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refin_telecom / Equity
- The Trade Desk (Neutral, TP: $57, -12%) 1Q23 Quick Take by New Street Research
- NEXI (Neutral, TP: EUR10.5, +35%) Nexi Q1s - solid start to the year; Feedback following earnings call by New Street Research
- KDDI (Buy, TP: ¥6,500, +50%) Q4 22 Quick Take: Mobile and DX to drive growth in FY23; FY23 guidance a touch light; ¥300bn share repurchase flagged by New Street Research
- KDDI (Buy, TP: ¥6,500, +50%) Thoughts after the call - positive, Buy, price target ¥6,500 by New Street Research
- Telefonica (Buy, €4.7, +21%) Pullback provides good re-entry point by New Street Research
- NTT (Buy, TP: ¥6,000, +46%) Q4 FY22 Quick Take: Strong beat and bullish guidance, but strategic pivot to growth by New Street Research
- NTT, Buy, price target ¥6,000. Some thoughts after the call by New Street Research
- Rakuten (Reduce, TP: ¥520, -80%) ¥300bn capital increase rumoured: Our thoughts by New Street Research
- Vodacom (Neutral, TP: ZAR150, +33%) Q4 23: Slower quarter, SA growth remains challenging by New Street Research
- AMX - Upgrade to Buy (TP: $27): Lifting Mexican Wireless; Strong balance sheet, Rising cash return by New Street Research
- TELECOM ITALIA: CDP pulling out of NetCo process? Our take. by New Street Research
- Rakuten (Reduce, TP: ¥520, -85%) Capital increase announced: If it walks like a duck by New Street Research
- Vodafone (Buy, 160p, +88%) Evolutionary, rather than revolutionary. Thoughts post-call by New Street Research
- Iliad Q1 23: Weak French EBITDA, but could be good for overall market dynamics by New Street Research
- DLO US (Neutral, TP: $17, +20%) dLocal - Q1 23: Nigeria now the largest business; Glass half full or empty? by New Street Research
- Rakuten (Reduce, TP: ¥440 from ¥520, -27%) ¥300bn is not enough by New Street Research
- 1&1 (Buy, €30, +179%) No Rakuten, no 1&1 network build? by New Street Research
- Have Patrick Drahi and Xavier Niel created value by taking Altice and Iliad private? by New Street Research
- Altice France Q1 23: Weak set of numbers, 2025 bond refinancing into focus– Quick Take by New Street Research
- IHS Towers (Buy, TP: $20, +152%) Q1 23: A strong start to the year; guidance reiterated because of FX cautiousness - Call feedback included by New Street Research
- Rakuten (Reduce, TP: ¥440, -25%) Details of Capital Increase. Our thoughts. by New Street Research
- PAGS US (Buy, TP: $17, +42%) Q1 23 Quick Take: Slowing Revenue but better Costs - the new direction of travel by New Street Research
- Altice France (SFR) Inorganic options can help delever and redeem the 2025/2026 bonds if necessary by New Street Research
- Regulating AI: A Framework for Investors by New Street Research
- AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) AMX/LILA - Chile shareholder loans: Still no positive Equity value, AMX set to take control by New Street Research
- Rakuten (Reduce, TP: ¥520, -33%) Thoughts on the new roaming deal with KDDI by New Street Research
- Deutsche Telekom (Buy, €31.0, +45%) Q1 23 - Continued strong operating momentum by New Street Research
- Airtel Africa (Buy, TP: 305p, +168%) Q4 23: Mixed quarter by New Street Research
- MTN (Buy, TP: ZAR250, +125%) MTN Group - Q1 23: A slower quarter as expected; MT guidance maintained by New Street Research
- WISE (Buy, TP: £6.75, +25%) MSCI inclusion the first catalyst, earnings upgrades should be next by New Street Research
- Rakuten (Reduce, TP: ¥520, -73%) Q1 23 Quick Take – Overall miss, Reduce, pt ¥520 by New Street Research
- Sitios Latinoamerica - LASITE B-1 (Neutral, TP: MXN6.6, -7%) Telesites/Opsimex - SITES1 (Neutral - from Reduce, MXN17, +3%) LatAm Towers - Telesites (Opsimex) from Reduce to Neutral; Sitios Latinoamerica support from M&A by New Street Research
- PAGS US (Buy, TP: $17, +42%) STNE US (Neutral, $15, +10%) Brazilian Q1 Payments TPV: Cielo share loss set to be PagSeguro and StoneCo's gain by New Street Research
- European Telecoms High Yield Seven new names added: ATCF, Talk, Salt and Iliad screen well relatively by New Street Research
- Nu Holdings (Buy) Q1 23 Quick Take: Strong beat; Rapid growth and Rising profitability - Earnings call follow up by New Street Research
- Vodafone (Buy, 160p, +77%) FY results: Margherita setting out her stall as new CEO by New Street Research
- Digi Q1 23: Capex guidance lifted, Portugal launch now early 2024 by New Street Research
- Alphabet (Buy, TP: $135, +14%) YouTube Brandcast Preview: Relative Winner from Writers' Strike by New Street Research
- StoneCo Q1 23 Quick Take: Small beat, share gains, margins continue to (slowly) step up by New Street Research
- 1Q23 Quarterly Online Dating Recap: Oversaturated or Poised for Innovation? Or Both? by New Street Research
- Vodafone (Buy, 140p, +70%) Was 160p Organic turnaround is possible and is needed by New Street Research
- AAF (Buy, TP: 305p, +163%) MTN (Buy, TP ZAR250, +121%) IHS Towers (Buy, TP$20, +147%) Nigerian Telcos – Diesel prices falling? Headwinds turning into tailwinds by New Street Research
- Deutsche Telekom (Buy, €31, +43%) New framework agreement with housing industry association. Our take. by New Street Research
- Brazilian wireless (VIVO/TIM) – New pre-paid plans from Vivo today; testing the water, more to come by New Street Research
- CityFibre Revisiting the CityFibre debt syndication by New Street Research
- Singtel (Buy) – Q4 FY23: Robust top line again; easing cost pressure as expected; FY23 pay-out at higher end of guidance by New Street Research
- Japanese e-Commerce A slower quarter; CY 1Q23 review by New Street Research
- Salt (Matterhorn) Q1 23: Good service revenue outperformance vs Swisscom and Sunrise by New Street Research
- EM Telcos Validating the Enterprise thesis by New Street Research
- CelcomDigi (Buy, TP: MYR 6, +35%) New Incumbent in Town by New Street Research