SoftBank's Mobile Business Recovering as It Gears Up for AI
We believe SoftBank has a narrow economic moat based on cost advantage and efficient scale in its mobile network business, which we estimate generates around half of the company’s revenue and around ...
KDDi's Mobile Business Appears to Have Stabilized With Growth from Business and Lawson Synergies
Although Rakuten has built a fourth mobile network in Japan it does not yet have the scale to generate positive free cash flow. KDDI maintained net debt of between 0.2 and 1.0 times EBITDA during the ...