Telecom coverage extends beyond traditional wireless carriers. Depending on the bank, the group may advise mobile and fixed-line operators, cable companies, fiber networks, data centers, tower businesses, satellite operators, and communications infrastructure providers.
Learn the business model of each major subsector. Wireless carriers depend on subscriber growth, average revenue per user, or ARPU, and churn, which measures customer losses. Tower companies lease space to multiple carriers and are often evaluated using tenancy and recurring lease revenue. Fiber businesses may be assessed through route miles, locations passed, customer penetration, and the cost of expanding the network.