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refin_telecom / Equity
- German spectrum auction Evidence of pragmatic telecoms regulation by New Street Research
- Rakuten (Reduce, TP: ¥400, -51%) Q1 24 Quick Take: Mobile still lacking traction. Stay Reduce, pt ¥400 by New Street Research
- MTN (Buy, TP: ZAR130, +45%) Q1 24: Slow start to the year; decent top line in SA by New Street Research
- Vodafone (Buy, 135p, +87%) Thoughts post-call by New Street Research
- DLO US (Buy, TP: $22, +80%) Q1 Quick Take: Seasonality, volatility and FX drive big Gross Profit miss by New Street Research
- Digi Q1 24: Solid results, Portugal launch pushed to H2 24 by New Street Research
- Indonesian Telcos – Final piece of the consolidation jigsaw? Proposed merger between XL and Smartfren. Our thoughts with implications for the telcos and the towers. by New Street Research
- Deutsche Telekom (Buy, €32, +44%) Q1 24: Financial strength over KPI strength this quarter by New Street Research
- The broadband Open Access model by New Street Research
- Thai Telcos - Q1 24 review: Market repair, synergies and Covid tailwinds make a heady mix; upgrade price targets by New Street Research
- NSR Policy: ACP and Spectrum: Update on Lowering Prospects for Legislative Relief by New Street Research
- SingTel (Buy, TP: S$ 4.4, +83%) Q4 FY24 Quick Take: Strong underlying profit and bullish guidance, offset by frustrating shareholder remuneration policy by New Street Research
- Intelsat – SES merger and the implications for the fight for spectrum in the US by New Street Research
- Indian Mobile Q4 FY24 review: Faster trends; Vodafone raises money finally by New Street Research
- MELI US (Neutral, previously Buy, TP: $1,850, +7%) MercadoLibre - Shop like a Brazilian billionaire: Temu likely coming soon. Cut to Neutral by New Street Research
- Odido (T-Mobile NL) Q1 24: B2C mobile ARPU now only +0.7% y/y - front book pricing fix needed by New Street Research
- Altice France and International Q1 24: Better B2C SR trends in France, but guidance cut; DR sale is off by New Street Research
- VEON (Buy, TP: $40, +57%) VEON to sell entire 49% stake in TNS+ for USD 137.5m. Our thoughts by New Street Research
- TeleColumbus Q1 24: The TV transition is underway by New Street Research
- Iliad Q1 24: Impressive drop-through of SR to EBITDA in France by New Street Research
- PYPL US (Buy, TP: $80, +28%) PayPal Initiation - BUY: Life in the Fast Lane by New Street Research
- US Cellular: is the market missing something? by New Street Research
- Regulatory risk for T-Mobile’s acquisition of USM by New Street Research
- NSR Policy: Updates on ACP, the TMUS/USM deal, and the Rising USF Contribution Factor by New Street Research
- TDS may be the best way to capture upside in USM (CORRECTED) by New Street Research
- STNE US (Neutral, TP: $20, +20%) StoneCo Q1s - Pretty solid underlying; higher SELIC the main headwind by New Street Research
- Vodafone (Buy, 135p, +87%) The Rule of Three: 3% EBITDA growth at 3x EBITDA with 3 big deals by New Street Research
- OTE (Neutral, TP: €21, +45%) Q1 24: Weaker SR and EBITDA trends, lacks catalysts by New Street Research
- IHS Towers (Buy, TP: $8, +144%) Q1 24: Slower growth (as expected), improving OpFCF margins; Guidance maintained by New Street Research
- Chinese Telcos Q1 24 review: Sustained topline growth with some margin relief by New Street Research
- DLO US (Buy, TP: $16, +60%) dLocal - Notes from CEO Pedro call back; updating estimates following Q1 shock by New Street Research
- Singaporean Telcos - StarHub and M1 in talks by New Street Research
- BT Group (Buy, £1.95, +56%) New CEO and no kitchen sink in sight by New Street Research
- DT vs. BT: 160% total return over 10 years. Which one? DT (Buy, €32, +45%), BT (Buy, £1.95, +47%) by New Street Research
- Who does Gigapower compete with? by New Street Research
- EM Telcos EM Enterprise Revenues Continue to Grow Strongly by New Street Research
- EIR Q1 24: Very good EBITDAaL growth by New Street Research
- PagSeguro (Buy, TP: $18, +40%) - Strong Q1s across the board; Expect guide lift at Q2s by New Street Research
- Salt/Matterhorn Q1 24: Continued outperformance vs Swisscom and Sunrise by New Street Research
- Thoughts on the next spectrum auction by New Street Research
- NSR Policy: ACP: Some DC Movement but ISPs Moving On by New Street Research
- TMUS quick hit: T-Mobile acquiring most of USM by New Street Research
- Indonesian Telcos Q1 24 review: Improvements across the board; final consolidation move imminent? by New Street Research
- Telecom Italia (Buy, €0.35, +40%) Q1 24 - First positive service revenue growth in 7 years by New Street Research
- Altice France - Sotheby's Q1 24: LTM EBITDA -19%, but early in the auction yearly schedule by New Street Research
- VEON (Buy, TP: $40, +57%) YTD update implies better trends in April by New Street Research
- South Korean Telcos Q1 24 review: Better service revenue trends, but mixed EBITDA performance; capex stable by New Street Research
- TDS may be the best way to capture upside in USM by New Street Research
- FYBR quick hit: Company raising new ABS debt by New Street Research
- EU Towers KPN/ APG transaction – pushing back on onerous leases by New Street Research