1. Executive Summary
2. Introduction
2.1. What is vertical separation?
2.2. Flavours of separation
3. The relevance of vertical separation
3.1. Vertical separation is already practised across all network industries…
3.2. …and is discussed time and again for big tech
4. Separation drivers
4.1. Vertical separation: from stick to carrot?
4.2. The reason why the Code favours vertical separation
4.3. The well-managed quality of service of wholesale products facilitates separation
4.4. A promising long-term investment
5. Separation cases
5.1. Openreach
5.2. TDC
5.3. TIM: from ‘voluntary’ functional separation to voluntary structural separation?
5.4. CETIN/O2 CZ: the first operator to implement truly voluntary separation
5.5. Vertical separation is not a ‘fixed-only’ phenomenon
6. Wrap-up
6.1. Separation sees the convergence or combination of three essential forces
6.2. Telcos should explore the separation option
List of tables and figures
• What is vertical separation
• The differing extents of separation
• Some European industries – railways are an example – are already well advanced
• From regulatory ‘nuclear option’ … to sound business decisions
• Europe trailing US investments levels
• Open access wholesale model
• Ladder of investment
• Network slicing in mobile
• Trends in the share prices of O2 CZ / CETIN
• BT Wholesale / Openreach catering to CSPs
• Ofcom assessment of Openreach separation
• De-branding of Openreach vans
• TDC Nuuday and NetCo
• TDC separation approach
• Telecom Italia Open Access
• TIM divestment considerations for Elliot
• TIM Management Plan 2018
• TIM / Open Fiber considerations
• CETIN separation
• Trends in O2 CZ share prices
• CETIN EBITDA and EBITDA margin
• UK cell site operators
• Alignment of major forces for separation