Elevated LeverageMaterial leverage is a persistent structural constraint for a capital-intensive telco: it limits financial flexibility for large fiber/infra projects, raises refinancing risk in stress, and means returns are partially leverage-amplified rather than purely operational.
Weak Revenue MomentumA sustained decline in top-line undermines long-term durability: if revenue erosion continues, margins will need to cover investment and dividend commitments, reducing capacity for organic growth. Reliance on cost actions or one-offs to sustain profits is a structural risk.
Regulatory Uncertainty & CompetitionPotential structural separation or adverse regulatory outcomes could alter network ownership, revenue shares or capex returns. Coupled with sustained aggressive competitor pricing in fixed/TV, regulatory and market pressures can materially reduce long-term ARPU and scale advantages.