T-Mobile CR (TMCR) reported net adds of some 415,000 for 2006, bringing its total subscribers to 5.05m. The number of contract clients jumped 41% to 1.8m, representing 37% of all customers. TEF 02 CR (Eurotel) and VOD Oskar have yet to release their sibscriber numbers, although TMCR's numbers indicate that our 4.82m FY 2006 forecast subscribers for TEF 02 CR may be too conservative. On the other hand, we believe the market would not see higher subscribers at the expense of margins positively.
Our view:
We expect limited share price reaction to the news.