European Directories Market 2005

This publication has been discontinued on July 19, 2011.

Introduction

Abstract

This is the second edition of Heernet venturess study of the European Directories Market. The first study was published in 2004 following a four month study of the market which analysed it from both a strategic and financial perspective. The 2005 publication is structured in three parts.

The first section assesses the industry from a strategic and financial perspective, providing a comprehensive and insightful overview of the industry and discussing the strengths and weaknesses of all the major players.

The second section profiles all European countries reviewing the scale of their directories sectors, major players, regulatory environment and investment prospects.

The third section profiles leading European directories companies covering their activities, financial performance, market position, share price performance (for listed groups) and growth prospects.

This research study was led by Harjinder Singh-Heer (a director and founder of Heernet ventures); Harjinder has extensive, senior level experience of the European publishing industry as an investment banker and business development director.

Table of Contents

PART 1) INVESTMENT THESIS AND INDUSTRY OVERVIEW

• 1. CURRENT THEMES
  • A. Introduction
  • B. Managing print decline
  • C. Online strategies
  • D. Directory assistance services
  • E. Acquisition opportunities
• 2. INVESTMENT THESIS
  • A. Introduction
  • B. Share price performance
  • C. Revenue and earnings analysis
  • D. Summary of investment view
• 3. INDUSTRY ANALYSIS
  • A. Introduction
  • B. Usage
  • C. Market size and structure
  • D. Major players
  • E. Online and mobile directories
  • F. Operating model
  • G. Regulatory environment
  • H. Sector attractions and trends
  • I. Major transactions
• 4. APPENDIX
  • A. Transactions data

Index of tables and diagrams

• 1) % growth in print revenues (2002-2004)
• 2) SME market penetration of market leaders (2003)
• 3) Revenue distribution for Yell, Eniro and Seat
• 4) Number of headings in yellow pages directories (2003)
• 5) Renewal rates
• 6) Online revenues of major publishers (2004)
• 7) Digital strategies of leading directories companies
• 8) Local search services from pure online players
• 9) Examples of mobile services (Eniro, TPI)
• 10) Major players in DA services
• 11) DA market liberalisation in Europe
• 12) Examples of enhanced directory enquiry services
• 13) % of consumers using enhanced services (UK, November 2004)
• 14) Reasons for choosing a particular DA service (UK, November 2004)
• 15) BT Phone book cover
• 16) Mergers and acquisitions strategies of major European players
• 17) Publicly listed directory publishers
• 18) Share performance versus key indices (since January 2005)
• 19) Absolute share performance (twelve months to April 2005)
• 20) % growth in print and online revenues (2003/04)
• 21) Profitability and earnings growth
• 22) Evolution of the directories market
• 23) The directory revenue model
• 24) Value drivers and measures
• 25) Major categories of advertisers
• 26) France, Consumer reach of various Pages Jaunes Products (2000-2004)
• 27) Print directory revenues by country
• 28) Maturity of European directory markets (2003)
• 29) Major players, revenues (2004)
• 30) Global paid search market, forecast revenues
• 31) Global paid search market, market shares (2004)
• 32) European Broadband penetration (end 2004)
• 33) Growth in Nordic SMS volumes (2000--2004)
• 34) Directory publishing value chain
• 35) Major paper suppliers and printers
• 36) Major private equity-driven transactions (2001-2005)
• 37) European transactions (2000--2005)

PART 2) COUNTRY PROFILES

• A. Austria
• B. Belgium
• C. Belarus
• D. Bulgaria
• E. Czech Republic
• F. Denmark
• G. Estonia
• H. Finland
• I. France
• J. Germany
• K. Greece
• L. Hungary
• M. Ireland
• N. Italy
• O. Latvia
• P. Lithuania
• Q. Luxembourg
• R. The Netherlands
• S. Norway
• T. Poland
• U. Portugal
• V. Romania
• W. Russia
• X. Slovakia
• Y. Slovenia
• Z. Spain
  • AA. Sweden
  • BB. Switzerland
  • CC. Ukraine
  • DD. UK

Index of tables and diagrams

• 1) Austria, % Adspend by type and growth
• 2) Belgium, % Adspend by type and growth
• 3) Belgium, directories market shares
• 4) Bulgaria, % Adspend by type and growth
• 5) Czech republic, % Adspend by type and growth
• 6) Denmark, % Adspend by type and growth
• 7) Denmark, Major players
• 8) Eniro Denmark, Financials (2000-2004)
• 9) Denmark, Market shares
• 10) Estonia, % Adspend by type and growth
• 11) Finland, % Adspend by type and growth
• 12) Finland, Major players
• 13) Eniro Finland, Financials (2002--2004)
• 14) Finland, Market shares
• 15) France, % Adspend by type and growth
• 16) France, DA revenues (2000-2003)
• 17) Pages Jaunes, % CAGR in consumer usage (2000-2003)
• 18) France, Time plan for DA market liberalisation
• 19) France, Major players
• 20) Pages Jaunes, Financials of French activities (2001--2004)
• 21) PubliGroupe French subsidiary, financials (2001-2003)
• 22) France, market shares (by revenue)
• 23) Germany, % Adspend by type and growth
• 24) Germany, Major players
• 25) DeTeMedien. Summary financials
• 26) Telegate German operations financials
• 27) DeTeMediens partner publishers
• 28) Germany, % Market share
• 29) Greece, % Adspend by type and growth
• 30) Infote, financials (2002-2004)
• 31) Hungary, % Adspend by type and growth
• 32) Ireland, % Adspend by type and growth
• 33) Ireland, market shares (2003)
• 34) Italy, % Adspend by type and growth
• 35) Italy, Major players
• 36) Seat Pagine Gialle, Seat S.p.A. financials (2002-2004)
• 37) Pagine Utili, financials (1998 -- 2001)
• 38) Italy, % Market shares by revenue
• 39) Latvia, % Adspend by type and growth
• 40) Lithuania, % Adspend by type and growth
• 41) The Netherlands, % Adspend by type and growth
• 42) The Netherlands, Major players
• 43) The Netherlands, Directories market shares (2003)
• 44) Norway, % advertising revenues by type (2003)
• 45) Norway, Major players
• 46) Findexa, Detailed revenue and earnings (2001--2004)
• 47) Eniro Norway, Financials (2002-2004)
• 48) Norway, % Market share (2004)
• 49) Poland, Advertising market data
• 50) Poland, Major players
• 51) Eniro Poland, Financials 2000-2004
• 52) Poland, % Market share
• 53) Portugal, % Adspend by type and growth
• 54) Portugal, Market shares
• 55) Romania, % Adspend by type and growth
• 56) Romania, Market shares
• 57) Russia, % advertising by type and growth
• 58) Spain, % Adspend by type and media
• 59) Spain, Major players
• 60) TPI, Spanish operations analysis (2001-2004)
• 61) Pages Jaunes, Spanish operations, revenue analysis (2001--2004)
• 62) Spain, Market shares (2004)
• 63) Sweden, % Adspend by type and growth
• 64) Sweden, Major players
• 65) Eniro, Sweden revenue and earnings (2001--2004)
• 66) Sweden, % Market share (2004)
• 67) Sweden, Leading online services (by unique users per month)
• 68) Switzerland, % Adspend by type and growth
• 69) Publigroupe/Swisscom Directories joint venture, Financials
• 70) Switzerland, Market shares
• 71) UK, % Adspend by type and growth
• 72) UK, Major players
• 73) Yell, UK Financials (2002-2005)
• 74) Seat Pagine Gialle, UK operations analysis
• 75) UK, Directories market shares

PART 3) COMPANY PROFILES

• A. BT directories
• B. Conduit
• C. DeTeMedien
• D. Eniro AB
• E. Findexa
• F. Fonecta (YBR)
• G. Infonnxx
• H. Infote
• I. Interinfo Holding
• J. Kapitol
• K. Mediatel (YBR)
• L. Pages Jaunes
• M. P疊inas Amarelas
• N. Pagine Italia
• O. Pagini Aurii
• P. Promedia
• Q. Publigroupe
• R. Seat Pagine Gialle
• S. Swisscom Directories
• T. TDC Directories
• U. Telefica Publicidad e Informaci
• V. De Telefoongids (YBR)
• W. TP Ditel (Telekomunikacja Polska)
• X. World Directories
• Y. YBR
• Z. Yell

Index of tables and diagrams

• 1) BT Directories, DA service offering
• 2) BT Directories, Management team
• 3) BT Directories, Market share analysis
• 4) Conduit, DA service offering
• 5) Conduit, Management team
• 6) Conduit, Market share analysis
• 7) DeTeMedien. Summary financials (2000 -- 2002)
• 8) DeTeMedien, Management team
• 9) DeTeMedien, Market share analysis
• 10) DeTeMedien, Investment view
• 11) DeTeMedien, Key transactions (2000 -- 2004)
• 12) Eniro. Summary financials (2000 -- 2004)
• 13) Eniro, % Revenue mix (2004)
• 14) Eniro, Swedish operations-growth in online usage (2004)
• 15) Eniro, Swedish operations-revenue mix (1999-2004)
• 16) Eniro, Finnish operations-growth in online usage (2004)
• 17) Eniro Finland, Financials (2002 -- 2004)
• 18) Eniro, Finnish operations-growth in online usage (2004)
• 19) Eniro Norway, Financials (2002 -- 2004)
• 20) Eniro, Danish operations-growth in online usage (2004)
• 21) Eniro Denmark, Financials (2000-2004)
• 22) Eniro, Polish operations-growth in online usage (2004)
• 23) Eniro Poland, Financials (2000-2004)
• 24) Eniro, Detailed overview of activities
• 25) Eniro, Detailed revenue and earnings (2001 -- 2004)
• 26) Eniro, Revenue and earnings (2003 -- 2004)
• 27) Eniro, EBITDA margins (2002 -- 2004)
• 28) Eniro, Earnings contribution (2004)
• 29) Eniro, Stock price performance
• 30) Eniro, per share financial summary (2000--2004)
• 31) Eniro, Largest shareholders
• 32) Eniro, shareholders by country
• 33) Eniro, Management team
• 34) Eniro, Market share analysis (2004)
• 35) Eniro, Investment view
• 36) Eniro, Key transactions, (2000--2004)
• 37) Findexa, Summary financials (2001-2004)
• 38) Findexa, % Revenues by type (2004)
• 39) Findexa, Usage statistics (2001-2004)
• 40) Findexa, Detailed revenue and earnings (2001 -- 2004)
• 41) Findexa, 2004 results
• 42) Findexa, Management team
• 43) Findexa, Stock price performance
• 44) Findexa, Earnings per share (2003 -- 2004)
• 45) Findexa, Market share analysis
• 46) Findexa, Investment view
• 47) Findexa, Key transactions, (1999--2004)
• 48) Fonecta, % Revenue by type (2003)
• 49) Fonecta, Revenue and earnings (2002--2003)
• 50) Fonecta, Management team
• 51) Fonecta, Market share analysis
• 52) Fonecta, Investment view
• 53) Fonecta, Key transactions, (2002--2005)
• 54) Infonxx, DA service offerings for network operators
• 55) Infonxx, Management team
• 56) Infonxx, Market share analysis
• 57) Infote, financials (2002-2004)
• 58) Interinfo Holdings, Summary financials (2001-2003)
• 59) Interinfo Holdings, Detailed overview of activities
• 60) Interinfo Holdings, Market share analysis
• 61) Interinfo Holdings, Key transactions (2000 -- 2005)
• 62) Mediatel, Detailed overview of activities
• 63) Mediatel, Management team
• 64) Mediatel, Market share analysis
• 65) Mediatel, Investment view
• 66) Pages Jaunes. Summary financials (2001-2004)
• 67) Pages Jaunes, % Revenue mix (2004)
• 68) Pages Jaunes, Detailed overview of activities
• 69) Pages Jaunes, Detailed revenue and earnings (2001--2004)
• 70) Pages Jaunes, EBITDA margins (2001--2004)
• 71) Pages Jaunes, French operations-financials (2001--2004)
• 72) Pages Jaunes, French operations, analysis of advertisers
• 73) Pages Jaunes, French operations-% revenue growth (2002--2004)
• 74) Pages Jaunes, Spanish operations-revenue analysis (2001--2004)
• 75) Pages Jaunes, Revenues from other operations (2001-2004)
• 76) Pages Jaunes, Stock price performance
• 77) Pages Jaunes, per share financial summary (2001--2004)
• 78) Pages Jaunes, Largest shareholders (March 2005)
• 79) Pages Jaunes, Management team
• 80) Pages Jaunes, Market share analysis
• 81) Pages Jaunes, Investment view
• 82) Pages Jaunes, Key transactions (2000--2005)
• 83) Pagine Utili, financials (1998--2001)
• 84) PubliDirect, summary financials (2001-2004)
• 85) Publigroupe, % Revenue mix (2003)
• 86) PubliGroupe, Swiss joint venture financials (2001-2003)
• 87) Publigroupe French subsidiary, financials (2001-2003)
• 88) Amitels local directory
• 89) PubliGroupe, Market share analysis
• 90) PubliGroupe, Investment view
• 91) Publigroupe, Key transactions (2000--2004)
• 92) Seat Pagine Gialle. Summary financials (2002--2004)
• 93) Seat Pagine Gialle, % Revenue mix (2004)
• 94) Seat Pagine Gialle, Italy --customer segmentation (2004)
• 95) Seat Pagine Gialle, Detailed overview of directory activities
• 96) Seat Pagine Gialle, Revenue and earnings (2002-2004)
• 97) Seat Pagine Gialle, Seat S.p.A -- Results (2002-2004)
• 98) Seat Pagine Gialle, Print directories analysis
• 99) Seat Pagine Gialle, Italian online analysis
• 100) Seat Pagine Gialle, Pronto Pagine Gialle analysis
• 101) Seat Pagine Gialle, UK operations analysis (2002-2004)
• 102) Seat Pagine Gialle, Telegate group analysis (2002-2004)
• 103) Seat Pagine Gialle, Stock price performance
• 104) Seat Pagine Gialle, Management team
• 105) Seat Pagine Gialle, Market share analysis
• 106) Seat Pagine Gialle, Investment view
• 107) Seat Pagine Gialle, Key transactions (2000-2004)
• 108) TDC Directories. Summary financials (2001-2004)
• 109) TDC Directories, Revenue analysis
• 110) TDC Directories, Detailed overview of activities
• 111) TDC Directories, Detailed revenue and earnings (2001--2004)
• 112) TDC Directories, Management team
• 113) TDC Directories, Market share analysis
• 114) TDC Directories, Investment view
• 115) TDC Directories, Key transactions (1999--2004)
• 116) TPI, Summary financials (2001--2004)
• 117) TPI, % Revenue mix (2004)
• 118) TPI, Spanish operations-growth in directory assistance call volumes (2003-2004)
• 119) TPI, Detailed overview of directory activities
• 120) TPI, Detailed revenue and earnings (2001--2004)
• 121) TPI, Spanish operations analysis (2001--2004)
• 122) TPI, Spanish print advertising analysis
• 123) TPI, Spanish online operations analysis
• 124) TPI, Spanish directory assistance operations analysis
• 125) TPI, Brazil financials (2001 -- 2004)
• 126) TPI, Chile financial analysis (2001 -- 2004)
• 127) TPI, Chile revenue mix (2001 -- 2004)
• 128) TPI, Chile product analysis (2001 -- 2003)
• 129) TPI, Peru financial analysis (2001 -- 2004)
• 130) TPI, Peru revenue mix (2001 -- 2004)
• 131) TPI, Peru product analysis
• 132) TPI, Stock price performance
• 133) TPI, per share financial summary (2002--2003)
• 134) TPI, Management team
• 135) TPI, Market share analysis
• 136) TPI, Investment view
• 137) TPI, Key transactions (2000--2004)
• 138) World Directories, Summary financials (2000--2003)
• 139) World Directories, % Revenue mix (2003)
• 140) World Directories equity interest
• 141) World Directories, Overview of activities
• 142) World Directories, Detailed financials (2002--2004)
• 143) World Directories, Revenue analysis (Q1-Q3 2004)
• 144) World Directories, Renewal rates
• 145) World Directories, Online analysis
• 146) World Directories, Country analysis
• 147) World directories, Market share analysis
• 148) World directories, Investment view
• 149) World directories, Key transactions (2000-2005)
• 150) Yell, Summary financials (2001--2004)
• 151) Yell, % Revenue and EBITDA mix (2004)
• 152) Yell, US geographic coverage
• 153) Yell, Overview of activities
• 154) Yell, Detailed revenue and earnings (2002--2004)
• 155) Yell, Interim 2005 results
• 156) Yell, UK analysis (2002-2004)
• 157) Yell, Revenue and customer distribution in the UK
• 158) Yell, UK analysis, Number of advertisers and ARPA growth
• 159) Yell, USA financial analysis (2002-2004)
• 160) Yell, USA revenue segmentation (2004)
• 161) Yell, USA analysis (2002--2004)
• 162) Yell, Stock price performance
• 163) Yell, per share financial summary (2003--2004)
• 164) Yell, Largest shareholders
• 165) Yell, Management team
• 166) Yell, Market share analysis
• 167) Yell, Investment view
• 168) Yell, Key transactions (2000--2005)

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