有点老，November 4, 2004
CURRENT ENVIRONMENT..................................................................1
Wireless services remain attractive
Watershed events: mergers and acquisitions
Wireless sustains profitable growth
Walkie-talkies, or push-to-talk
Major regulatory issues
Investment outlook
INDUSTRY PROFILE...............................................................................8
Wireless industry may see slower growth
INDUSTRY TRENDS ..................................................................................9
Competition increases customer churn
Mobile data services: the new frontier
Wi-Fi: friend or foe?
HOW THE INDUSTRY OPERATES ..............................................................15
Why wireless?
The ABCs of wireless
The network build-out
Government controls the airwaves
Who’s who in wireless
KEY INDUSTRY RATIOS AND STATISTICS....................................................22
HOW TO ANALYZE A WIRELESS TELECOM COMPANY ................................24
Key market variables
Competition
Marketing is crucial
Keeping the customer happy
Top-line expansion and ARPU are key
Earnings quality
Valuation: from POPs to P/Es
GLOSSARY.............................................................................................29
INDUSTRY REFERENCES.....................................................................32