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refin_telecom / Equity
- Introducing our inaugural U.S. Internet Usage Survey (GOOGL, AMZN, META, NFLX, SNAP, MTCH) by New Street Research
- United Internet (Buy, €38, +147%): New CFO, same commitment to the build by New Street Research
- Telia (Buy, TP: SEK39, +46%) from Neutral Q1 23: Good results and Danish sale means 2023 dividend is safe by New Street Research
- TV US (Neutral, TP: $7, +50%) Q1 23 Quick Take: Revs/EBITDA miss; Inflection (from the lows) in MSO Cable, SKY weak, TVUNI update by New Street Research
- NOS (Neutral, TP: €4.8, +21%) Q1 23: Possibly the best performing mature Telco business in Europe by New Street Research
- WISE (Buy, TP: £6.70, +25%) WISE: Price increases to provide further support by New Street Research
- Vodafone (Buy, 160p, +68%) Margherita della Valle announced as permanent CEO by New Street Research
- Snap, Inc. (Buy, TP: $14) Quick thoughts following the SNAP calls by New Street Research
- Z Holdings (Buy, PT: ¥585 from ¥940, +58%) Q4 22: Weak quarter, possible turning point from FY23; FY23 guidance in line, price target cut to ¥585 by New Street Research
- Orange (Buy, TP: €14.0, +21%) CFO meeting notes - French pricing dynamics favourable in our view by New Street Research
- Protelindo (Buy, TP: IDR 1,900, +90%) Q1 23 Quick Take: Sustained growth driven by diversified base; new capex and FTTT disclosure by New Street Research
- Match Group (Buy, TP: $58) Quick thoughts ahead MTCH's 1Q23 call by New Street Research
- Mitratel (Buy, TP: IDR 1,135, +68%) Q1 23 Quick Take: Decent topline; EBITDA margin continue to track well by New Street Research
- TeleColumbus (High Yield) Re-initiation: No change (yet) to structural cashflow deficit by New Street Research
- Axiata (Buy, TP: MYR 5.7, +88%) Merger of Dialog and Bharti Airtel Lanka – Our Take by New Street Research
- MTN (Buy, TP: ZAR250, +103%) MTN Nigeria and MTN Ghana – Thoughts after the calls by New Street Research
- AMX (Neutral, TP: $21, +0%) America Movil - CFO meeting notes: 5G / FTTH / Pension by New Street Research
- OTE (Neutral, TP: €22, +65%) Q1 23: Better SR trends in Greece, but EBITDA growth is 4pp slower ex energy by New Street Research
- LILA (Buy, TP: $15, +80%) Liberty LA - OK start, more to do through 2023 by New Street Research
- TIMP3 (Neutral, TP: BRL17, +27%) TIM Brasil Q1 23: In-line, Post-paid concerns linger by New Street Research
- Inwit (Buy, €12.2, -1%) 1Q23: Accelerating growth, attractively priced by New Street Research
- Telefonica Deutschland (Reduce, €2.2, -30%) Q1 23: 1&1 still persisting with their network build by New Street Research
- Softbank Corp (Buy, TP: ¥2,200, +44%) Q4 22 Quick Take: ¥100bn share buyback; near term guidance weak, but better FY25 net profit target by New Street Research
- Vivo (Buy, TP: $55, +34%) Telefonica Brasil / Vivo Q1 23 - Accelerating top line in mobile and fixed by New Street Research
- Altice International Q1 23: Acceleration in underlying trends - inc call feedback by New Street Research
- Reliance Industries Ltd – Q4 23 Quick Take: Overall positive supported by Jio and Retail results despite O2C’s decline; positive EBITDA trend across by New Street Research
- Orange (Buy, TP: €14.0, +21%) Q1 23: Solid numbers, better SR trends to come in France, Spain better already by New Street Research
- AMX (Neutral, TP: $21, +3%) America Movil Q1 23 - Better Wireline offsets slower Wireless; low Q1 buy back by New Street Research
- KPN (Neutral from Buy, TP: €3.8, +17%) Q1 23: In-line results, but upgrades seem a way away and upside limited - downgrade to Neutral by New Street Research
- Telenet (Neutral, €22, +4%) Underlying trends better than the headlines suggest by New Street Research
- Cellnex (Neutral, €31, -18%) Q1 23 - Signs of deflationary drag from secondary tenants by New Street Research
- Millicom (Buy, TP: $21, +18%) Q1 23: Model update: EBITDA miss, Colombian spectrum liabilities...though Capex cuts support EFCF by New Street Research
- Proximus (Neutral, TP: €10, +17%) Q1 23: Good revenue trends, but costs are up heavily, small EBITDA miss by New Street Research
- MTN (Buy, TP: ZAR250, +98%) MTN Nigeria and MTN Ghana - Q1 23: Slower quarter; MT guidance intact by New Street Research
- Assessing the upcoming changes in the German Housing Association Market Implications for DT, Vodafone and TeleColumbus: Less concerned on capex risk by New Street Research
- Telkom Indonesia (Buy, IDR: 6,000, +41%) Q1 23: Thoughts after the call, Buy, pt IDR 6,000 by New Street Research
- Tower Bersama (Buy, TP: IDR 2,200, +17%) Q1 23 Quick Take: Impacted by IOH merger, cut to Neutral by New Street Research
- Tower Bersama (Neutral, TP: IDR 2,200, +17%) Q1 23 Quick Take: Impacted by IOH merger, cut to Neutral by New Street Research
- MTN (Buy, TP: ZAR250, +102%) MTN Uganda - Q1 23 Quick Take: A better quarter, capex intensity expected to increase by New Street Research
- MELI US (Neutral, TP: $1,350, +5%) MercadoLibre Q1 23 - Better E-Commerce offsets softer Fintech; watch Argentina Macro by New Street Research
- Swisscom (Neutral, TP: CHF650, +6%) Q1 23: Solid numbers, but worse sequential y/y trends by New Street Research
- MTN (Buy, TP: ZAR250, +111%) MTN Rwanda - Q1 23 Quick Take: Slower quarter; MT SR guidance maintained by New Street Research
- MELI US (Neutral, TP: $1,400, +12%) MercadoLibre - Model update: Brazil E-Comm / Digital Ad / Falling Credit yields / Argentine rates up (again) by New Street Research
- Hutchison Europe Q1 2023: UK operating momentum continues by New Street Research
- Masmovil Q1 23: Better OpFCF, Orange deal update by New Street Research
- Liberty Global (Buy, $30, +50%) Q1 23 - Leaving a reasonable amount to do in the second half by New Street Research
- SK Telecom (Buy, TP: KRW 116,000, +134%) Q1 23 Quick Take: In-line revenue; good EBITDA beat by New Street Research
- United Internet (Buy, €34, +139%) 1Q23: Revenue trends slow; all guidance confirmed by New Street Research
- Virgin Media O2: Q1 23 - The calm before the price rise Liberty Global (Buy), Telefonica (Buy) by New Street Research
- Telecom Italia (Neutral) Q1 23 - What does it have in common with O2D? by New Street Research