市场调查报告书

运营商中立网路经营者 (CNNO):市场检讨

Carrier-Neutral Network Operators - 4Q18 Market Review: CNNOs now operate 613 Data Centers, 2.4 million Cell Towers, and over 487K Route Miles of Fiber

出版商 MTN Consulting, LLC 商品编码 757460
出版日期 内容资讯 英文
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运营商中立网路经营者 (CNNO):市场检讨 Carrier-Neutral Network Operators - 4Q18 Market Review: CNNOs now operate 613 Data Centers, 2.4 million Cell Towers, and over 487K Route Miles of Fiber
出版日期: 2019年04月29日内容资讯: 英文
简介

本报告提供运营商中立网路经营者 (CNNO)每季的趋势调查,收益,纯PP&E,OPEX、CAPEX,净利、净利率等的各种财务资料,CNNO类型、企业等各种区分的明细等资料汇整。

目录

  • 概要
  • 分析
  • 2018年第3季的主要统计
  • 各部门分析
  • 各企业分析
  • KPI:各企业
  • 汇率

收益:各CNNO类型

  • 收益:各CNNO类型
  • CAPEX:各CNNO类型
  • 资本集中度:各CNNO类型
  • CAPEX & 收购费用
  • 纯PP&E:各CNNO类型
  • 资料中心&出赁可能空间的成长
  • 每资料中心的NRSF
  • 收益:各企业、市场区隔
  • 纯PP&E:各企业、市场区隔
  • 资料中心CNNO:可出赁面积
  • 资料中心CNNO:资料中心数
  • 塔CNNO:各企业塔数
  • 塔CNNO:员工数
  • 收益、现金流的变化
  • 自由现金流、手头现金的转变
  • 收益、资本集中度的转变
  • OPEX、CAPEX的转变
  • 负债、资本的转变
  • ROE、ROA的转变
  • 纯PP&E的转变:CNNO区分
  • 纯PP&E:年度成长率的变化
  • 纯PP&E:各企业
    • 塔区分
    • 资料中心区分
  • 净利率:各CNNO类型
  • 净利:各CNNO类型
  • 自由现金流/收益:各CNNO类型

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目录
Product Code: GNI-29042019-1

Carrier-neutral providers of network infrastructure are playing a crucial role in the development of the telecom sector. From US$17.6 Billion ($B) in revenues in 2011, CNNOs recorded $ 58.6B in 2018; the growth rate in the last three years has averaged 20.2%. Since 2011, the sector's data centers under management have more than doubled, to 613 facilities; fiber route miles have almost tripled, and the cell tower count increased over 10x to 2.4 million.

Much of the CNNO sector's growth has been acquisition-induced. During 2011-18, acquisitions burned nearly as much cash as capex in the sector. CNNO capex in the 2011-18 period totaled $ 111.50B, versus $ 104.6B for M&A spending slowed to a trickle in 2018, and CNNO revenue growth in 2018 was relatively flat. Year over year growth was just 9% in 2018. Growth in the data center segment remained strong in 2018, but the tower & bandwidth segments both slowed.

Other findings from our 4Q18 analysis include:

  • Capital spending among CNNOs remains high as a % revenues. In 4Q18, CNNO capex of $6.0B was 40% of revenues. Most CNNO capex is for the purchase of property and related construction costs, with telecom equipment t& software taking up a small percentage. Some CNNOs are deploying more intelligence in their networks and evolving business models, though, such as Crown Castle, NBN and Zayo.
  • CNNOs have low employee costs (or high revenues per employee), but high capital costs. Most CNNOs reap benefits from REIT classification, but they still have huge debt loads. As of September 2018, CNNOs had a total of $135.1B in debt, and just $6.0B in cash & investments. Gauging their ability to manage this debt & raise new funds for expansion is essential to tracking the sector.
  • The number of data centers operated by CNNOs globally is now 613, up from 590 at-year-end 2017. Few would be classified as "hyperscale" or "webscale" data centers, but this asset base is still significant. The CNNO data center segment has been driven by the growth of cloud & mobile computing, IoT, and increased telco & webscale reliance on carrier-neutral players to complement their networks.
  • CNNOs' tower count as of December 2018 was roughly 2.4 million, including China Tower. Many telcos have spun off tower assets over the years, leaving most towers now in independent hands. 5G is driving a need for new construction.
  • In the bandwidth segment, CNNOs now operate over 487K route miles of fiber, used mainly for wholesale or similar services.

We expect CNNOs with a proven track record of acquisitions to continue looking for multi-billion dollar asset deals for the next several years. We also expect CNNOs to function as market consolidators when the next market downturn hits. The larger CNNOs will push the envelope on their business model as they grow, adding services on top of their infrastructure and building further to the edge of the network. Top-line growth will tick up again with M&A deals, and the continued growth of new build CNNO networks such as NBN Australia.

Table of Contents

Index

  • ABSTRACT
  • ANALYSIS
  • KEY STATS THROUGH 4Q18
  • SEGMENT DRILLDOWNS
  • COMPANY DRILLDOWNS
  • KPIs BY COMPANY
  • EXCHANGE RATES
  • ABOUT
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