Table of contents
Investment Case 3
Anatomy of a Report 8
Introduction: How “Unlimited” Changed the Landscape 10
Prepaid and Postpaid Are No Longer Separate Segments 12
Where Will Wireless Penetration Peak? 19
Prepaid Will Take Share 24
We Forecast an 11% Industry ARPU Decline in 2008-2015 32
Industry Margins under Pressure 42
Pricing Pressure May Not Be Priced In 49
Potential Industry M&A 53
Risks: Where We Could Be Wrong 54
What We Haven’t Solved 55