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Adamo provides high-speed internet services via its own fiber-based access network in Spain.

Adamo is a fast growing challenger in the Spanish fixed telecommunication market. The company has a highly dedicated customer focus and provides high-quality and high-capacity services at competitive prices. The company has been a pioneer in the Spanish market being the first operator to provide 100 Mbit/s, 300 Mbit/s and 1 Gbit/s services via fiber. In 2016 Adamo generated revenues of EUR 7.8 million and has offices in Barcelona and Madrid with in total 58 employees.

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Market trends and drivers

Spain, and Europe generally, are experiencing significant growth in fiber to the home (FTTH) penetration which is expected to triple by 2020. Fiber deployment in Spain is supported by inexpensive duct availability allowing for fiber roll-out with relatively low capex needs.

Adamo is expected to benefit from the strong growth trends in data consumption, driven by the increasing usage of streaming services, cloud applications, and other data-intensive services.

Investment potential

The strategy for Adamo is to capitalize on the market trend through focusing the roll-out on less densely populated suburban areas and smaller cities with less competition in general. In many of these areas, Adamo will have first mover advantage creating an opportunity over time to possibly offer the fiber access network in a wholesale model to other operators, increasing the infrastructure characteristics of the business model. Moreover, Adamo uses a scalable go to market approach with sales efforts and fiber deployment being made with local partners and entrepreneurs with limited need for civil works as duct access is regulated.