Table of contents 1. Executive summary 2. European telephone directories: all you need to know   a. What are telephone directories?     i. What is the role of telephone directories?     ii. The formats       1. Yellow Pages (YP) and White Pages (WP)       2. Media: Print, internet, telephone, mobile       3. Geographical scope: Regional books and local books   b. How has the European directory market evolved?     i. Historical context     ii. Key recent events   c. The European directory market 2006     i. Market size and market shares by country       1. Relative market sizes: directory advertising as a proportion of GDP and as a percentage of total advertising       2. Market development: why is there such a difference between country directory markets?       3. How do you measure competitiveness?         a. Critical success factors: brand, sales force, database         b. Key performance indicators explained: average revenue per advertiser (ARPA), penetration (advertisers as a percentage of all businesses), revenue per book, scope, revenue per salesperson, electronic revenue     ii. Historic growth rates 2000–2006     iii. The key players (covering all major directory groups)       1. Strategic grouping analysis       2. Profitability analysis       3. Typical directory business cost structure   d. How do you grow directory revenues?     i. Increasing penetration vs. increasing ARPA     ii. The updated AMR directory growth ladder 3. Key developments: trends in European telephone directories, 2007–2010   a. What is happening to print?     i. Recent print growth trends by market     ii. What are the drivers of recent print growth: are they cyclical, structural or, internal?     iii. What is the outlook for print?   b. What is happening to online?     i. How important are online directory revenue as a percentage of directory revenues: trends 2002–2006?     ii. What is the secret to successful management of print and online?     iii. What is the correlation between broadband penetration and online penetration?     iv. Sleeping with the enemy: co-opetition with search engines; to partner or not to partner? Review of different partnership models   c. How is search developing? Is it multi-platform? Profitability trends.     i. What is happening to profitability?     ii. Drivers of profitability     iii. Outlook for profitability   d. What is happening to usage?     i. Print versus online usage     ii. Outlook for print usage     iii. Online usage developments: print versus search     iv. Impact of broadband penetration on online penetration   e. How long are 5% annual growth rates sustainable?     i. European directory market growth trends: where is the growth?     ii. Directory market growth drivers       1. Country growth forecasts 2007-2010 4. M&A: what is driving it and what does the future hold?   a. Outline of historic and recent M&A activity     i. What is driving M&A activity?     ii. What does the future hold?   b. Regulatory issues     i. Main regulatory issues and likely regulatory developments (price caps, database access, data privacy)     ii. Regulatory impact assessment 5. Summary country comparisons: how attractive is each directory market?   a. Directory market size and growth trends   b. ARPA comparison at purchasing power parity (PPP) for each key player   c. Penetration (no. of advertisers as a percentage of all businesses) for each key player   d. Margin comparison   e. Other media and internet development   f. Competitive issues     i. Directory competitive environment     ii. The competition from other media: regional press, direct mail, the internet 6. Detailed market information by country   a. About the directory market: key characteristics, brief history   b. Regulatory issues   c. The market landscape: key players and products     i. Market size     ii. Market shares     iIi. Revenue split for key companies (YP, WP, online, other)     iv. Key players’ strategies   d. Comparison of company performance     i. Comparative data on revenue by product, ARPA, penetration, sales force effectiveness, revenue per book, circulation and usage data, scope analysis     ii. Market share trends 2002–2005     iIi. EBITDA levels   e. Electronic directory and search engine analysis: key partnerships   f. Growth drivers and trends   g. Historic market growth 2002–2005   h. Future growth prospects (forecasts 2007–2010) 6. Individual company summaries   a. Key facts (ownership, company history)   b. Acquisition history   c. Directory activities by country