Robin Bordoli has some good thoughts on the current financial model of mobile carriers – MVNOs - changing the economic landscape for wireless carriers: “This average subscriber then generates ~$50 ARPU for a little over 2 years based on current churn levels.  If you generously assume a 50% EBITDA contribution margin then the NPV of this customer is around $200. […] So all this manic M&A activity is valuing these subscribers at an order of magnitude higher than the discounted value of the cashflow they will generate.  Stop and think about this for a moment.  This is a $100 billion industry that is shuffling deckchairs on the titanic.”