New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
  • Japan Telecoms
  • Asian Internet
  • Pan European Healthcare
  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Russell Waller
  • Russell Waller

New Street: Telenor (Buy, TP: NOK155, +63%) Why Altibox is not as big...

Since Altibox parent (Lyse) bought Ice in March 2022, there have been persistent concerns that Altibox would rejuvenate Ice, and start to take share in the mobile market in Norway. Telenor shares have been sold off on the back of these concerns in the past day or so. We show why we are more relaxed about the merger of Altibox and Ice in this short piece, and reiterate our Buy on Telenor, even though our model assumes modest share losses to Altibox.

Chris Hoare
  • Chris Hoare

New Street: Protelindo (Buy, TP: IDR 1,900, +65%) Q3 22: Improved top...

Protelindo reported a better Q3 sequentially for top line and EBITDA. Bottom line remained impacted by higher financing cost and higher taxes, but the decline was slower than Q2. We view the Indonesian Tower market positively on good contracts and ability to further colocation growth. Protelindo remains our preferred name in the EM Tower space, with a IDR 1,900 price target.

Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan

Novartis - Readying Itself for GSK Bid? (BUY, TP CHF97 [90], 15 pgs)

We discuss whether Novartis is readying its war chest for a large merger. Novartis has shed ~$100bn of assets since 2014 & by the end of 2023 will be almost net cash. Recent rumours of a respiratory divestment has led us to explore what a GSK acquisition would look like for Novartis. Re-entering Vaccines & entering Virology with world-leading franchises would help diversify away from the crowded and increasingly risky oncology space. The deal could be >40% accretive & all cash with pro forma net...

Soomit Datta
  • Soomit Datta

New Street: WLN (Buy, TP: EUR63, +40%) NEXI (Neutral, TP: EUR11.5, +37...

We are initiating on the European Payments sector today focusing in this note on the Consolidators: Worldline and Nexi. We have built a market model for European TPV and see strong tailwinds for growth from cash to digital.

Soomit Datta
  • Soomit Datta

New Street: ADYEN (Buy, TP: EUR1,850, +29%) EUROPEAN PAYMENTS INITIAT...

We are initiating on the European Payments sector today, extending regional Payments coverage beyond Latin America and Asia, focusing in this note on Adyen where we start coverage with a Buy.

US Cable M&A Update: CHTR / TWC Deal Spread Presents Compelling Opport...

​Investors are still concerned that the CHTR / TWC transaction could be blocked, as evidenced by a deal spread of 9%. The market appears to be giving the deal 50% odds of being approved. We think the market is way off the mark; this deal has high odds of approval.

Ben Rickett ... (+3)
  • Ben Rickett
  • Russell Waller
  • Shavar Halberstadt

New Street: W. Europe Mobile Tariff Tracker Nov 2019: Widespread disco...

The average package price growth in Europe remained steady at +1.9% YoY (from +2.4% YoY in October). Widespread discounting in the UK following Black Friday was offset by higher prices in Spain, Portugal and Austria.

Ben Rickett ... (+3)
  • Ben Rickett
  • Russell Waller
  • Shavar Halberstadt

New Street: W. Europe Mobile Tariff Tracker Nov 2019: Widespread disco...

The average package price growth in Europe remained steady at +1.9% YoY (from +2.4% YoY in October). Widespread discounting in the UK following Black Friday was offset by higher prices in Spain, Portugal and Austria.

Iain Johnston
  • Iain Johnston

China Internet Daily (28 August 2018)

Tencent's Wealth Management Platform Licaitong Adds Five New Money Market Funds.

Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan

Global CDMOs - Impact of Alzheimer's Windfall

Our unique coverage of the biggest CDMO’s allows us to quantify the financial impact on the industry of a potential Alzheimer’s windfall from Biogen’s aducanumab. As the FDA filing draws closer, Biogen are likely to be involved in intense negotiations to find alternative sources of supply. Our highly detailed analysis shows how much aducanumab will need to be produced, who the winners are likely to be, the revenue uplift they may enjoy and the NPV uplift to each player. Lonza & Samsung Bio...

James Ratzer ... (+2)
  • James Ratzer
  • Pierre FerraguÊ

EU Telecoms Sector Upgrade: Time to give the sector a fresh look – V...

European telecoms sector looks attractive – the past is not always a guide for the future: Investors and analysts have been browbeaten with generally poor trends in the European telecoms sector for many years.

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