European Telecoms "Chart of the week" Shah

研报英文原文证据摘录

European Telecoms "Chart of the week" Shah

Global Research

10 July 2026ab

European Telecoms Equities

Europe including UKChart of the week

Telecommunications

Dhruva Kusa Shah

Figure 1: Countries most exposed to satellite disruption

Analyst

Co un tr ie s mo st e xp os ed t dhruva-kusa.shah@ubs.com

+44-20-7568 3395

o satel

lite disruption Polo Tang

polo.tang@ubs.com

+44-20-7568 1286

Ondrej Cabejsek

ondrej.cabejsek@ubs.com

+44-20-7568 6332

Christina Michael

Associate Analyst

christina.michael@ubs.com

+44-20-7567 2376

Oba Agboola

Source: UBS. Red indicates more likely to be disrupted by satellites. Opensignal network rank refers to the Global obaloluwa.agboola@ubs.com

Network Excellence Index for all mobile devices (link). +44-20-7568 3969

Answering three pivotal questions on satellite impact for European Telecoms

European Telecoms have fallen >10% since the SpaceX IPO (link). Whilst the near-term

financial impact is likely limited as satellite capacity is only set to meaningfully grow from

H2-27, there may be a greater effect on sentiment/valuations. In our recent deep-dive

note (link), we analyse potential satellite capacity and pricing and look at numerous

datasets to determine which markets across Europe may be most susceptible to satellite

disruption. We also breakdown the basics of how satellites work including relevant

regulation. Our answers to three pivotal questions are:

Why is Europe less exposed to satellite competition vs the US? Europe has

smaller rural populations, higher fixed-mobile convergence and lower pricing. In

mobile, the US has more mobile coverage gaps, making complementary satellite

mobile D2D services more relevant and spectrum is owned by MNOs vs

fragmented spectrum leasing across Europe. In broadband, the US lags Europe in