It is still early days to assess the impact of the Covid-19 pandemic on mobile operators, and the broader industry. As we have stated before, our view is that there is significant disruption to investment and deployment in the short term, but that should ease from the third quarter of this year, such that 5G roll-outs and capital spending will be back to the levels forecast pre-Covid by mid-2021 (although there may be a more permanent negative impact on 4G investments). However, that is not to downplay the effect of the virus. It has created economic uncertainty; restricted access to labor and components; reductions in operators’ market value and access to financing. There will be a boost to 5G in…