Assessing the mobile industry state of play post reporting seasonIndividually, reporting outcomes were broadly in line with UBS expectations (link) – TLSin-line but with a 2H skew, VOC ahead in VNS, TPG below. However when taking abird's eye view of the results together (and comparing key KPIs: subs, ARPUs, ROICs),there are further implications for future mobile industry growth & competitive intensity.

Theme 1: 5G + COVID has given TLS a degree of mobile pricing powerTLS has lifted prices by ~$5/mth for ~50% of its postpaid base, and still saw sub sharegrow to 51% in 2HCY20. Early CY21 porting data shows TLS is still growing net portsby 6-7k per month (14-23k in 2H20), despite OPT/VHA declining to follow TLS priceincreases. TLS' rough 'visual' price premium now sits at ~30% vs ~20% historically.