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Industry Top Trends Mid-Year 2020 Update: European Telecommunications

Pockets of weakness will test resilience. We took COVID-19-related negative actions on about 11% of EMEA telcos, driven by lower sovereign rating caps and weaker expected financials. We forecast the biggest 2020 revenue hit will be from low-margin equipment sales, and the largest effect on earnings will come from lower SME spending and roaming. Telcos with outsized mobility and media exposure will also suffer.


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