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周波数帯域の評価:通信事業者および通信当局にとっての技術面・商業面・戦略面における重要検討因子

Spectrum Valuation: Critical Strategic, Technical and Commercial Factors for Operators and Regulators

発行 Analysys Mason 商品コード 235792
出版日 ページ情報 英文 31 Pages
納期: 即日から翌営業日
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周波数帯域の評価:通信事業者および通信当局にとっての技術面・商業面・戦略面における重要検討因子 Spectrum Valuation: Critical Strategic, Technical and Commercial Factors for Operators and Regulators
出版日: 2012年03月16日 ページ情報: 英文 31 Pages
概要

2012年には実に多くの帯域オークションが予定されており、さまざまな周波数帯域の利用が可能となるでしょう。次世代モバイルブロードバンド(4G)の導入も促進されることから、オペレーターは帯域資産の適切な評価を行う必要に迫られています。

当レポートでは、適切な周波数帯域の評価および選択を行えるよう、周波数帯域の技術的価値・商業的価値・戦略的価値に影響する主要動向をまとめ、概略下記の構成でお届けいたします。

第1章 エグゼクティブサマリー

第2章 提言

第3章 周波数帯域の評価の動向

  • 2012年の前例のない件数の帯域オークションの計画と帯域評価への関心の高まり
  • 帯域評価の重要3項目

第4章 周波数帯域の技術的価値

  • 低周波数帯:一般的に高周波数帯より価値が高いと考えられる
  • 干渉軽減のコストは魅力的な帯域に悪影響を及ぼす可能性がある
  • 非対スペクトル:オペレーターからの関心が高まる
  • 調整LTE帯の異常な広さ:帯域の価値を減少させる可能性がある

第5章 周波数帯域の商業的価値

  • 周波数帯域の国際的な調整:デバイスのエコシステムを刺激し、周波数帯域の価値を高める
  • 潜在的利益と市場の発展レベル:オペレーターの帯域資産購買資金の調達能力に影響する可能性がある
  • 帯域価格:オペレーターが直面している厳しい財務状況とマクロ経済的状況の影響を受ける
  • オペレーターの注意:カバレージから周波数帯域へ

第6章 周波数帯域の戦略的価値

  • オークション収益:オークションの法規制や形態に敏感に影響を受ける
  • カバレージに関する義務:帯域価格に限定的な効果しか持たない
  • 周波数需要:市場の競合レベルによって決まる
  • 周波数政策の自由化:帯域を含む資産の共有を推進するため帯域需要および帯域価値は減る
  • 短期的にはHSPA+が一部のオペレーターにとって十分となる可能性がある
  • 700MHz第2アナログ跡地のリリース:一部の市場においてはオペレーターの800MHz・900MHz帯の購買ニーズを減らす可能性がある

著者およびAnalysys Masonについて

図表

目次

Abstract

Operators will need to consider many universal and local variables to ensure that they acquire spectrum at sustainable prices.

A record number of spectrum licences will be auctioned in 2012. Spectrum is becoming available in a wide variety of bands, facilitating the roll-out of next-generation mobile broadband networks ('4G'). Operators need to understand how to best compare and contrast the different bands to determine appropriate spectrum asset valuations. This report examines the key strategic, commercial and technical factors that should inform decision making in the run-up to spectrum auctions, and explains the results of previous auctions.

This Report answers your key questions:

  • what are the key trends in spectrum valuation?
  • is low-frequency spectrum considerably more valuable than high-frequency bands?
  • what are the key variables that affect spectrum valuation?
  • what are the policy trends that may influence spectrum prices?

Companies mentioned in this report: America Movil, Anatel, AT&T, Cell C, China Mobile, Everything Everywhere (T-Mobile), EVN Telecom, France Telecom (Orange), Globe Telecom, Hanoi Telecom (Vietnamobile), Hutchison 3G UK (3), LightSquared, Net4Mobility, Sonera, Telefonica de Espana (Movistar), Telefonica UK (O2), TeliaSonera, TELUS Communications, Verizon, Vodafone (UK) and Vodafone Espana.

Table of Contents

1 Executive summary

2 Recommendations

3 Spectrum valuation trends

  • The unprecedented number of spectrum auctions planned for
  • 3.1 2012 has generated interest in
  • spectrum valuation trends
  • 3.2 Three overarching factors inform the valuation of spectrum

4 The technical value of spectrum

  • 4.1 Lower-frequency bands are generally regarded as more valuable than higher-frequency bands
  • 4.2 The cost of interference mitigation can have an adverse effect on otherwise attractive bands
  • 4.3 Unpaired spectrum, although generally considered inferior to paired, is attracting growing interest
  • from operators
  • 4.4 The unusual abundance of harmonised LTE frequency bands may dilute the value of spectrum
  • over time

5 The commercial value of spectrum

  • 5.1 International harmonisation of the spectrum band drives the device ecosystem, which in turn
  • drives spectrum value
  • 5.2 Potential profits and the level of market development will affect the ability of operators to fund
  • the purchase of spectrum assets
  • 5.3 Spectrum prices will be affected by the challenging financial situations facing operators, coupled
  • with the difficult macro-economic conditions
  • 5.4 Operators' attention is turning from coverage to capacity concerns, increasing interest in higherfrequency
  • bands

6 The strategic value of spectrum

  • 6.1 Auction revenue is sensitive to the regulation and format of the auction
  • 6.2 The imposition of coverage obligations has a limited effect on spectrum prices
  • 6.3 Demand for spectrum is determined by the level of competition in the market
  • 6.4 Liberalisation of spectrum policy is facilitating the sharing of assets, including spectrum,
  • thereby decreasing spectrum demand and value
  • 6.5 HSPA+ could be sufficient for some operators in the short term
  • 6.6 The release of 700MHz second digital dividend spectrum would diminish operators' need to buy
  • 800MHz and 900MHz spectrum in some markets

About the authors

About Analysys Mason

Research from Analysys Mason

Consulting from Analysys Mason

List of figures

  • Figure 1.1: The three principles of spectrum valuation
  • Figure 3.1: Mobile network traffic, worldwide, 2011 - 2016
  • Figure 3.2: Number of known spectrum auctions by frequency band, worldwide, 2011 - 2013
  • Figure 4.1: Spectrum prices achieved at auction by frequency band, worldwide, 2008 - 2011
  • Figure 4.2: Number of spectrum auctions by frequency band, worldwide, 2008 - 2011
  • Figure 4.3: Spectrum prices achieved at selected 1800MHz auctions, by country, 2010 - 2011
  • Figure 4.4: Average LTE site coverage in urban areas, by frequency band
  • Figure 4.5: Spectrum prices achieved at selected 800MHz auctions, by country and lot, 2010 - 2011
  • Figure 4.6: Prices achieved for FDD and TDD spectrum at selected 2600MHz auctions, by country, 2007 - 2011
  • Figure 4.7: Planned and operational deployments of LTE networks, worldwide, February 2012
  • Figure 5.1: GDP per capita versus average mobile ARPU in Europe, 2011
  • Figure 5.2: Mobile penetration versus average mobile ARPU in Europe, 2011
  • Figure 5.3: Mobile ARPU for active subscribers, worldwide, 1Q 2004 - 3Q 2011
  • Figure 5.4: Selected mobile operators' EV/EBITDA ratio and the worldwide GDP growth rate, 2006 - 2011
  • Figure 6.1: Prices achieved for 2100MHz spectrum at auction, France, 2009
  • Figure 6.2: Prices achieved for 800MHz spectrum at auction, Sweden, 2011
  • Figure 6.3: Normalised HHI versus ARPU in Europe, 2011
  • Figure 6.4: Key elements of HSPA+, LTE and LTE Advanced
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