| NOTAS: | "5G services were launched in Q421 and we maintain our view that uptake will be rapid, due to the fast spread of earlier generations and recent operators’ investment in terms of coverage. However, 5G growth will be largely driven by the mass-market segment, with Portugal’s modest industrial base offering few monetisation opportunities. The recent spectrum auction has seen the entry of two foreign players, which will disrupt the market’s competitive dynamics in the short term, and eventually lead to further consolidation in the medium-to-long term and impact operator ARPU." |
