5G to finally take off in 2022

Last update – December 2021
Business environment risk
Political risk
Commercial risk
  • Highly regulated, concentrated markets with generally predictable cash-flows and limited churn

  • Generally high EBITDA margins (30-40%)

  • Long-term trend of booming data use

  • Resilience to periods of downturns in advanced economies
  • Market maturity in advanced economies leads to strong price competition

  • Highly capital intensive business (capex in the range of 10-20% of revenue)

  • High leverage (net debt / EBITDA > 3) among a few large U.S. and European players

  • Uncertainties related to the U.S.-China tensions, Huawei of China being the leader in 5G technologies

  • Sensitivity to periods of downturns in emerging economies

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Country   Role Sector risk
United States

#1 Market by revenue


Medium risk
China

#2 Market by revenue


Medium risk
Japan

#3 Market by revenue


Medium risk
United Kingdom

#4 Market by revenue


Medium risk
Germany

#5 Market by revenue


Low risk
Aurelien Duthoit
Allianz Trade