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Wind Mobile

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Wireless!Communication!Industry!in!Canada! Meizhang!Xing!(1000583889)!
! Executive!Summary!
Hello!Mr.!Liu,!
I!am!honered!that!you!trust!my!ability!enough!to!give!me!this!opportunity.!After!my!detailed!research!and!analysis,!I!do!feel!that!it!is! indeed!worthwhile!to!learn!about!the!wireless!communication!industry!as!well!as!WIND!Mobile.!I!will!presnet!you!with!my!findings! from!the!following!three!aspects!:!! 1. 2. 3. Current!industry!environment!:!rapid!growth!;!oligopolistic!structure! Wireless!communication!industry’s!strong!profit!generation!ability!:!revenue!growth!;!EBITDA!margin!growth! WIND!Mobile’s!development!and!potentiality:!stable!corporate!structure;!competitiveness!

!

!

In!my!opinion,!the!above!three!question!needs!to!be!answered!to!make!an!informed!decision!about!the!investment.!I!do!hope!my! research!can!help!you!convince!your!partners!to!investigate!in!the!Canadian!wireless!industry!and!WIND,!and!eventually!decide!on! whether!or!not!to!invest!in!WIND.!

1.!Current!Industry!Enviroment!
a.!Rapid!development:!! !! ! ! !
Cell!phone!penetraeon:! In!2013,!83%!of!Canadian! households!had!an!aceve!cell!phone,! up!from!78%!in!2010.! In!2013,!21%!of!households!reported! using!a!cell!phone!exclusively,!up! from!13%!in!2010.! Data!traffic:!! Mobile!data!traffic!will!grow!900%! from!2013!to!2018,!a!compounded! annumal!growth!rate!of!54%.! Employment:!! Telecommunicaeon!field! employment!would!grow!from! 64,100!people!today!to!110,000!by! 2019!ability.!!

(http://cwta.ca/facts_figures/)!

From!the!evidents!above,!we!can!see!that!cell!phone!penetration!is!getting!deeper!every!year,!data!traffic!is!increasing!by!more!than! 50%!each!year,!and!industry!employment!will!double!in!merely!5!years.!Backed!up!by!the!statistics!above,!we!can!safely!arrive!to!the! conclusion!that!wireless!communication!industry!is!experiencing!rapid!expansion,!which,!with!careful!management,!will!result!in! considerable!financial!gains!for!investors.!The!Canadian!wireless!industry!is!worthy!of!!investors’!time!and!effort.!! ! b.!Industry!participants! ! There!are!currently!more!than!two!dozen!wireless!service!providers!in!Canada,!including!national!carriers!and!their!subsidiaries,! regional!carriers,!urban_centric!providers,!and!numerous!high_profile!resellers:!Bell,!Bell!Aliant,!Chatr!Wireless,!Cityfone,! CityWest,!EastLink,!Fido,!Ice!Wireless,!KMTS!Mobility,!Koodo!Mobile,!Lynx!Mobility,!MTS,!Mobilicity,!NorthernTel,!PC!Mobile,! Petro!Canada!Mobility,!Primus,!Public!Mobile,!Rogers!Wireless,!SaskTel,!Sears!Connect,!7_Eleven!Speak!Out!Wireless,!Sogetel,! TBayTel,!Telebec,!TELUS,!Videotron,!Virgin!Mobile,!Wightman!Telecom!and!Wind!Mobile.!!!!!!!!!!!!!!!!!!!!!!!!!!!(http://cwta.ca/facts_figures/)!

! c.!Industry!giants! ! Bell!Canada,!MTS!Inc.,!Rogers,!Shaw,!and!TELUS!are!Canada’s!five!largest!providers!of!telecommunications!services.!Combined,! including!their!affiliates,!they!accounted!for!more!than!90%!of!total!market!revenues.!!

!

These!charts!on!the!right!show!the!percentage!of! wireless!service!revenue!market!shares!in!2012!and! 2013!for!Canada’s!three!major!telecommunications! service!providers:!the!Bell!Group,!Rogers! Communications,!and!Telus!Communications! Company.!Altoghether,!Bell,!Rogers,!and!Telus!had! more!than!90%!of!wireless!sector!revenue!in!2012! and!2013.!Moreover,!according!to!the!same!source,! these!three!companies!also!had!more!than!90%!of! the!wireless!subscribers!in!2012!and!2013.!! Among!the!category!“other”,!new!market!entrants,! including!WIND!Mobile,!occupied!3%!of!the!market! shares;!the!other!5%!belongs!to!smaller!companies.!

Other! 8%! Bell! 28%! Telus! 28%! 2012!

Other! 8%! Bell! 28%! Telus! 29%! 2013!

Roger s! 36%!

Roger s! 35%!

!

!

It!can!be!seen!that!the!Canadian!Wireless!communication!industry!has!an!oligopolistic!structure,!with!the!major!players! capturing!more!than!90%!of!the!market!share,!the!other!8%!being!new!entrants!and!smaller!players.!This!oligopoly!resulted!in! the!high!pricing!and!low!customer!service!standard!of!the!wireless!services.!Canadian!consumers!are!generically!unsatisfied!by! the!price!and!quality!of!their!wireless!supplier.!It!is!the!industry!trend!that!a!new!robust!supplier!can!enter!the!industry,!inject! competition!and!improve!the!quality!of!the!products.!!!
(http://www.crtc.gc.ca/eng/publications/reports/PolicyMonitoring/2014/cmr5.htm#s5d)!!

!

2.!Wireless!Communication!Companies’!Profit!Generation!Ability!
a.!Annual!growth!of!revenue!of!the!whole!industry! Years& Revenue&(billion)& ! 2009& 16.9! 2010& 18.0! 2011& 19.1! 2012& 20.4! 2013& 21.2! ! !

The!industry!is!seeing!a!steady!increase!in!revenue!in!the!past!five!years.!It!has! increased!from!the!16.9!billion!dollars!in!2009,!to!21.2!billion!dollars!in!2013.! Within!the!period!of!2009!to!2012,!there!has!been!an!approximately!6.5%! annual!growth.!However,!this!trend!surprisingly!stopped!in!the!year!2013.!They! growth!has!not!come!to!a!complete!stop,!but!the!growth!rate!has!seen!a! substantial!decrease!to!being!merely!3.78%.!The!decrease!in!the!growth!rate! cannot!be!determined!without!further!research.!But,!as!long!as!the!growth!rate! remains!positive,!investors!will!be!receiving!a!profit.!

Wireless!Industry!Revenue! (billion)! 21.2! 19.1! 20.4! 16.9! 18!

2009! 2010! 2011! 2012! 2013!

b.!Steady!EBITDA!margin!over!the!years! Years& 2009& EBITDA&Margin&& 42.0%! ! 2010& 41.5%! 2011& 42.9%! 2012& 40.7%! 2013& 43.2%! ! !

Wireless!Industry!EBITDA!Margin! 42.90%! 42.00%! 41.50%! 40.70%! 43.20%!

EBITDA!is!net!income!before!interest,!taxes,!depreciation,!and!amortization! added!back!to!it.!It!can!be!used!to!analyze!and!compare!profitability!between! companies!and!industries!because!it!eliminates!the!effects!of!financing!and! accounting!decisions;!and!EBITDA!margin!is!EBITDA!divided!by!total!revenue.!! We!can!see!that!the!wireless!communication!industry!has!seen!some! fluctuation!in!EBITDA!margin,!but!it!is!not!dramatic.!In!the!past!5!years,!the! EBITDA!margin!has!remained!slightly!over!40%,!which!is!considerably!higher! than!many!other!industries!as!I!will!present!to!you!in!the!next!section.!!

!

2009! 2010! 2011! 2012! 2013!

c.!Stronger!profit!generation!ability!compared!to!other!industries! ! I!have!found!a!table!published!by!New!York!University!of!the!profit!margin!of!96!industries!in!the!world.!The!table!is!not!specific! for!the!Canadian!market!place,!but!it!gives!us!a!good!idea!of!the!average!profit!generation!ability!of!every!industry!in!the!world.!!

!

I!have!found!only!four!industries!matching!the!EBITDA!margin!of!the!Canadian!wireless! communication!industry.!Among!these!four!sectors,!Canada!is!actively!involved!in!Oil!and! Gas!industry!and!Water!industry.!Canada!has!rich!oil!reserves,!but!they!are!extremely!hard! to!extract.!Water!industry!is!heavily!regulated!and!equity!trading!is!extremely!limited.! Wireless!communication!industry!is!an!inevitable!step!of!technological!advancement.!It!has! nearly!no!risk!and!near!zero!marginal!cost!once!the!facilities!are!installed.!The!fact!that!it!is! such!a!lucrative!and!nonirisky!industry!should!make!it!all!the!more!attractive!to!insightful! investors.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Industry& Oil!&!Gas! (Production!&! Exploration)& Precious!Metals& Tobacco& Utility!(Water)&

EBITDA! Margin& 42.09%! 42.36%! 41.50%! 42.50%!

!

(http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/margin.html)!

3.!WIND!Mobile’s!Development!and!Potentiality!!
a.!Stable!corporate!structure!and!bright!future:!! ! ! ! On!September!16 !2014,!WIND!Mobile!announced!a!$285!million!buyout!of!the!majority!of!the!stake!held!by!VimpelCom!Ltd.,! which!ended!WIND!Mobile’s!to!ownership!controversies!since!it!was!largely!finance!by!foreign!debt!and!equity.& This!action!will!finally!lead!to!corporate!stability!after!years!of!ownership!uncertainty.!What’s!more,!this!buyout!is!likely!to!result! in!a!partnership!between!the!Ontarioibased!carrier!and!Videotron!to!build!a!national!fourth!wireless!player.!! The!founder!and!former!CEO!of!WIND,!Anthony!Lacavera,!named!his!successor,!Pietro!Cordova.!The!buyout!as!well!as!the! change!of!CEO!blessed!WIND!with!a!fresh!start!and!a!bright!future.! th b.!Recent!year!growth!and!profit!generation!ability.! ! ! ! ! ! ! Year& 2011& 2012& 2013& 2014& Number&of& Subscriber& 317,000! 457,000! 620,000! 741,000! Growth&rate&of& Subscribers& +223,000! +140,000! +163,000! +141,000!

30.00%! 20.00%! 10.00%! 0.00%! 2009! 2010! 2011! 2012! 2013! 2014!

Telecom!Industry! Net!Income! Margin! WIND!Net! Income!Margin!

The!first!graph!on!the!left!shows!that!WIND!has!an! average!annual!growth!in!number!of!subscribers!of!approximately!150,000.!According!to!the!annual!statement!of!Bell,!Rogers,! and!Telus,!they!had!only!an!average!increase!of!100,000!subscribers!per!year.!! The!graph!on!the!right!shows!the!net!income!margin!of!both!the!telecom!industry!and!WIND.!The!slight!decline!in!the!net! income!of!the!whole!industry!presents!little!problem!to!investors!because!it!is!affected!by!financing!and!accounting!decisionsiiii EBITDA!is!a!better!measure!for!profitability.!However,!operating!under!the!same!tax!treatment,!WIND!still!presented!a!higher,! and!increasing!net!income!margin!compared!to!the!whole!industry.!It!can!be!concluded!that!WIND!possesses!momentum!and! potential!of!expansion.!!
!(Industry!data!acquire!from!Capital!IQ!in!Rotman!finance!lab!and!http://www.thewirereport.ca/)!

!

!

Conclusion:!
The!Canadian!wireless!communication!industry!is!experiencing!an!explosion!of!demand.!The!industry!has!a!near!zero!marginal!cost! and!is!extremely!lucrative.!It!is!operating!under!an!oligopoly!structure,!but!new!entrants,!like!WIND,!and!are!likely!to!inject! competition!into!the!industry,!changing!the!industry!into!a!competitive!structure.! The!best!feature!about!investing!in!the!wireless!communication!industry!is!that!it!has!almost!no!risk.!The!demand!will!continue!to! increase!for!at!least!another!5!years!as!data!usage!increasingly!becomes!a!necessity!of!people’s!daily!life,!and!the!industry!operate!at! near!zero!marginal!cost.!WIND,!as!a!promising!new!entrant!of!the!industry!has!proven!itself!to!be!sustainable!and!competitive.!Thus,! I!strongly!believe,!an!insightful!investor!should!keep!a!watchful!eye!on!the!wireless!communication!industry!and!WIND!Mobile.!By! closely!monitoring!the!industry,!smart!investment!could!result!in!significant!profit.!!

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...must be warm in order for a storm to formulate. Whereas, a tornado is another severe storm that the formulation is completely different. Tornadoes are formulated over land. Tornadoes develope, by connection of high and low pressure systems. Therefore, with saying high and low pressure connecting, for example would be, warm air coming from the West and the cold air coming from the East would be connecting. Thus, hurricanes and tornadoes have different ways for formulating. With knowing all too well, hurricanes and tornadoes can create severe weather to occur from either one. Hurricanes and tornadoes have some similarities regarding types of weather they create. Both are violent storms, which create strong, heavy, damaging winds. Both create intense low pressure. Both storms rotate counter clock wise in the northern hemisphere. Both...

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...The basic navigation concepts The dead reckoning computer АНУ-1 is designed to determine continuously the current coordinates of the aircraft in a conventionally chosen rectangular coordinate system, rotated with respect to the meridian at the map angle. Coordinates are usually read by the reading of the pointers in kilometers of traveled path from the point of departure and using the cross-track error from the desired track. АНУ-1 continuously produces the dead reckoning by integrating the components of the ground speed vector on the axis X and Y of a Cartesian coordinate system. To obtain the components of the ground speed vector Wx and Wy of aircraft on the axis X and Y of Cartesian coordinate system, the airspeed V and wind speed U on the axes of the speed triangle are converted to the projection of the velocity Vx, Vy, Ux, Uy on the axis X and Y of Cartesian coordinate system with subsequent determination of Wx and Wy, and integrating them to get the coordinates of the aircraft. Navigational speed triangle and its relationship to the rectangular coordinate system are shown in Fig. 1. [pic] Fig. 1 Speed triangle Navigation equations that show the...

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