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refin_telecom / Equity
- Liberty Global (Neutral, $11.5, +2%) Was $10.5 There are better options than a spinout by New Street Research
- Mitratel (Buy, IDR 740, +35%) Q3 25 Quick Take: Strong additions but softer trends on lower pricing by New Street Research
- Orange (Buy, TP: €17, +24%) Spain buy-in, target increases to €17, +24%; on EFCF per share, Orange could be worth >€21, +58% by New Street Research
- Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 Update by New Street Research