This thesis examines the strategic, technological, and financial aspects of the growth of Ultra-Wideband (UWB) networks in Italy with an emphasis on Open Fiber and its wholesale-only business model, . The study looks at worldwide telecommunications investment trends, places Open Fiber within the larger development of digital infrastructure in Italy, and assesses the connection between productivity growth and broadband diffusion. In order to assess the viability and ramifications of Open Fiber's vertically divided wholesale-only network deployment strategy, the study's central component is a thorough financial statement and balance sheet examination of the company. The first part of the thesis provides an overview of the birth and expansion of Ultra-Wideband networks in Italy, the analysis then broadens to a global perspective, examining telecommunications investment patterns across developed and emerging markets. This comparative approach underscores the strategic relevance of broadband infrastructure as a public good and as a foundation for long-term economic growth. It also contextualizes the Italian experience within international best practices and investment cycles in fiber deployment. The core part of the thesis is dedicated to a thorough financial statement analysis of Open Fiber. As one of the key players in Italy’s UWB development, Open Fiber represents a unique case due to its wholesale-only model and public-private ownership structure. Through the analysis of its balance sheets and income statements from recent fiscal years, the study evaluates the company’s profitability, financial health, and operational efficiency. The findings reveal a company in a capital-intensive growth phase, heavily reliant on infrastructure investment and long-term public-private cooperation, with financial indicators reflecting both the challenges and potential rewards of its unique position in the market.
Questa tesi esamina gli aspetti strategici, tecnologici e finanziari della crescita delle reti Ultra-Wideband (UWB) in Italia, con un’enfasi particolare su Open Fiber e sul suo modello di business esclusivamente wholesale. Lo studio analizza le tendenze degli investimenti nelle telecomunicazioni a livello globale, colloca Open Fiber all’interno del più ampio sviluppo delle infrastrutture digitali in Italia e valuta il legame tra la crescita della produttività e la diffusione della banda larga. Il nucleo centrale del lavoro è rappresentato da un’approfondita analisi di bilancio della società, finalizzata a valutare la sostenibilità e le implicazioni del modello di esclusivamente wholesale e verticalmente separato adottato da Open Fiber. La prima parte della tesi offre una panoramica sulla nascita e l’espansione delle reti Ultra-Wideband in Italia; successivamente, l’analisi si amplia a una prospettiva globale, esaminando i modelli di investimento nelle telecomunicazioni nei paesi sviluppati ed emergenti. Questo approccio comparativo mette in evidenza la rilevanza strategica delle infrastrutture a banda larga, considerate quasi-beni pubblici in quanto fondamentali per lo sviluppo economico, l’inclusione digitale e la coesione territoriale. Pur non essendo beni pubblici in senso stretto (cioè non rivali e non escludibili), tali infrastrutture sono spesso trattate come tali nelle politiche pubbliche per via dei loro effetti positivi diffusi sull’economia e sulla società. Contestualizza inoltre l’esperienza italiana rispetto alle migliori pratiche internazionali e ai cicli di investimento nella diffusione della fibra ottica. La parte centrale della tesi è dedicata a un’approfondita analisi dei bilanci di Open Fiber. In quanto uno degli attori principali nello sviluppo delle reti UWB in Italia, Open Fiber rappresenta un caso unico per via del suo modello esclusivamente wholesale e della sua struttura proprietaria pubblico-privata. Attraverso l’analisi dei bilanci e dei conti economici degli ultimi esercizi, lo studio valuta la redditività, la solidità finanziaria e l’efficienza operativa dell’azienda. I risultati mostrano una società in una fase di crescita ad alta intensità di capitale, fortemente dipendente dagli investimenti infrastrutturali e dalla cooperazione pubblico-privata di lungo periodo, con indicatori finanziari che riflettono sia le sfide sia le potenziali ricompense derivanti dalla sua posizione unica nel mercato.
Il modello di business Wholesale - Only di Open Fiber
DAL CIN BACE, ELDI
2024/2025
Abstract
This thesis examines the strategic, technological, and financial aspects of the growth of Ultra-Wideband (UWB) networks in Italy with an emphasis on Open Fiber and its wholesale-only business model, . The study looks at worldwide telecommunications investment trends, places Open Fiber within the larger development of digital infrastructure in Italy, and assesses the connection between productivity growth and broadband diffusion. In order to assess the viability and ramifications of Open Fiber's vertically divided wholesale-only network deployment strategy, the study's central component is a thorough financial statement and balance sheet examination of the company. The first part of the thesis provides an overview of the birth and expansion of Ultra-Wideband networks in Italy, the analysis then broadens to a global perspective, examining telecommunications investment patterns across developed and emerging markets. This comparative approach underscores the strategic relevance of broadband infrastructure as a public good and as a foundation for long-term economic growth. It also contextualizes the Italian experience within international best practices and investment cycles in fiber deployment. The core part of the thesis is dedicated to a thorough financial statement analysis of Open Fiber. As one of the key players in Italy’s UWB development, Open Fiber represents a unique case due to its wholesale-only model and public-private ownership structure. Through the analysis of its balance sheets and income statements from recent fiscal years, the study evaluates the company’s profitability, financial health, and operational efficiency. The findings reveal a company in a capital-intensive growth phase, heavily reliant on infrastructure investment and long-term public-private cooperation, with financial indicators reflecting both the challenges and potential rewards of its unique position in the market.File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.12075/21890