Home > Market Research > Broadband & Fixed > The Future of African Broadband: Economics, Business Models and the Rise of 3G
OVERVIEW
With the layout of subsea cables along Africa’s coastline, African markets are starting to see glimpses of a potential that, by most accounts, remains uniquely compelling. Close to 3m new broadband connections were added by operators across the continent in 2009; in a number of markets, average monthly broadband subscription prices have declined by as much as 30%; for the first time in many markets, the erstwhile esoteric connections higher than 1Mbps outstrip connections offered at lower speeds.
To be sure, obstacles remain. Most of the subsea cables are not yet operational, domestic transmission backbones are still inadequate, bandwidth costs are still high, and retail broadband rates remain too high for most households.
Yet, the upside pattern is still unmistakable, according to a new report by AfricaNext Investment Research, “The Future of African Broadband: Economics, Business Models and the Rise of 3G”. Building on an in-depth review and analysis of broadband dynamics in 30 African markets, the report posits that African Internet markets are in the midst of a seminal transition, from a phase of scarce basic connectivity to one of widely available, if not necessarily abundant bandwidth. As operators set out to meet the rising demand, the opportunities for investors abound, but the accretive value of broadband remains difficult to grasp, increasing the volatility of potential returns.
In The Future of African Broadband, the AfricaNext research team builds on months of research, interviews analysis to provide projections for broadband adoption in 30 African markets. The report sizes up the addressable market for broadband across African markets, analyzes successful pricing retail models, provides inputs into broadband economics and provider valuation, and profiles the markets and players the company considers as its key investment plays.
Broadband remains the most significant opportunity for investment returns in the African TMT sector - other than mobile voice - and the Future of African Broadband provides perhaps the most in-depth research conducted on the future and the economics of African mobile broadband.
KEY QUESTIONS EXAMINED IN THE REPORT > What is the size of the household and business demand for broadband connectivity in Africa? > What will be the size of the African broadband user base over the next five years? > Which broadband speed brackets are the most prevalent, what is the outlook and implications for last mile bandwidth availability? > How large is the African broadband access connectivity revenue opportunity? > What are Africa’s top 30 markets for HSPA, EVDO, WiMAX and ADSL, in 2009 and 2015? > Which markets offer the highest upside for broadband revenue generation over the next five years? > Which broadband pricing models have been most successful in driving subscriber uptake? Can African broadband succeed without service provider subsidies? > What are the current levels of broadband ARPU, and what is the outlook? > What ROI promise does broadband hold for investors in sub-Saharan Africa? Can African broadband truly be value-accretive? > How is, and should African broadband be valued? On a subscriber basis, on a revenue/EBITDA multiple basis? > Which key factors should investors weight in assessing WiMAX business plans? > Which African broadband players carry the most value upside? > Is mobile data more profitable than mobile voice in the African context? > How will data traffic impact mobile operator OpEX? > And more…
TARGET AUDIENCE SERVICE PROVIDERS > Benchmark the economics of African broadband by line item and compare to your own > Assess market potential > Benchmark your assessment of demand against independent analysis > Get a sense of strategies used by other service providers to push broadband > Get tools to help you make the case –or lack thereof- for WiMAX, 3G in particular and broadband in general. INVESTORS > Get additional tools to evaluate business plans > Assess which business models for 3G and broadband are more likely to work in the African environment > Identify the markets and operations more likely to generate some meaningful broadband returns and those less likely to do so > Assess when is the right time to invest in African broadband > Get useful data points to build your own financial model > Get market projections to help you assess the African broadband opportunity > Benchmarks the economics of African broadband by line item and compare to your own. INFRASTRUCTURE SUPPLIERS > Get some extensive and independent projections of African broadband growth by technology > Get matrix-based sense of which technologies are being deployed where and why > Get additional data and analysis to help you make the case for African broadband
COMPANIES MENTIONED IN THIS REPORT AFRICAONLINE CAMTEL DARK FIBER AFRICA EASSY FACEBOOK GATEWAY COMMUNICATIONS GLOBACOM GOOGLE IBURST AFRICA IPNX NIGERIA KENYA DATA NETWORKS MAIN-ONE MAROC TELECOM MAURITIUS TELECOM MOVICEL ANGOLA MTC NAMIBIA MICROCOM DRC MTN NIGERIA MTN GHANA MTN UGANDA MULTI-LINKS M-WEB SA NEOTEL SA NETSCAPE ORANGE ORANGE MALI PHASE III NIGERIA RINGO SAFARICOM SEACOM SIMBANET SONATEL STARCOMMS SUDATEL TEAMS TELKOM KENYA TELKOM SA TWITTER UCOM VISAFONE VODACOM SA VODACOM TANZANIA VODAFONE WANANCHI YOUTUBE ZAIN
EXECUTIVE SUMMARY (EXTRACTS) After years of slow growth and outright despair at whether broadband would ever take off on the African continent, our research suggests that the market is inching ever closer to a tipping point. As submarine cables find their way along Africa’s coastlines, the continent is slowly, but inevitably emerging from what we have long referred to as the Dark Ages of African bandwidth, an era of bandwidth bondage of sorts, characterized by excessively high prices, near-zero broadband penetration rates and self-defeating regulatory models. How things change. The African bandwidth revolution is nearly here, with all its implications for subscriber growth, social transformation business models and investment opportunities.
Our analysis yielded the following points, as it pertains to market upside, economic model issues, and the investment case for broadband in Africa:
DEMAND AND SUPPLY: BUILD IT, AND THEY WILL COME There is strong demand for broadband in Africa, if the price is right. We estimate that the African addressable market for household retail connections is about 25m, based on 2007-2009 household income data.
Longstanding supply bottlenecks are being slowly, but surely removed; last mile competition is an increasing reality, wholesale segments are being liberalized, wireless technology has improved enough to provide alternatives to wireline broadband.
We see the best broadband opportunities in markets with strong household addressable demand in volume terms, yet one that is currently underpenetrated. The opportunity matrix screen we developed to identify such markets yielded Nigeria, Kenya, Cameroon, Angola, Madagascar and a small few others as markets with the highest upside in this respect.
GROWTH AND POTENTIAL: THE MAKING OF AN $8BN BROADBAND RETAIL MARKET > We estimate the number of broadband subscriptions in Africa at about 7.6m at the end of 2009, up nearly 60% from 2008 levels. Subscriber growth has been remarkable in many respects; over the past three years to 2009, African broadband has grown at a compound rate of 80%, faster than even mobile subscriber growth (though from a smaller base).
> It is indisputable that Africa’s broadband growth is still primarily driven by North Africa and South Africa. Outside of this NA-SA group, the other areas of growth are in countries we refer to as “Volume” markets. Their contribution to overall broadband subscriber growth has increased steadily, from only about 10% in 2007 to 20% by the end of 2009.
> The most significant characteristic in African broadband is unquestionably the role of mobility-based solutions. Much like prepaid was to the voice business, USB dongles and data cards (and again, prepaid) will be to the African Internet business, a primary, quintessential driver of growth. Nearly 7 out of 10 new broadband subscriptions added in Africa over the next five years will use a mobile platform.
> Broadband usage by speed has been evolving as well; only about a third of African broadband subscriptions were 1Mbps and above in 2008; by the end of 2009, that number had risen to 55%, most of which were mobility-based.
> We expect the African broadband subscriber market to treble in size between 2009 and 2015 to about 25m, buoyed by the mix of demand and supply catalysts described above.
> In revenue terms, we estimate Africa’s Internet retail revenue at about $4bn in 2009. Relatively speaking, this is a moderate amount, around 10% of what is generated by operators in the mobile market. The attraction lies in the upside. Under our projections, overall broadband retail revenues should at least double over the next five years.
BUSINESS MODEL ISSUES: PRICING, MARGINS AND THE CHALLENGE OF A DATA TRAFFIC TSUNAMI > We see a direct, unmistakable correlation between bandwidth wholesale and retail prices. Increased bandwidth supply afforded by lower wholesale prices allows operators to optimize bandwidth contention ratios, offer more bandwidth and getting more subscribers. > The challenges created by the dramatic increase of mobile data traffic will be a reality in Africa too. In Kenya, mobile data traffic has risen more than 5x from its 2007 levels. We expect data traffic on the Vodacom South Africa network to overtake voice traffic within the next two years, assuming that has not already happened. Besides the technical challenge, this creates business economics issues. By our estimates, the average price of data is lower per MB than the price of prepaid voice, creating a paradoxical situation in which data requires more network capacity, but attracts lower baseline prices. > We see the potential for network issues and the subsequent deterioration of customer experience as the biggest risks to our mobile broadband subscriber and revenue projections. Nonetheless, we argue that African broadband will succeed because it will be prepaid and metered.
THE INVESTMENT CASE: SOLID, DEPENDING ON WHERE THE BET IS MADE > The broadband revenue case is solid, in our view; our research points to substantial prop-up potential on the revenue side. Current monthly broadband average revenue per data user is up to 10x higher than voice average revenue, and even with a natural erosion driven by volumes, should still be around $15-$20/month over the next five years.
> The CapEx case is challenging for mobile operators; to manage the substantial increase in traffic, operators will have to increase their backhaul investments, to bulk up transmission capacity around base stations, establish fiber metro rings in high traffic areas and essentially reduce their dependence on outside providers of bandwidth.
> The OpEx impact largely depends on the network provisioning structure of the operator.
> We like the WiMAX/FWB business case a lot better than we did only eighteen months ago. Specifically, we prefer WiMAX/FWB assets that display a combination of specific, identified attributes.
> We note that pure-play ISPs are typically valued around 1.5x to 3x revenue, with a higher multiple on an EBITDA basis given the low EBITDA base relative to potential. Our bets to succeed in this marketplace, outside of the usual first tier players (Orange, MTN, etc.) include the likes of iBurst Africa, Wananchi (Kenya), Ringo (Cameroon) and Microcom (DRC).
THE LARGER VIEW: THE IMPLICATIONS OF A MOBILE-CENTRIC INFORMATION AGE > Finally, we raise a larger, not merely philosophical question: Can mobile networks be an adequate foundation for the information age? The rise of mobile broadband creates a set of issues that we believe will gain prominence over the next eighteen months. Issues around significant market power (pervasive), open vs. closed access models (dead on arrival?), applications (we see a digital applications divide). More positively, we believe African markets will play a leading global role in mobile broadband technology adoption and usage, as well as lead the way in workable operator business models.
REPORT STRUCTURE This report is organized in seven related, but independent sections: > An introduction that outlines the focus of this report, a number of key definitions (“what is broadband?”), the sources and quality of data used and the strategic phases of development of broadband in Africa.
> Section 1 focuses on demand and supply for African broadband; it defines and sizes up household and business demand for broadband in Africa; it is the answer to the question, how many households can afford a broadband subscription in Africa?” including an analysis of current levels of penetration of this addressable base across markets. On the supply side, we examine the catalysts that we believe will lead to the growth we are projecting.
> Section 2 includes our subscriber and revenue projections; it outlines the rates of adoptions, the characteristics of that adoption (preferred technologies, applications, speeds, etc.), and sets out the overall picture for the next five years.
> Section 3 focuses on the rise of mobile broadband in the African Internet landscape, including market share, the impact of data traffic, and overall implications for significant market power, applications, and Africa’s place in the information age.
> Section 4 provides an analysis of the broadband investment case in African markets, with a focus on mobile broadband and WiMAX/Fixed Wireless Broadband. We review the revenue case, the OpEx case, and the overall CapEx case for broadband deployment. We also outline the type of WiMAX investment we prefer, a tool to help separate the wheat from the chaff.
> Section 5 delves into specific country groupings, notably the larger South African and North African markets, and the fast growing, under-penetrated “volumes” African markets, including growth patterns, pricing models, ARPU and revenue projections.
> Section 6 provides a profile of some of Africa’s main WiMAX plays, including overall performance, marketing approach and overall outlook. We review iBurst Africa, the WiMAX operations of MTN and Orange, and Africa Online.
ABOUT AFRICANEXT INVESTMENT RESEARCH AfricaNext Investment Research is a leading advisory and consulting firm focused on the telecommunications, media and technology (TMT) sectors in Africa. AfricaNext was founded with a straightforward mission: to provide our clients with the most in-depth, independent and fundamentals-focused analysis available on the TMT sector in Africa.
Our research builds on five pillars: > Focus on Africa: Africa research is our core business. Leveraging an extensive network of contacts and researchers, our coverage spans from Africa's largest economies (e.g. South Africa, Nigeria, Kenya, Angola), to its so-called frontier markets (DRC, Ethiopia, Central African Republic).
> Wireless, Broadband, Media: Our thematic coverage is focused on wireless, broadband and media markets and assets.
> Fundamental, value-focused research with an investor and service provider slant: we believe sustainable African social development will come primarily through broad-based, unabashed capitalistic wealth creation. In turn, we research technology trends but do not believe in technology punditry for its own sake. Our research is predominantly focused on the business models fundamentals, with an emphasis on bottom of pyramid demand, and all from a service-provider and investor vantage point.
> Research methodology built on business and economics fundamentals: our research builds on primary and secondary data and information gathering, analyzed through the prism of business and economics theory and practice, management best practice as well as technology feasibility. We examine external and internal factors of performance, all lines of revenue and cost to answer that basic, yet unassailably fundamental question: is there profit, and ultimately, creation of shareholder value?
> Thought-provoking approach to research: we look to push the boundaries of established thinking and conventional wisdom. We value agile and anticipatory thinking, speak our minds and acknowledge when we are wrong. Our delivery style is designed to be easy to read, straightforward - if at times flowery- and whenever possible, we seek to say more with less.
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Table of Contents
LIST OF EXHIBITS 7 COMPANIES MENTIONED IN THIS REPORT . 9 LIST OF ABBREVIATIONS .. EXECUTIVE SUMMARY . 7 DEMAND AND SUPPLY: BUILD IT, AND THEY WILL COME . 7 GROWTH AND POTENTIAL: THE MAKING OF AN $8BN BROADBAND RETAIL MARKET .. 8 BUSINESS MODEL ISSUES: PRICING, MARGINS AND THE CHALLENGE OF A DATA TRAFFIC TSUNAMI. 8 THE INVESTMENT CASE: SOLID, DEPENDING ON WHERE THE BET IS MADE 9 THE LARGER VIEW: THE IMPLICATIONS OF A MOBILE-CENTRIC INFORMATION AGE 10 REPORT STRUCTURE 11 INTRODUCTION: ENTERING AFRICA’S BANDWIDTH REVOLUTION 1. BROADBAND: SOME DEFINITIONS AND PRELIMINARY POINTS . 1.1 REPORT PURVIEW . 1.2 QUALITY AND SOURCES OF DATA . 1.3 AFRICAN MARKETS ARE NOT CREATED EQUAL; THE BIG, THE VALUE, AND THE LOW INCOME 2. AFRICA’S PHASES OF BROADBAND GROWTH – FROM BANDWIDTH SCARCITY TO THE APPLICATIONS ERA .. SECTION IAFRICA BROADBAND DEMAND: BUILD IT, AND THEY WILL COME .. 1.1 THE DEMAND SIDE: SIZING UP HOUSEHOLD DEMAND .. 1.1.1 DEFINING THE HOUSEHOLD ADDRESSABLE MARKET .. 1.1.2 AT $25 A SUBSCRIPTION, A MARKET OF 25M HOUSEHOLDS 1.1.3 IDENTIFYING THE BEST HOUSEHOLD DEMAND OPPORTUNITIES 1.2 BROADBAND BUSINESS DEMAND 1.3 THE SUPPLY SIDE: UNDER TRANSFORMATION .. SECTION II: AFRICA BROADBAND PROJECTIONS: TOWARDS A 25M BROADBAND MARKETERROR! BOOKMARK NOT DEFINED. 2.1 HISTORICAL GROWTH – PICKING UP STEAM . 2.1 BROADBAND SUBSCRIBER OUTLOOK: 2011 AND 2012 AS TIPPING YEARS . 2.2 MORE THAN CONNECTIONS: STRONG GROWTH IN INTERNET USER BASE SECTION III: THE RISE OF MOBILE BROADBAND: TREMENDOUS UPSIDE, FAR-REACHING IMPLICATIONSERROR! BOOKMARK NOT DEFINED. 3.1 THE RISE OF MOBILITY SOLUTIONS . 3.2 AFRICAN BROADBAND PRICING: THE LINK BETWEEN WHOLESALE AND RETAIL, AND THE PUSH TOWARDS BANDWIDTH COMMODITIZATION 3.3 THE MOBILE BROADBAND CAPACITY PROBLEM . 3.4 WHY AFRICAN MOBILE BROADBAND WILL WORK: NO UNLIMITED USAGE HERE 3.5 THE BIG PICTURE: ARE MOBILE NETWORKS AN ADEQUATE FOUNDATION FOR THE INFORMATION AGE? SECTION IV THE BROADBAND INVESTMENT CASE IN AFRICA .. 4.1 THE 3G CASE: IN MOST CASES, SOLID .. 4.1.1 THE 3G UPSIDE: A GROWING USER BASE 4.1.2 THE REVENUE CASE: STRONG 4.1.3 THE CAPEX CASE: TIME TO RAISE THAT BACKHAUL SPEND 4.1.4 THE OPEX CASE: HOW BIG A CHALLENGE DEPENDS ON OPERATOR PROVISIONING STRUCTURE 4.2 THE WIMAX/FWB CASE: BETTER THAN IT WAS .. 4.2.1 IMPROVING OPERATING ENVIRONMENT FOR ISPS . 4.2.2 SMALL VOLUMES, BETTER ECONOMICS, BUT TOUGH COMPETITIVE OUTLOOK .. 4.2.3 IDENTIFYING THE BEST WIMAX/FWB OPPORTUNITIES: BEYOND THE BANDWIDTH 4.2.4 WIMAX PAN-AFRICAN PLAYS AND SCALE ECONOMICS 4.2.5 PURE PLAY ISP VALUATION – STILL AT A DISCOUNT TO MOBILE . SECTION V DYNAMICS AND OUTLOOK BY MARKET GROUPING . 5.1 THE NORTH AFRICAN/SOUTH AFRICAN MARKETS – LEADING THE WAY . 5.1.1 NORTH AFRICA/SOUTH AFRICA BROADBAND DEMAND PROFILE: A COMPELLING ADDRESSABLE MARKET .. 5.1.2 THE SUPPLY SIDE – A CONSTRAINING ENVIRONMENT IS LOOSENING UP 5.1.3 TECHNOLOGY EVOLUTION: ADSL AND 3G WELL ESTABLISHED, BUT STILL NOT FAST ENOUGH . 5.1.4 RETAIL AND PRICING MODELS 5.1.5 RETAIL BROADBAND ARPU AND REVENUE . 5.1.6 OUTLOOK – SUBSCRIBERS BY MARKET AND REVENUE 5.2 VOLUME MARKETS: THE NEXT BEST THING . 5.2.1 VOLUME MARKETS BROADBAND DEMAND & SUPPLY: IMPROVING CONDITIONS . 5.2.2 TECHNOLOGY EVOLUTION: ADSL AND 3G WELL ESTABLISHED, BUT STILL NOT FAST ENOUGH . 5.2.3 RETAIL AND PRICING MODELS 5.2.4 OUTLOOK – SUBSCRIBERS BY MARKET AND REVENUE SECTION VI FROM IBURST TO ORANGE: PROFILES OF KEY ISP PLAYS .. 6.1 IBURST AFRICA 6.1.1 OVERVIEW 6.1.2 OPERATIONS 6.1.3 SERVICES .. 6.1.4 OUTLOOK . 6.2 AFRICA ONLINE .. 6.2.1 OVERVIEW 6.2.2 OPERATIONS 6.2.3 SERVICES .. 6.2.4 OUTLOOK . 6.3 ORANGE . 6.3.1 OVERVIEW 6.3.2 OPERATIONS 6.3.3 OUTLOOK . 6.4 MTN . 6.4.1 Overview LIST OF EXHIBITS FIGURE 1 African Market Tiered Groupings FIGURE 2 Key Phases in Africa’s Bandwidth History FIGURE 3 Africa Broadband Forecast Table - 30 Markets – 2008-2015 - Thousands FIGURE 4 Household Addressable Demand for Broadband in African Markets – 2009 FIGURE 5 Broadband Household Addressable Demand as a Proportion of Total Households in African Markets - 2009 FIGURE 6 Africa Broadband Demand Matrix – Addressable Market vs. Broadband Penetration of Addressable Market FIGURE 7 Distribution of Registered Corporate Units in African Markets – 2009* FIGURE 8 Summary Africa Broadband Catalysts & Timelines FIGURE 9 Wireless Broadband Technology Evolutionary Path FIGURE 10 Status of Sample African Submarine cable Projects FIGURE 11 Evolution of Africa’s Broadband Subscriber Base by Technology – 2007-2015 FIGURE 12 Evolution of Africa’s Broadband Subscriber Base by Country Grouping – 2007-2015 FIGURE 13 Africa Broadband Subscriber Base Distribution by Speed - 2009 FIGURE 14 Proportion of Broadband Subscriptions with Downlink Speeds Higher than 1Mbps – By Country Type FIGURE 15 Africa’s Top 20 Broadband Markets, 2009 vs. 2015 FIGURE 16 Evolution of Africa’s Broadband Retail Revenue by Country Grouping – 2007-2015 FIGURE 17 Broadband Revenue vs. Mobile Revenue Growth (CAGR) in Various Country Groupings – 2007-2015 FIGURE 18 Africa Internet Users by Country Grouping – 2007-2015 FIGURE 19 Mobility Share of Broadband Connections in Africa – 2007-2015 FIGURE 20 Top 20 African Mobile Broadband Markets (by Tech) – 2009 FIGURE 21 EVDO Share Of Mobility Broadband Connections In Africa FIGURE 22 A Map of African 3G Networks - 2009 FIGURE 23 ADSL Installation Requirements vs. 3G Connection in Sample African Market - 2009 FIGURE 24 ADSL vs. 3G Pricing in Sample Markets - 2009 FIGURE 25 Annual Price Decline in Wholesale and Retail Prices in South Africa and Kenya * FIGURE 26 Evolution of African Broadband Pricing Models FIGURE 27 Mobile Data Cost per MB in Sample markets – 200- FIGURE 28 Evolution of Voice vs. Data Traffic for Sample Operators FIGURE 29 Price per MB data vs. Price per MB Voice for Selected Operators - 2009 FIGURE 30 Average Data Usage per Month by Type of Device in Africa – 2009 FIGURE 31 Estimated 3G Data ARPU in Selected Markets, 2009 FIGURE 32 Data Connectivity as a Proportion of Revenue for Sample Mobile Operators* 2008/09 FIGURE 33 Capex Allocation for Sample Deployment: 2G vs. 3G Greenfield vs. 3G Co-located FIGURE 34 Where WiMAX/FWB is More Likely to Succeed: Mapping of WiMAX/FWB Opportunities FIGURE 35 Household Addressable Market Covered by Sample Pan-African Internet Players* FIGURE 36 Sample ISP Transactions in the African Market FIGURE 37 Our Favorite African Retail ISP Plays* FIGURE 38 Relative Weight of NA-SA Markets FIGURE 39 Broadband Household Addressable Market in North Africa and South Africa – 2009 FIGURE 40 Broadband Penetration of Household Addressable Market in North Africa and South Africa – 2009 FIGURE 41 Broadband Breakdown By Technology in North Africa and South Africa FIGURE 42 Technology Deployment Mapping/Matrix in NA-SA Markets FIGURE 43 Internet Accounts by Speed/Bandwidth Group in North Africa and South Africa - 2009 FIGURE 44 Comparison of Broadband Offerings in Sample NA-SA Markets FIGURE 45 Broadband ARPU for Selected North African and South African Operators FIGURE 46 Broadband Connectivity Revenue in the NASA Markets FIGURE 47 Relative Weight of Volume Markets - 2009 FIGURE 48 Broadband Household Addressable Market in Sample Volume Markets- 2009 FIGURE 49 Broadband Penetration of Household Addressable Market in Sample Volume Markets - 2009 FIGURE 50 Broadband Breakdown by Technology in Sample Volume Markets – 2009 FIGURE 51 Technology Deployment Mapping/Matrix in Volume Markets - 2009 FIGURE 52 Internet Accounts by Speed/Bandwidth Group in Volume Markets - 2009 FIGURE 53 Comparison of Broadband Offerings in Sample Volume Markets FIGURE 54 Broadband Connectivity Revenue in the NASA Markets FIGURE 55 iBurst Presence across Africa FIGURE 56 Country Contribution to iBurst Subscriber Base FIGURE 57 iBurst Services Portfolio by Country - 2009 FIGURE 58 iBurst Prepaid Vouchers Price per MB Across African Operations FIGURE 59 Africa Online Presence across Africa FIGURE 60 Orange African Presence, Market Entry Date and Services Availability, YE2009 FIGURE 61 Orange Internet Access Connectivity per Operation, YE2009 FIGURE 62 Orange Unlimited Internet Monthly Fees across Selected Markets, 2009 FIGURE 63 Orange Africa Control over the Value Chain Components FIGURE 64 MTN African Presence and Services Availability, YE2009 FIGURE 65 MTN WiMAX Offer Segmentation, 2009
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