surprisingly hard to buy a SIM for just voice and text. Only one in the UK that I could find (Asda Mobile, £4/month). Surely not that strange a request, is it?
August 28, 2025 at 12:55 PM
Surprisingly hard to buy a SIM for just voice and text. Only one in the UK that I could find (Asda Mobile, £4/month). Surely not that strange a request, is it?
Big jump in Aussie Broadband's share price after a good set of results.
August 27, 2025 at 7:36 AM
Big jump in Aussie Broadband's share price after a good set of results.
Telecoms operators trying to get a share of increased defence spending.
www.telecomtv.com/content/acce...
www.telecomtv.com/content/acce...
European telcos target defence as next battleground
Telecom sector expected to benefit from increased European defence spending in the next few yearsTelcos are already investing in sovereign solutions and preppi…
www.telecomtv.com
August 26, 2025 at 1:48 PM
Telecoms operators trying to get a share of increased defence spending.
www.telecomtv.com/content/acce...
www.telecomtv.com/content/acce...
Monzo is the latest challenge bank looking at an MVNO (I'd suspect they all are).
Seems like an obvious move, given the success in banking and with the shift to eSIMs but very few non-telcos have made a success of an MVNO (Poste Mobile only one in Europe with >5% market share).
on.ft.com/3V2IuNw
Seems like an obvious move, given the success in banking and with the shift to eSIMs but very few non-telcos have made a success of an MVNO (Poste Mobile only one in Europe with >5% market share).
on.ft.com/3V2IuNw
Monzo plans UK mobile service as competition intensifies for big phone groups
Digital bank is exploring launching its own digital sim and offering monthly contracts
on.ft.com
August 18, 2025 at 8:55 AM
Monzo is the latest challenge bank looking at an MVNO (I'd suspect they all are).
Seems like an obvious move, given the success in banking and with the shift to eSIMs but very few non-telcos have made a success of an MVNO (Poste Mobile only one in Europe with >5% market share).
on.ft.com/3V2IuNw
Seems like an obvious move, given the success in banking and with the shift to eSIMs but very few non-telcos have made a success of an MVNO (Poste Mobile only one in Europe with >5% market share).
on.ft.com/3V2IuNw
Morgan Stanley putting a lot of weight on Telstra's satellite offering. "leadership [in satellite] is essential if Telstra’s stock is to maintain its premium valuation relative to its peers"
www.wsj.com/articles/tec...
www.wsj.com/articles/tec...
Tech, Media & Telecom Roundup: Market Talk
Find insight on Palo Alto Networks, next-gen AI models and more in the latest Market Talks covering Technology, Media and Telecom.
www.wsj.com
August 15, 2025 at 6:47 PM
Morgan Stanley putting a lot of weight on Telstra's satellite offering. "leadership [in satellite] is essential if Telstra’s stock is to maintain its premium valuation relative to its peers"
www.wsj.com/articles/tec...
www.wsj.com/articles/tec...
Telstra bought Versent in Oct. 23. It is now selling Versent (plus some other assets) to Infosys. Quite the reversal.
cdn-api.markitdigital.com/apiman-gatew...
cdn-api.markitdigital.com/apiman-gatew...
cdn-api.markitdigital.com
August 14, 2025 at 9:44 PM
Telstra bought Versent in Oct. 23. It is now selling Versent (plus some other assets) to Infosys. Quite the reversal.
cdn-api.markitdigital.com/apiman-gatew...
cdn-api.markitdigital.com/apiman-gatew...
AT&T reportedly looking to exit Mexico. Its market share is gradually falling, though the MVNOs (hosted on ALTAN Redes) are doing well.
August 12, 2025 at 12:42 PM
AT&T reportedly looking to exit Mexico. Its market share is gradually falling, though the MVNOs (hosted on ALTAN Redes) are doing well.
Mobile consolidation in Singapore with M1's shareholder selling out to SIMBA.
SIMBA has been rapidly gaining market share, largely at the expense of M1.
www.keppel.com/media/keppel...
SIMBA has been rapidly gaining market share, largely at the expense of M1.
www.keppel.com/media/keppel...
August 11, 2025 at 1:51 PM
Mobile consolidation in Singapore with M1's shareholder selling out to SIMBA.
SIMBA has been rapidly gaining market share, largely at the expense of M1.
www.keppel.com/media/keppel...
SIMBA has been rapidly gaining market share, largely at the expense of M1.
www.keppel.com/media/keppel...
The picture for North American telecom shares is more mixed than for Euro operators (who are doing well). AT&T, T-Mobile & Verizon did well in 2024 & continue to do so. US cable operators are doing poorly. Big Canadian operators all fell significantly during 2024, but are performing better in 2025.
August 7, 2025 at 7:52 PM
The picture for North American telecom shares is more mixed than for Euro operators (who are doing well). AT&T, T-Mobile & Verizon did well in 2024 & continue to do so. US cable operators are doing poorly. Big Canadian operators all fell significantly during 2024, but are performing better in 2025.