Telecom Argentina S.A. (TEO): 5 Analyse des forces [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des télécommunications argentines, les télécommunications Argentine S.A. (TEO) naviguent dans un écosystème complexe de forces compétitives qui façonnent son positionnement stratégique. À mesure que la connectivité numérique devient de plus en plus critique, l'entreprise est confrontée à un défi à multiples facettes d'équilibrer l'innovation technologique, la concurrence du marché et les attentes en évolution des clients. Comprendre l'interaction complexe de la puissance des fournisseurs, de la dynamique des clients, de la rivalité du marché, des substituts potentiels et des barrières d'entrée révèle un récit stratégique fascinant qui définit la résilience et le potentiel de Teo dans le secteur des télécommunications.

Télécom Argentine S.A. (TEO) - Five Forces de Porter: Pouvoir de négociation des fournisseurs

Nombre limité d'équipements réseau et de fournisseurs d'infrastructures

En 2024, Télécom Argentine S.A. fait face à un marché des fournisseurs concentrés avec environ 3-4 principaux fournisseurs d'équipements de télécommunications mondiaux. Le marché mondial des équipements de réseau est dominé par les principaux fournisseurs suivants:

Haute dépendance à l'égard des vendeurs de technologies internationales

Télécom Argentine fait preuve d'une dépendance significative à l'égard des fournisseurs de technologies internationales pour les composantes des infrastructures critiques.

• Huawei fournit environ 45% des équipements de réseau
• Nokia fournit 35% des infrastructures de télécommunications
• Ericsson contribue 20% de la technologie du réseau restant

Investissements en capital importants requis

Infrastructures de télécommunications Les investissements pour les télécommunications en Argentine en 2024 sont estimés à:

Contraintes de chaîne d'approvisionnement potentielles

Les contraintes de chaîne d'approvisionnement pour les composants de la technologie émergente en 2024 incluent:

• Pénurie de puces de semi-conducteurs affectant 22% de la production d'équipements de réseau
• Les perturbations logistiques mondiales provoquant des retards de livraison de 15%
• Volatilité des prix des matières premières augmentant les coûts des composants de 18%

Telecom Argentina S.A. (TEO) - Five Forces de Porter: Pouvoir de négociation des clients

Analyse du segment de la clientèle

Telecom Argentina S.A. dessert 15,2 millions de clients mobiles et 3,4 millions de clients à ligne fixe au troisième trimestre 2023.

Facteurs de sensibilité aux prix

Dépenses de télécommunications mensuelles moyennes par client: 18,50 $

• Élasticité-prix de la demande: 1.2
• Taux de désabonnement du client: 12,4% par an
• Durée du contrat moyen: 14 mois

Tendances du regroupement du service

Pénétration du service groupé: 67,4% du total de la clientèle

Attentes de la qualité des clients

Métriques de qualité du réseau:

• Couverture du réseau 4G: 92,3%
• Vitesse de téléchargement moyenne: 35,6 Mbps
• Indice de satisfaction du client: 7.2 / 10

Télécom Argentine S.A. (TEO) - Five Forces de Porter: Rivalité compétitive

Paysage concurrentiel du marché

En 2024, le marché argentin des télécommunications démontre une dynamique concurrentielle intense avec les acteurs clés suivants:

Investissement en infrastructure

Investissements d'infrastructure de Telecom Argentine en 2023-2024:

• Investissement total d'infrastructure du réseau: 287 millions de dollars
• Extension du réseau 5G: 124 millions de dollars
• Augmentation de la couverture du réseau de fibre optique: 22,6%

Métriques de la concurrence des prix

Partenariats stratégiques

Partenariats stratégiques clés en 2024:

• Valeur du partenariat Telefónica: 78,3 millions de dollars
• Accords de collaboration technologique: 3 partenariats majeurs
• Joint de transformation numérique: 2 implémentées

Télécom Argentina S.A. (TEO) - Five Forces de Porter: Menace des substituts

Rising Popularité des plateformes de communication excessives

En 2024, WhatsApp compte 2,78 milliards d'utilisateurs actifs dans le monde. Zoom a signalé 300 millions de participants quotidiens à la réunion en 2023. Skype maintient 300 millions d'utilisateurs actifs mensuels. Ces plateformes représentent des menaces de substitution importantes pour les services de télécommunications traditionnels.

Augmentation des alternatives sur Internet mobile et Wi-Fi

La pénétration sur Internet mobile en Argentine a atteint 74,2% en 2023. Les points chauds du Wi-Fi publics ont augmenté de 38% dans les zones métropolitaines.

• Couverture Wi-Fi municipale gratuite dans Buenos Aires: 850 points chauds
• Vitesse moyenne des données mobiles: 45,7 Mbps
• Prix ​​de données mobiles: 10,50 $ par 10 Go

Adoption croissante des technologies de communication numérique

L'adoption des technologies de communication numérique en Argentine a augmenté de 42,3% entre 2022-2023. Les services VoIP ont augmenté de 35,6% au cours de la même période.

Impact potentiel des technologies de communication émergentes

La couverture du réseau 5G en Argentine a atteint 32,5% à la fin de 2023. StarLink Satellite Internet fournit un service à 45 000 abonnés en Argentine.

• Attribution du spectre 5G: bandes 3,5 GHz et 26 GHz
• Investissement du réseau 5G: 420 millions de dollars en 2023
• Satellite Internet Moyenne Vitesse: 100-200 Mbps

Telecom Argentina S.A. (TEO) - Five Forces de Porter: Menace de nouveaux entrants

Exigences de capital élevé pour les infrastructures de télécommunications

L'investissement en infrastructure de Telecom Argentine en 2023 a totalisé 58,3 milliards de pesos argentins. Le déploiement du réseau nécessite des dépenses en capital initial substantielles.

Environnement réglementaire strict

Le secteur des télécommunications argentines réglementée par Enacom (National Communications Entity).

• Frais de licence: 1% des revenus annuels des télécommunications brutes annuelles
• Contributions de services universels obligatoires: 3,5% des revenus d'exploitation nets
• Les coûts d'acquisition du spectre varient de 500 millions à 2 milliards de pesos argentins

Organismes technologiques à l'entrée du marché

Les infrastructures technologiques de l'Argentine des télécommunications représentent des défis d'entrée sur le marché importants.

Limitations de consolidation du marché

Les mesures de concentration du marché des télécommunications indiquent des barrières d'entrée importantes.

• Part de marché des 3 principaux opérateurs: 92,4%
• Part de marché de l'Argentine des télécommunications: 45,6%
• Coût moyen d'acquisition du client: 3 200 pesos argentins par abonné

Telecom Argentina S.A. (TEO) - Porter's Five Forces: Competitive rivalry

You're looking at a market where the competitive rivalry is definitely high, and that's the first thing that jumps out when you analyze the Argentine telecom space. Honestly, the market is structured as an oligopoly, meaning a few large, integrated players control the lion's share of the business. Before the big move, the key names were Telecom Argentina S.A., América Móvil's Claro, and Telefónica de Argentina (Movistar).

The acquisition of Telefónica Móviles Argentina (TMA) by Telecom Argentina S.A. on February 24, 2025, for $1.245 billion immediately reshaped that dynamic. This move was about scale, plain and simple. The inclusion of TMA's results meant consolidated revenues for the nine-month period ending September 30, 2025 (9M25) increased by nearly 50% year-over-year, driven by the seven months of TMA contribution. However, this consolidation immediately triggered regulatory scrutiny because the government warned this operation could leave approximately 70% of the country's telecommunications services under a single economic group, raising monopoly concerns. That level of concentration intensifies the pressure on the remaining major rival, Claro.

The financial results clearly show the impact of this intense environment, compounded by macroeconomic volatility. For the nine months ended September 30, 2025, Telecom Argentina reported a consolidated net loss of P$272,543 million. To put that into perspective against the prior year, you see a massive swing from a net income of P$1,254,213 million in 9M24. While revenue growth was strong including TMA, this net loss underscores the severe price pressure and the impact of real-term exchange rate differences, which were the primary driver of the loss.

Here's a quick look at the financial shift following the integration:

The rivalry isn't just about current subscribers; it's a capital-intensive battle for future capacity across all service lines. You see this fight playing out across mobile, fixed broadband, and Pay TV segments. Telecom Argentina's strategy, post-acquisition, is clearly aimed at outpacing rivals in next-generation infrastructure, which demands heavy, ongoing investment. The rivalry requires constant, aggressive spending:

• Accelerate the rollout and capillarity of fiber optics (FTTH).
• Intensify the deployment of 5G mobile sites throughout Argentina.
• Maintain service revenue growth relative to inflation in key areas.

If onboarding takes 14+ days, churn risk rises, so service quality and speed become key differentiators in this tight contest. Finance: draft 13-week cash view by Friday.

Telecom Argentina S.A. (TEO) - Porter's Five Forces: Threat of substitutes

You're looking at the landscape where every minute a customer spends on a competitor's app is a minute they aren't using Telecom Argentina S.A.'s core voice or SMS services. This threat from Over-The-Top (OTT) applications is significant because the underlying infrastructure-mobile data-is already widely adopted. In Argentina, as of January 2025, there were 41.2 million internet users, equating to 90.1 percent of the total population. This high penetration means the barrier to entry for using substitutes like OTT messaging and voice apps is practically zero for the majority of the market. While specific revenue erosion figures from voice/messaging are not detailed in the latest reports, the sheer volume of mobile connections-64.7 million active connections in early 2025-is the base that OTT services are effectively monetizing through data consumption instead of traditional carrier fees.

The substitution pressure is very clear in the video entertainment space. Traditional Pay TV is directly challenged by streaming platforms, which 85.5% of households in Argentina now subscribe to. This trend is forcing Telecom Argentina S.A. to adapt its own offering. You see this push in their Flow Flex product, which is fully digital and requires no set-top box or installation. As of the first half of 2025, Flow unique customers reached almost 1,500,000, an 11% increase year-over-year, with Flow Flex accounting for around 6% of the total Pay TV subscriber base. This internal shift shows the company is actively competing within the substitute category, trying to capture the value before it fully migrates away from traditional bundles. Cord-cutting has accentuated losses on the pay-TV side.

Fintech services present a major substitution threat to traditional banking, and Telecom Argentina S.A. is fighting back with Personal Pay. As of June 2024, Personal Pay had onboarded more than 2,900,000 clients, positioning it as the second-largest participant in terms of remunerated account balances at that time. This is a direct play to capture financial transaction revenue that might otherwise go to established banks or other digital wallets. The growth rate was substantial; by June 2024, the total payment volume for Personal Pay had multiplied by 61 times compared to June 2023 figures.

We must also watch the nascent, but structurally important, threat from alternative low-cost connectivity. Satellite internet, primarily driven by Starlink, is expanding, especially in areas where terrestrial network deployment is costly. As of June 2025, satellite internet accesses in Argentina hit 217,812. To put that into perspective, this figure represents only 1.78% of the total fixed internet accesses, which stood at 12.3 million accesses by the end of the first half of 2025. Starlink is estimated to control around 90-95% of this specific satellite market segment. While small now, this segment targets areas where Telecom Argentina S.A.'s fixed infrastructure is weakest, making it a strategic, albeit currently minor, substitute for high-speed broadband access in remote geographies.

Here is a quick look at the scale of the substitution pressures:

The key takeaways on substitutes for Telecom Argentina S.A. are:

• OTT apps erode traditional voice/messaging revenue base.
• 85.5% of households use streaming, pressuring Pay TV.
• Flow Flex is at 6% of Pay TV base as a direct response.
• Personal Pay has over 2.9 million clients fighting for fintech share.
• Satellite broadband is nascent at 1.78% of fixed internet.

Finance: review the Q4 2025 ARPU trends for Pay TV versus mobile data revenue growth by next Tuesday.

Telecom Argentina S.A. (TEO) - Porter's Five Forces: Threat of new entrants

The threat of new entrants for Telecom Argentina S.A. remains low, primarily due to the massive financial and structural barriers to entry in the Argentine telecommunications sector.

Low, due to extremely high capital expenditure (CAPEX) required for network infrastructure.

Building a competitive network requires substantial upfront investment. Telecom Argentina has invested more than US$6 billion in infrastructure expansion and modernization since 2017. For the 2025 fiscal year, the company intends to invest around 18% of its revenues. The projected CAPEX for 2025, including the US$1.245 billion acquisition of Telefónica Argentina, could reach US$2 billion. Even excluding the acquisition, the company estimated its 2025 capital expenditures to be approximately P$946,963 million. In Q1 2025, consolidated CAPEX (excluding rights-of-use additions) represented 13.0% of consolidated revenues.

Significant regulatory hurdles exist, requiring licenses from bodies like ENACOM and CNDC.

Entry requires navigating complex compliance. ENACOM (Ente Nacional de Comunicaciones) is the National Communications Entity overseeing the sector. Any new entrant must secure mandatory ENACOM certification for telecommunications equipment, with total costs generally starting in the range of several thousand US Dollars. Furthermore, major transactions face intense scrutiny from the CNDC (Comisión Nacional de Defensa de la Competencia). For instance, the attempted acquisition of Telefónica Móviles Argentina S.A. (TMA) by Telecom Argentina S.A. for US$1.245 billion was suspended following a CNDC recommendation due to concerns over market concentration. The government noted this merger could result in market share of 61% in mobile and 69% in fixed lines.

High barriers of scale and scope, as Telecom Argentina offers a quad-play of services.

Telecom Argentina S.A. operates with significant scale across multiple service lines. As of December 31, 2024, the company reported:

• Mobile subscribers in Argentina: 21.6 million
• Fixed broadband connections: 4 million
• Cable TV subscribers: 3.2 million
• Fixed telephony lines (IP): approximately 1.86 million

The company offers a quad-play bundle of services, which requires established infrastructure across all these verticals to compete effectively.

The market is in a consolidation phase, demonstrated by the TMA acquisition, not expansion.

The most significant recent market event points toward consolidation rather than new entry. Telecom Argentina completed the acquisition of 86,460,983,849 ordinary shares of Telefónica Móviles Argentina S.A. (TMA) on February 24, 2025, for US$1.245 billion. This move, which aimed to accelerate 5G and fiber optics rollout, highlights that established players are absorbing competitors rather than the market opening up to new, large-scale entrants. This trend aligns with broader turbulence in the Latin American telecom market favoring consolidation.

Finance: draft 13-week cash view by Friday.