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Telenet - “(Wh)oppa Gangnam style” to boost 3P penetration

Telenet - “(Wh)oppa Gangnam style” to boost 3P penetration

25.6.2013 9:01

Telenet (32,78 EUR, -2,66%) announced the launch of Whop and Whoppa –two simple and transparent triple-play bundles that will replace the Shakes which were launched back in 2008.

Extending K&K-philosophy to wireline business: With this move, Telenet brings simplicity and transparency to its bundle portfolio, mimicking the paradigm shift which the cable operator induced in the mobile space with its King & Kong offers. The price for the cable subscription is from now on explicitly included in the headline pricing, improving the offers’ transparency.

Talking specs: Whop will offer 60 Mbps down, 3 Mbps up and will be capped at 100 GB volume. Whoppa offers 120 Mbps down, 4 Mbps up and no explicit volume cap. Whop and Whoppa are priced at respectively € 53.25 and € 63.50 per month, but should be augmented by a monthly rental fee of € 8.20 for a STB with PVR capability (i.e. HD Digicorder). As such, tariffs are respectively € 61.45 and € 71.70 for Whop and Whoppa. These prices include the cable subscription.

More bang for the same buck: Taking into account that the PVR rental price was included in previous tariff plans, but the cable subscription (€ 13.50 but depends on area in Flanders) was not, one comes to the conclusion that pricing-wise nothing has changed. On speeds it is difficult for Belgacom (16,76 EUR, -2,45%) to compete, but its pricing starts lower. A basic-tier 3P Belgacom Start Pack for example is available at a discounted price of € 50.95 a month, whereas the middle-tier 3P Belgacom Comfort Pack can be purchased for € 54.95 a month. We stress however that it is difficult to compare purely on specs.
Further valorisation of ‘classic’ products: Key differentiators of Telenet’s products are YeloTV, its OTT second-screen TV app, and Triiing, a VoIP application itlaunched recently and which enables subs to make calls on their smartphone using the Freephone Europe (landline) tariff plans. We believe it are offers like this which add functionality to existing products that make Telenet’s products stand out from the competition. Belgacom however has a portfolio which is very focused on fixed-to-mobile convergence.

Customer migration: Current Basic Shake customers with a EuroDocsis 3.0 modem will be switched to Whop and Fibernet Shake customers to Whoppa. This switch will happen automatically from 26 June through mid-October.

Pushing triple-play: Existing 2P customers (30% penetration) will continue to enjoy their current products. However, new subs looking for 2P will from now on have to compose their own bundle out of stand-alone products. Company contact taught us that going forward this could accelerate 3P penetration (currently at 42%) throughout Telenet’s footprint as the price differential will be minimal. This could also have beneficial effects on churn.

Our View & Conclusion: With this news, Telenet is further extending the speed differential it has versus Belgacom and its push to boost 3P penetration in Flanders (~880k 3P subs). We reiterate our Hold and € 34 TP.

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