BMI View: Slovenia's fairly small size and population has led to the market becoming saturated quickly,with minimal levels of growth throughout the sector. The continued dominant position of state-ownedTelekom Slovenije has also stunted overall growth and investment in the market. With limited subscribergrowth opportunities, we expect to see increased levels of M&A activity, as consolidation of smaller playersby larger companies plays out over the next few years. For such a small market, there are too many activeplayers, none of which can properly challenge Telekom Slovenije. This has led to bankruptcy procedures atT-2 as well as Tusmobil becoming an acquisition target Telemach and Telekom Austria. The privatisation ofTelekom Slovenije expected to be sold by February 2014, and that would bring a new, private investor intothe market, with upside benefits to growth as a result.
The country's relatively high income levels have led to it having the highest ARPU and postpaidsubscription mix in the region, backed by growth in 3G services. The combination of high incomes andstrong value-added service uptake means that the rollouts of 4G by the two largest mobile operators shouldbe met with stronger demand than in neighbouring states in the region.
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