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The bad times may be about to get worse for European mobile carriers. Thanks to a bleak macro...

The bad times may be about to get worse for European mobile carriers. Thanks to a bleak macro environment and triple-digit penetration rates (the result of consumers owning multiple devices), some countries are actually reporting subscriber declines. Meanwhile, competition remains intense, and mobile data adoption is both pressuring voice revenue and leading to escalating capex needs. This could prove a toxic mix for debt-laden incumbents such as TEF, TI, and  FTE.
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