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refin_telecom / Equity
- KPN (Neutral, TP: €3.8, +17%) Q2 23: Good EBITDA beat, some encouraging signs elsewhere too - Quick Take by New Street Research
- EU Telecoms Lead removal: not a Lead-ing issue by New Street Research
- Altice: How much is Patrick Drahi worth? by New Street Research
- VirginMediaO2 Q2 23 - A deeper dive on the results by New Street Research
- TV US (Neutral, TP: $5.00, +8%) Televisa Q2s - Tough cable, TVUNI top line accelerating (though still negative FCF) by New Street Research
- Orange (Buy, TP: €14.0, +30%) Q2 23: In-line at the group, but weak France offset by Spain by New Street Research
- Airtel Africa (Buy, TP: 305p, +168%) Q1 24: Strong underlying performance by New Street Research
- Telefonica (Buy, €4.6, +18%) Q2 23 - Upwards momentum on all fronts by New Street Research
- Cellnex (Neutral, €31, -15%) Q2 23: Decent results, but still questions on underlying cashflow by New Street Research
- Orange-Masmovil Proprietary survey suggests deal approval likelihood and possible remedies by New Street Research
- Millicom (Neutral, TP: $18 ($19), +15%) Millicom - Deal in Colombia fast becoming Essential: Cut to Neutral by New Street Research
- KDDI (Buy, TP: ¥6,500, +52%) Q1 23 Quick Take: Weaker driven by roaming and an accounting change, but well flagged. by New Street Research
- MTN (Buy, TP: ZAR250, +80%) MTN Nigeria – Q1 23: Good Q2 numbers; H2 likely to be tougher by New Street Research
- 4-3 consolidation: Proprietary survey to match EC approach Orange-Masmovil transaction assessment by New Street Research
- A Game Changer: 1&1 network switch - our thoughts by New Street Research
- MELI US (Neutral, TP: $1,400, +19%) – Quick Take: A solid quarter; Faster Commerce but slower Fintech ex-Argentina by New Street Research
- China Tower (Buy, TP: HK$1.7, +93%) Q2 23 Quick Take: Softer topline but net profit posts strong growth by New Street Research
- OTE (Neutral, TP: €22, +53%) Better trends, but small EBITDA miss – waiting for H2 recovery by New Street Research
- Amazon (Buy, TP: $175, +36%) Higher target (now $175) for our recently crowned Top Pick by New Street Research
- MTN (Buy, TP: ZAR250, +95%) MTN Rwanda - Q2 23 Quick take: Slower quarter; Guidance maintained by New Street Research
- Altice International Q2 23: Solid numbers, new updated guidance language by New Street Research
- SK Telecom (Buy, TP: KRW 116,000, +148%) Q2 23 Quick Take: Slower topline bucked by mobile by New Street Research
- Cityfibre vs. BT: A new twist in the plot BT (Buy, 195p, +74%) Was 205p by New Street Research
- NTT (Buy, TP: ¥240, +47%) Q1 FY23 Quick Take: Ahead on top line, slightly weaker margins; ¥200bn share repurchase announced by New Street Research
- Rakuten (Reduce, TP: ¥440, -27%) Q2 23 Quick Take: Lower losses but mobile revenue growth is still too slow; Stay Reduce, pt ¥440 by New Street Research
- Vodafone (Buy, 140p, +84%) Q1 results - Price increases supporting growth by New Street Research
- Liberty Global (Buy): Q2 23 - Financials on track, but work to do on the KPIs by New Street Research
- Telenet (Neutral, €21, +0%) Q2 23: Mirroring Liberty: decent financials, weaker KPIs by New Street Research
- Telefonica Deutschland (Reduce, €2.2, -12%) Q2 23 - Subtle market changes at work by New Street Research
- Vivo (Buy, TP: BRL59, +43%) Telefonica Brasil / Vivo Q2 23 – Numbers ahead; Wireless driving top line strength by New Street Research
- Inwit 2Q23: Solid financials, but weaker tenant mix by New Street Research
- BT Group (Buy, £2.05, +65%) Q1 24 – Great EBITDA growth (….and the trade off with KPIs) by New Street Research
- KPN (Neutral, TP: €3.8, +16%) Feedback from NDR with CFO and CEO by New Street Research
- Proximus (Neutral, TP: €10, +60%) Q2 23: Revenue guidance uplift, but not EBITDA - Quick Take by New Street Research
- Masmovil Q2 23: Good EBITDA and SR trends; new insights into Ora-MM deal from proprietary survey by New Street Research
- AMX (Buy, TP $27, +29%) MEGA (Neutral, TP: MXN43, +2%) TV (Neutral, TP: USD5.0, +0%) Mexican Cable/FTTH Q2s - Megacable gaining share at Izzy's expense; Market review by New Street Research
- Mitratel (Buy, TP: IDR 1,135, +73%) – Q2 23 Quick Take: Better quarter by New Street Research
- Protelindo (Buy, TP: IDR 1,900, +87%) Q2 23 Quick Take: Acceleration in FTTT; better Tower revenue sequentially by New Street Research
- TIM Brasil (Buy, TP: BRL21, +45%) Q2 23: Strong EBITDAaL and OpFCF; Post-paid adds improving - Call feedback included by New Street Research
- TELECOM ITALIA: Q2 23 - Going in the right direction by New Street Research
- Swisscom (Neutral, CHF650, +18%) Q2 23 - Signs of more rational pricing by New Street Research
- Z Holdings (Buy, PT: ¥585, +53%) Q1 FY23 Quick Take: Strong EBITDA beat; cost efficiency remains priority for FY23 by New Street Research
- United Internet (Buy, €33, +94%) 2Q23: Vodafone wholesale deal in focus by New Street Research
- MTN (Buy, TP: ZAR250, +95%) MTN Uganda – Q2 23 Quick Take: Slower quarter; on track with guidance by New Street Research
- Softbank Corp (Buy, TP: ¥2,200, +40%) Q1 23 Quick Take: Encouraging quarter marked by profitability beat; stay bullish on FY25 net profit guidance by New Street Research
- Altice International Q2 23: Post call thoughts - FCF analysis, asset sale update and corruption commentary by New Street Research
- Altice France Q2 23: New commitment to delever by 1x inorganically within 12m by New Street Research
- LILA (Buy, TP: $14, +70%) Liberty LA Q2s Quick Take: Synergies in Panama; No cash into Chile (VTR) through Q2 by New Street Research
- Deutsche Telekom (Buy, €30, +58%) Q2 23 - A good time to be buying again by New Street Research
- Deutsche Telekom (Buy, €30, +59%) Thoughts post call by New Street Research