Bredband2: SE fibre market: 10% growth 2022 (vs. 11% '21) - ABG

PTS has published new statistics for the SE fibre market
BRE2 market share: slightly down in subscribers, but flat in value
We expect BRE2's growth and margins to improve in H2'23e


Bredband2 is the number 3 fibre actor in Sweden

Yesterday afternoon, PTS published its annual statistics for the Swedish fibre market. In terms of subscribers, we note that Bredband2 held 13.3% of the private fibre market in 2022, slightly down from 13.7% in 2021. The decline was, in our view, expected, given recent churn rates (-1,900 customers q-o-q in Q4). In terms of value, however, Bredband2 marginally improved its market share to 10.1%, up from 10.0% in H2'22. Telia continued to gain market shares (32.8% of subscribers, up from 31.9% in H2'21), likely driven by deployment of fibre infrastructure in rural areas together with a significant decline in the number of xDSL subscribers (-55% y-o-y). Meanwhile, Telenor remains on its negative trajectory (20.3% market share, down from 20.7% in '21 and 30% in '14) while Bahnhof also lost some ground (10.2% market share in subscribers, down from 10.4%; albeit 11.3% share in value, up from 10.4% in H2'21).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/bredband2/Equity-research/2023/5/bredband2---se-fibre-market-10-growth-2022-vs.-11-21/