캐리어 뉴트럴 네트워크 오퍼레이터(CNNO) : 시장 분석(2021년 4분기) - 대형 M&A 안건과 새로운 PE 캐시로 디지털 인프라 융합 비지니스 모델로의 이동이 가속하고, 매출은 892억 달러로 급증(전년비 13%)
Carrier-Neutral Network Operators - 4Q21 Market Review: CNNO Market Speeds Up Move to Converged Digital Infra Business Models in 2021 with Big M&A Deals, New PE Cash, Revenues Spike 13% YoY to $89.2B
캐리어 뉴트럴 네트워크 오퍼레이터(CNNO)의 매출은 2021년 시점에서 892억 달러(전년비 13% 증가), M&A 지출은 408억 달러(전년비 256% 증가), 설비투자는 307억 달러(2020년과 정체), 유형고정자산(Net PP&E)은 2,391억 달러(전년비 4% 증가)가 되고 있습니다.
CNNO 시장에서는 2011-2021년간 대부분의 재무 지표가 15-20%의 CAGR로 확대했습니다. 성장 배경에는 주로 2가지 이유가 있습니다. 첫번째로 통신사업자가 (더) 자산이 적은 운영 모델로 이동하고, 수동적 인프라의 대부분을 스핀오프함에 따라 CNNO도 유기적으로 네트워크를 확대하고 있습니다. 두번째로 클라우드 서비스를 제공하는 웹스케일 오퍼레이터가 급성장하고 있지만, 그것은 단독으로 네트워크 전체를 구축하지 못하고, 데이터센터와 대역폭의 자원을 CNNO로부터 빌리고 있습니다. 그 밖의 성장 원동력으로서 저금리에 따른 부채에서의 규모 확장(M&A·설비투자), REIT 운영 모델의 세제상 이점, 사모펀드가 관리하는 자산 풀 확대 등을 들 수 있습니다.
세계의 캐리어 뉴트럴 네트워크 오퍼레이터(CNNO) 시장 최신 동향에 대해 분석했으며, 기술 특징과 시장의 기본 구조·배경, 전체적인 시장 규모 동향(분기별, 2011-2021년), 부문별·기업별 상세 동향, 주요 기업 개요와 주요 지표 상호 비교(총 45개사) 등의 정보를 정리하여 전해드립니다.
본 보고서의 분석 대상 기업은 다음과 같습니다:
This interactive spreadsheet model is a detailed financial and operational review of the carrier-neutral network operator (CNNO) market for the 2011-2021 period. This report tracks 45 CNNOs across the globe, including 10 focused primarily on bandwidth/fiber infrastructure, 15 data center specialists, and 20 tower CNNOs. The CNNOs in this study have all been publicly held entities and reported audited financials at some point in the 2011-21 timeframe; some are now private, or have been acquired by other CNNOs.
CNNOs play an important role in the communications market. They sell independent, carrier-neutral access to network infrastructure, including mobile tower, data center, and bandwidth/fiber assets. In 2021, CNNOs accounted for $89.2 billion (B) in revenues (+13% YoY), $40.8B in M&A spending (+256%), $30.7B in capex (flat vs 2020), and $239.1B in net property, plant and equipment (net PP&E; +4% YoY). They owned and operated 1,062 data centers, 2.98 million cell towers, and nearly 800K route miles of fiber. CNNOs employed just over 102,000 people at year-end 2021, about the same as in 2020.
The CNNO market has grown significantly over the last decade. Between 2011 and 2021, most key financial metrics have risen at a compound annual growth rate (CAGR) of between 15-20%: revenues, +16.4%; capex, 17.9%; total debt, 18.9%; and, net PP&E, 17.8%. There are two primary reasons for this rapid, sustained growth. First, telcos are moving to (more) asset light operating models and have spun off large portions of their passive infrastructure. This continues, and CNNOs are also expanding their networks organically. Second, webscale operators offering cloud services have grown rapidly and cannot build their entire network alone. They rent both data center and bandwidth resources from CNNOs. Secondary drivers for CNNO growth include: low interest rates enabling debt-financed expansion (M&A and capex); the tax advantages of the real estate investment trust (REIT) operating model; and, the growth of the asset pool managed by private equity, an important source of funding for CNNOs.
MTN Consulting simplifies the CNNO market into segments based upon their primary investment focus: towers, data centers, and fiber/bandwidth. However, many CNNOs own multiple types of infrastructure, and this cross-ownership is growing as companies leverage benefits from economies of scope. An influx of investment from asset management funds is also pushing CNNOs towards integrated business models. PE firms are acquiring assets across multiple infra types, and blending them into new, more converged entities. Asset managers with stakes in multiple types of CNNOs include Ardian, Brookfield, Carlyle, Cordiant, EQT, GI Partners, KKR, PAG Real Estate, TPG, and Triple Point. Colony Capital's creation, DigitalBridge, is probably the most mature example of this approach, and illustrative of where the CNNO market is headed. American Tower's 2021 acquisition of a major data center specialist, CoreSite Realty, is another illustration.
In July 2021, MTN Consulting published a report on CNNO market directions, whose central conclusion remains valid:
"Publicly held and private equity-controlled CNNOs will seek to offer integrated 'digital infrastructure' to communications network operators, with a focus on the telco and webscale markets as their primary customers... One of many reasons for this integration is the challenges faced by today's CNNOs: high levels of debt, weak cash flows, declining tenancy ratios in the tower sector, and the emergence of a need for data center and fiber buildouts at the network's edge. There will continue to be many niche CNNOs focused on one specific type of asset, or two (e.g. towers and fiber), but the economic logic for a more integrated offering is compelling. The new breed of CNNOs will compile some of their network by M&A, as they always have, but there will be significant new investment in network expansion, especially in the data center and fiber space."
MTN Consulting expects to publish an update to its network operator spending forecast in the next two months. That may include modest adjustments to the CNNO market's outlook. However, the development of the CNNO market is largely on track with the last forecast, as published in December 2021.
The following companies are included in this Market Review: