Telecom Argentina S.A. (TEO): 5 forças Análise [Jan-2025 Atualizada]

No cenário dinâmico das telecomunicações argentinas, a Telecom Argentina S.A. (TEO) navega em um complexo ecossistema de forças competitivas que moldam seu posicionamento estratégico. À medida que a conectividade digital se torna cada vez mais crítica, a empresa enfrenta um desafio multifacetado de equilibrar a inovação tecnológica, a concorrência de mercado e a evolução das expectativas dos clientes. Compreender a intrincada interação de energia do fornecedor, dinâmica do cliente, rivalidade de mercado, substitutos em potencial e barreiras de entrada revela uma narrativa estratégica fascinante que define a resiliência e o potencial de Teo no setor de telecomunicações.

Telecom Argentina S.A. (TEO) - As cinco forças de Porter: poder de barganha dos fornecedores

Número limitado de equipamentos de rede e fornecedores de infraestrutura

A partir de 2024, a Telecom Argentina S.A. enfrenta um mercado de fornecedores concentrado com aproximadamente 3-4 grandes fornecedores de equipamentos de telecomunicações globais. O mercado global de equipamentos de rede é dominado pelos seguintes fornecedores -chave:

Alta dependência de fornecedores de tecnologia internacional

A Telecom Argentina demonstra dependência significativa dos fornecedores de tecnologia internacional para componentes críticos de infraestrutura.

• A Huawei fornece aproximadamente 45% dos equipamentos de rede
• A Nokia fornece 35% da infraestrutura de telecomunicações
• Ericsson contribui com 20% da tecnologia de rede restante

Investimentos de capital significativos necessários

Os investimentos em infraestrutura de telecomunicações para a Telecom Argentina em 2024 são estimados em:

Possíveis restrições da cadeia de suprimentos

As restrições da cadeia de suprimentos para componentes emergentes de tecnologia em 2024 incluem:

• A escassez de chips semicondutores que afeta 22% da produção de equipamentos de rede
• Interrupções logísticas globais causando atrasos de entrega de 15%
• Volatilidade do preço da matéria -prima Custos de componentes em 18%

Telecom Argentina S.A. (TEO) - As cinco forças de Porter: poder de barganha dos clientes

Análise do segmento de clientes

A Telecom Argentina S.A. atende a 15,2 milhões de clientes móveis e 3,4 milhões de clientes de linha fixa a partir do terceiro trimestre de 2023.

Fatores de sensibilidade ao preço

Gastos médios mensais de telecomunicações por cliente: US $ 18,50

• Elasticidade da demanda de preços: 1.2
• Taxa de rotatividade de clientes: 12,4% anualmente
• Duração média do contrato: 14 meses

Tendências de agrupamento de serviços

Penetração de serviço em pacote: 67,4% da base total de clientes

Expectativas de qualidade do cliente

Métricas de qualidade da rede:

• Cobertura da rede 4G: 92,3%
• Velocidade média de download: 35,6 Mbps
• Índice de satisfação do cliente: 7.2/10

Telecom Argentina S.A. (TEO) - As cinco forças de Porter: rivalidade competitiva

Cenário competitivo de mercado

Em 2024, o mercado de telecomunicações argentinas demonstra intensa dinâmica competitiva com os seguintes players -chave:

Investimento de infraestrutura

Investimentos de infraestrutura da Telecom Argentina em 2023-2024:

• Investimento total de infraestrutura de rede: US $ 287 milhões
• Expansão da rede 5G: US $ 124 milhões
• Cobertura da rede de fibra óptica Aumento: 22,6%

Métricas de concorrência de preços

Parcerias estratégicas

Principais parcerias estratégicas em 2024:

• Valor da parceria da Telefónica: US $ 78,3 milhões
• Acordos de colaboração de tecnologia: 3 grandes parcerias
• Tentures de articulação de transformação digital: 2 implementado

Telecom Argentina S.A. (TEO) - As cinco forças de Porter: ameaça de substitutos

Crescente popularidade das plataformas de comunicação exageradas

A partir de 2024, o WhatsApp possui 2,78 bilhões de usuários ativos em todo o mundo. Zoom relatou 300 milhões de participantes diários de reunião em 2023. O Skype mantém 300 milhões de usuários ativos mensais. Essas plataformas representam ameaças significativas de substituição aos serviços de telecomunicações tradicionais.

Aumentando a Internet móvel e alternativas Wi-Fi

A penetração da Internet móvel na Argentina atingiu 74,2% em 2023. Os pontos de acesso públicos de Wi-Fi aumentaram 38% nas áreas metropolitanas.

• Cobertura Wi-Fi municipal gratuita em Buenos Aires: 850 pontos de acesso
• Velocidade média de dados móveis: 45,7 Mbps
• Preço de dados móveis: US $ 10,50 por 10 GB

Adoção crescente de tecnologias de comunicação digital

A adoção da tecnologia de comunicação digital na Argentina aumentou 42,3% entre 2022-2023. Os serviços VoIP cresceram 35,6% durante o mesmo período.

Impacto potencial das tecnologias de comunicação emergentes

A cobertura da rede 5G na Argentina atingiu 32,5% no final de 2023. A Starlink Satellite Internet fornece serviço a 45.000 assinantes na Argentina.

• Alocação de espectro 5G: bandas de 3,5 GHz e 26 GHz
• Investimento de rede 5G: US $ 420 milhões em 2023
• Velocidade média da Internet por satélite: 100-200 Mbps

Telecom Argentina S.A. (TEO) - As cinco forças de Porter: ameaça de novos participantes

Altos requisitos de capital para infraestrutura de telecomunicações

O investimento em infraestrutura da Telecom Argentina em 2023 totalizou 58,3 bilhões de pesos argentinos. A implantação de rede requer gastos de capital antecipados substanciais.

Ambiente Regulatório Estrito

Setor de telecomunicações argentinas regulamentadas pela ENACOM (National Communications Entity).

• Taxas de licenciamento: 1% da receita anual de telecomunicações brutas
• Contribuições obrigatórias do serviço universal: 3,5% da receita operacional líquida
• Os custos de aquisição de espectro variam de 500 milhões a 2 bilhões de pesos argentinos

Barreiras tecnológicas à entrada de mercado

A infraestrutura tecnológica da Telecom Argentina representa desafios significativos de entrada no mercado.

Limitações de consolidação de mercado

As métricas de concentração do mercado de telecomunicações indicam barreiras significativas de entrada.

• Participação de mercado dos 3 principais operadores: 92,4%
• Participação de mercado da Telecom Argentina: 45,6%
• Custo médio de aquisição de clientes: 3.200 pesos argentinos por assinante

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.