EMEA Telecommunications Service Providers: 2016 Outlook

1. EMEATelecommunications
Service Providers
2016 Outlook

2. The sector is
2016 Outlook
Transitioning

3. from the
Down-Cycle
Up-Cycle
to the
Transitioning

4. from the
Down-Cycle
Up-Cycle
to the

5. Down-Cycle
Up-Cycle
Cut Opex
-90%

6. Down-Cycle
Up-Cycle
Cut Dividends
-80%
Down-Cycle

7. Down-Cycle
Up-Cycle
Asset Sales
-70%
Down-Cycle

8. Down-Cycle
Up-Cycle
Hybrids
-50%
Down-Cycle

9. Down-Cycle
Up-Cycle
Raise Equity
-20%
Down-Cycle

10. Down-Cycle
Up-Cycle
Increase
Capex
+20%

11. Down-Cycle
Up-Cycle
Increase
Dividends
+60%
Up-Cycle

12. Down-Cycle
Up-Cycle
M & A
+70%
Up-Cycle

13. Down-Cycle
Up-Cycle
Buybacks
+90%
Up-Cycle