tmtindustryreboot电信业展望(ppt33)(英文)-电子电信(编辑修改稿)

tmtindustryreboot电信业展望(ppt33)(英文)-电子电信(编辑修改稿)内容摘要：

sumer Durables Food Drug Retailing Chemicals Hotels Restaurants Construction Materials Metals Mining Pulp Paper Transportation Aerospace Defense Utilities Autos Health Care Household products 6% 4% 2% 0 2% 4% 6% 8% 10% ROIC – WACC Cyclicals Group Sector  Market Valuation versus Expected Returns 2020E Enterprise Value/ Invested Capital Premium Discount Media Teles Wireless Wireline Software 169。 2020 Cap Gemini Ernst amp。 Young 169。 2020 Ernst amp。 Young 10 Do not duplicate without prior consent. Rel. . Today, CEOs are uncertain about the future but consider regulation and petition as key challenges Source: Executive interviews。 Cap Gemini Ernst amp。 Young and Ernst amp。 Young analysis What is the biggest threat you will have encountered over the next two years? CEOs consider regulation as a major future threat to their industry. 38%29%19%14% 14%R e g u l a to r yc h a n g e sC o m p e ti ti v ed y n a m i c sMa r k e tu n c e r ta i n tyE x e c u ti o nr i s kO th e rCEO Quotes ―The bination of petition and economic downturn has put pressure on us.‖ ―Unfair petition from incumbents is the greatest threat.‖ ―Regulation creates changes in the value chain. The regulator forces telcos to adopt uneconomic models.‖ ―I fear erratic decisions in the regulatory environment.‖ ―We will have consolidation of the weaker players.‖ ―Competition will intensify as the market rebounds.‖ ―The biggest threat is regulation as it will shape the environment and current relationships.‖ CEOs identified regulation and intensifying petition as key challenges. Percent of Respondents 169。 2020 Cap Gemini Ernst amp。 Young 169。 2020 Ernst amp。 Young 11 Do not duplicate without prior consent. Rel. . CEOs recognize that future growth will depend on getting a larger share of customer’s spend Source: Executive interviews。 Cap Gemini Ernst amp。 Young and Ernst amp。 Young analysis CEO Responses (Percentage) Question: As you design your operating and anizational model, what is more important, market share or shareofwallet? 61%10%29%Sh a r e o fw a l l e t i sm o r e i m p o r ta n tMa r k e t s h a r e i s m o r ei m p o r ta n tB o th e q u a l l yi m p o r ta n t―Shareofwallet is most important.‖ CEOs recognize the importance of increasing share ofwallet as anic growth has bee challenging. ―Growth opportunity by segment will be very different.‖ Consumer Small amp。 Medium Enterprises Corporates Government Framework for Understanding ShareofWallet Demand–Customer Segments Supply–TMT Sectors Tele Media Technology The shareofwallet and opportunities differ across different customer segments. Priv ate households Companies with 500 employees Companies with 500 employees Federal and local gov ernment, public education and healthcare 169。 2020 Cap Gemini Ernst amp。 Young 169。 2020 Ernst amp。 Young 12 Do not duplicate without prior consent. Rel. . Source: Cap Gemini Ernst amp。 Young and Ernst amp。 Young analysis Industry ReBoot: Choosing Your Path to Profitable Growth Companies must first reestablish trust and financial stability Uncovering growth requires choosing the right customer segments and meeting their needs Operational efficiency is the foundation for profitable growth Selecting the right business models and remaining focused is key Growth opportunities exist, even in times of unparalleled uncertainty, for Tele, Media and Technology panies Achieving profitable growth will require CEOs to make difficult choices and execute The Challenge:  Having invested heavily, the highly indebted industry has limited access to attractive financing options  Without drastic actions, defaults and business failures will continue The Opportunity:  Capex cuts and asset disposals will continue to save/generate cash and prevent defaults  When capital markets permit, rights issues will be key to strengthening financial health  Financial change and execution discipline is essential to regaining trust and credibility 169。 2020 Cap Gemini Ernst amp。 Young 169。 2020 Ernst amp。 Young 13 Do not duplicate without prior consent. Rel. . CEOs recognize that to regain trust, they will have to demonstrate judicious use of the capital entrusted to them CEO Quotes Financial market requirements to regain credibility Step 1 – Reduce Debt:  Reduction of debt to manageable levels Step 2 – Redefine Financial Governance:  Robust ROI/business case for future investment opportunities  Clearly defined capex allocation process tied to business case metrics  Disciplined review process to ensure learning loop in investment decisions  Strong risk assessment and risk management processes  Conservative/realistic customer adoption forecasts that are constantly monitored  Clear view of product/customer profitability  Open lines of munication with financial munity and shareholders ―The market has lost trust。 analysts can‘t value the tele market.‖ ―The market cannot see clearly where to invest.‖ ―The question is, ‗Can the industry recover from its debts and regain the confidence in the financial markets?‘‖ ―At present debt is the biggest issue, and investors can‘t presently see any potential return on investment.‖ ―The governance model is a critical issue, which the industry needs to overe.‖ Source: Executive interviews。 Cap Gemini Ernst amp。 Young and Ernst amp。 Young analysis 169。 2020 Cap Gemini Ernst amp。 Young 169。 2020 Ernst amp。 Young 14 Do not duplicate without prior consent. Rel. . Source: Cap Gemini Ernst amp。 Young and Ernst amp。 Young analysis Industry ReBoot: Choosing Your Path to Profitable Growth Companies must first reestablish trust and financial sta。