https://www.kpilog.com/blog daily 0.75 2025-07-24 https://www.kpilog.com/blog/top-telco-for-2023-based-on-kpilog-analysis-8zj7c monthly 0.5 2025-07-24 https://images.squarespace-cdn.com/content/v1/64bffcae9583b17d8bb36424/3b244298-f3e4-41ef-9155-77b620e38c6c/Europe+2024.jpg Blog - Top Telco for 2024 based on Kpilog analysis - Make it stand out 1. PPF Telecoms group is an investment group focussed on Mobile and fixed assets in central and eastern European markets - notably Czech, Hungary and Serbia and continues to drive growth and efficiencies across its operations in the CEE. 2. Telenor group had a successful 2024 driven by growth in its key Nordic operations. Service revenues were up 3.3% with growth in FCF and EBITDA also apparent. 3. Megafon Russia has managed to stabilise its domestic operations in the face of international sanctions and a 13% growth in revenues in 2024 has contributed to a successful 2024 https://images.squarespace-cdn.com/content/v1/64bffcae9583b17d8bb36424/e4a1fb72-baf7-4927-bddb-eba49b434d0a/Global+2024.jpg Blog - Top Telco for 2024 based on Kpilog analysis - Make it stand out The Global top 3 come from our AAPAC and Americas regions. 1. Indus Towers is a the 3rd largest Towerco in the world and continues to deliver strong performance with Tenancy ratios of 1.65 at EOY 2023 driving strong cash flow and margins. 2. Grameenphone has long been an established leader in the Bangladeshi market and benefits from market leading position in a densely populated country of 173m 3, SBA is the number 9 in terms of number of Tower sites across the world but has a high tenancy ratio of 2.10 in the lucrative American market. Long term relationships with the major American MNOs underpins its performance ensuring ongoing returns for its investors. https://images.squarespace-cdn.com/content/v1/64bffcae9583b17d8bb36424/d7115a9a-a193-403b-a072-0a0a175b3c15/Americas+2024.jpg Blog - Top Telco for 2024 based on Kpilog analysis - Make it stand out 1. SBA Group is the 2nd largest Towerco operating in the American market and is consistently a top performer in our analysis and has a long track record of delivering profits. 2. American Tower Group is the 4th largest Towerco with 148k towers at EOY 2024 with operations in USA, South America and Europe. Long time favourite of the investor community and has delivered a reliable return for many years. 3. Netflix Group is currently winning the streaming wars with a 9% growth in paid subscriptions in 2024 ending with 301m paying subscribers. Ability to increase subscription fees and improved restrictions on sharing have been key features of its progress in 2024. https://www.kpilog.com/blog/top-telco-for-2023-based-on-kpilog-analysis monthly 0.5 2025-07-21 https://images.squarespace-cdn.com/content/v1/64bffcae9583b17d8bb36424/dc438551-ee32-4a46-9662-1a8460130ee3/Global+2023.jpg Blog - Top Telco for 2023 based on Kpilog analysis - Make it stand out The Global top 3 all come from our AAPAC region. 1. Grameenphone has long been an established leader in the Bangladeshi market and benefits from market leading position in a densely populated country of 173m 2. MTN Ghana is an effective monopoly in the 3 operator Ghanaian market accounting for over 75% of revenues and subscribers within the market. 3.Converge is a relative newcomer in the Filipino broadband market and a rapid FTTH rollout in recent years has contributed to significant revenue and subscriber growth while profit margins have been maintained. https://images.squarespace-cdn.com/content/v1/64bffcae9583b17d8bb36424/360bf586-d905-4bab-8de5-fc36f8e0a1e5/America+2023.jpg Blog - Top Telco for 2023 based on Kpilog analysis - Make it stand out 1. DTH operators are usually high margin with strong cash flows and Telesat is a leader in this regard who has managed to maintain its revenues across North and South America as well as in Europe in the face of an increasingly competitive market. Once off gains from spectrum consolidation and FX contributed to a stellar 2023. 2. SBA Group is the 2nd largest Towerco operating in the American market and has a long track record of delivering profits. 3. Crown Castle is a long established Towerco with a low cost base and high quality tenants in the North American market with a market leading tenancy ratio of 2.5 at EOY 2023 - no major international expansion in recent years which has helped to maintain the healthy profit margins. https://images.squarespace-cdn.com/content/v1/64bffcae9583b17d8bb36424/1a6619f9-f1e0-4377-b800-2b6a209ab4a8/Europe+2023.jpg Blog - Top Telco for 2023 based on Kpilog analysis - Make it stand out 1. Inwit Italy is a leading Towerco in Italy, having been established through the merger of Telecom Italia and Vodafone's towers. With an improving tenancy ratio of 2.23 at the end of 2023, it stands as a highly profitable entity. 2. PPF Telecoms group is an investment group focussed on Mobile and fixed assets in central and eastern European markets - notably Czech, Hungary and Serbia. 3. The Cetin Group is a subsidiary of the PPF group represents another significant infrastructure presence across Central European nations such as the Czech Republic, Bulgaria, Hungary, and Serbia. 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