With the caveat that European mobile and fixed network markets have faced headwinds for decades, average revenue per user trends have been flat for perhaps two decades, showing the importance of any new initiatives that either lift ARPU or create new markets to address.
For some investors and analysts, perhaps the more-relevant issue is firm outperformance or underperformance amongst contestants. For others the issue might be connectivity assets as an alternative asset producing predictable cash flow over time, with business moats to protect such revenue streams.
Fixed assets arguably have been preferred so far.
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