In recent years, various sectors have seen dreadful share price performances, not least the banks once the magnitude of the 2008 credit crisis became all too apparent.
The telecoms companies were all the rage at the turn of the century, with their shares soaring. Since the boom was over, it’s been downhill all the way; it remains that way.
Over the years, the value destruction has been immense, especially amongst leading EU players, such as Telecom Italia.
High hopes are pinned on an improving economic environment, technical developments and specifically on quad-play. But the sector’s profit and loss accounts seem becalmed – growth is ephemeral – whilst debt levels remain excessive.