Enlightened self-interest 7
Regulation a positive trigger 7
The key European debates 12
National regulation 26
The alternative: Telstra 34
Is Greece set to follow suit? 38
The global NGA experience 39
Benefits of NGA deployment 39
US 40
Japan 45
Winners and losers 51
Evaluation 51
Scoring methodology 53
Evaluating regulation 53
Ratings and target prices 57
Technology appendix 63
Introduction 63
ADSL/ADSL2+ 63
FTTN/VDSL 63
FTTP 64
Cable HFC 66
Wireless broadband 66
Technologies compared 67
Company sections 73
AT&T (Overweight (V), TP USD34) 74
Belgacom (Neutral, TP EUR26) 76
BT (Neutral (V), TP 105p) 78
Deutsche Telekom (Underweight (V), TP EUR9.0) 80
France Telecom (Overweight, TP EUR22) 82
KPN (Overweight, TP EUR14.5) 84
NTT (Overweight, TP JPY5,600 from JPY5,900) 86
OTE (Overweight (V), TP EUR16.5) 88
Swisscom (Overweight, TP CHF440) 90
Telecom Italia (Underweight (V), TP EUR1.0) 92
Telefonica (Overweight, TP EUR19, from EUR19.8) 94
Telekom Austria (Neutral (V), TP EUR12.0) 96
Telstra (Neutral, TP AUD3.4) 98
Verizon (Overweight (V), TP USD38) 100
Disclosure appendix 105
Disclaimer 108
Contents