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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


Chris Hoare
  • Chris Hoare
EUR 8514.00
MTN MTN

Sub-Saharan African Telecoms Another good performance; Q2 25 review

The Sub-Saharan African (SSA) operators performed well again in Q2 with service revenue trends accelerating further, and stable OpFCF margins. MTN was the outperformer in terms of both local currency and $ top line performance in Q2, Airtel performed well too. Nigeria has contributed meaningfully this quarter, with local currency growth there accelerating to above 60%. The full effect of the price increase in Nigeria has helped and we expect another strong performance

8h / 26m 8h / 26m 1 EN
Chris Hoare
  • Chris Hoare
EUR 8514.00
KTC KT CORP (ADR)
TIGO SDB Millicom Intern... ... (+9)

Global EM Telcos & Towers First down month, AMX into the Top-10 for T...

After 8 extremely strong months, September bucked the trend. 6 of our Top Picks saw profit taking with only Airtel Africa, Millicom, Telefonica Brasil and LILAC posting positive returns. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. Having strongly outperformed we switch out Millicom for AMX which we now see as a cheaper, lower risk, way to play Latin American telcos.

KTC KT CORP (ADR)
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
VOD VODAFONE GROUP PLC
VEON VEON LTD. SPONSORED ADR
AAF AIRTEL AFRICA
TIMS3 TIM SA (BRAZIL)
IHS IHS HLDG LTD
KYIV KYIVSTAR
12h / 35m 12h / 35m 1 EN
James Ratzer
  • James Ratzer
EUR 8514.00
BT BRITISH TELECOM
SKY SKY METALS

CityFibre Q3: Significant customer acceleration with Sky launch & BT ...

CityFibre has just released a Q3 trading update which highlights the acceleration in customer volumes that they are seeing with Sky – and this is likely to put incremental pressure on BT, especially if momentum accelerates further in Q4 which we think could be likely.

BT BRITISH TELECOM
SKY SKY METALS
12h / 55m 12h / 55m 1 EN
Vikash Harlalka
  • Vikash Harlalka
PREMIUM
CMCSA Comcast Corpora...
VZ Verizon Communi... ... (+7)

BEAD: Update for 3 More States

In this latest update, we now include BEAD proposals from 51 states & territories. We have updated our analysis for Alaska, Florida and Utah. Comcast, Brightspeed and AT&T remain at the top of the list among wireline operators. Fiber remains the dominant technology both in terms of locations as well as funding.

CMCSA COMCAST CORPORATION CLASS A
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
ATUS ALTICE USA INC. CLASS A
FYBR FRONTIER COMMUNICATIONS PARENT INC
TMOBNL ODIDO (FORMERLY T-MOBILE NL)
09/30/25 September 30, 2025 1 EN
Blair Levin
  • Blair Levin
EUR 8514.00
VZ Verizon Communi...
T AT&T INC.

SATS’ Spectrum Deals with T and now VZ: How Will the DOJ React?

SATS, already having announced deals to sell spectrum to T and SpaceX, is reportedly close to a deal to sell its AWS-3 band to VZ. We expect easy approval from the FCC but given the DOJ Antitrust Division’s comments recently about the risks of leaving “the market vulnerable to increased coordination among the remaining three carriers” how will it react to the new deals? In this note we analyze the DOJ language and what it means for reviews of the spectrum sales to incumbent wireless carriers.

VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
09/30/25 September 30, 2025 1 EN
EUR 717.48

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.

06/20/15 June 20, 2015 5 EN
Ben Rickett ... (+3)
  • Ben Rickett
  • Russell Waller
  • Shavar Halberstadt
EUR 1145.00
SRCG Sunrise Communi...
OBEL Orange Belgium ... ... (+5)

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.

SRCG SUNRISE COMMUNICATIONS GROUP LTD.
OBEL ORANGE BELGIUM SA
VOD LN VODAFONE GROUP
TC1 TELE COLUMBUS
TEL2A TELE2 A
12/13/19 December 13, 2019 33 EN
Ben Rickett ... (+3)
  • Ben Rickett
  • Russell Waller
  • Shavar Halberstadt
EUR 1145.00
SRCG Sunrise Communi...
OBEL Orange Belgium ... ... (+5)

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.

SRCG SUNRISE COMMUNICATIONS GROUP LTD.
OBEL ORANGE BELGIUM SA
VOD LN VODAFONE GROUP
TC1 TELE COLUMBUS
TEL2A TELE2 A
12/13/19 December 13, 2019 33 EN
Iain Johnston
  • Iain Johnston
EUR 1145.00
700 HK TENCENT

China Internet Daily (28 August 2018)

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

08/28/18 August 28, 2018 4 EN
Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan
EUR 4257.00
NOVN NOVARTIS AG
novob NOVO NORDISK ... (+6)

Thematic Research - Quantifying The Impact From Part D Reform

In 2025, Big Pharma will be exposed to further US drug pricing reform as a result of the IRA act. This is the final big change to play out and we calculate there is the potential for a mid-single digit EBIT impact for some companies, but there is material heterogeneity in terms of the magnitude of the impact. There is also the potential for upside for Novo & LLY. However, given the significant complexity in the reimburse-ment changes & in computing the current sales in Medicare Part D, we are re...

NOVN NOVARTIS AG
novob NOVO NORDISK
SAN SANOFI
GSK GLAXOSMITHKLINE PLC
AZN ASTRAZENECA PLC
ROG ROCHE HOLDING AG
06/10/24 June 10, 2024 1 EN
Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan
EUR 4257.00
novob NOVO NORDISK

Thematic - Obesity Drugs Won’t Change The World

Despite our bullish stance on Novo & the obesity drugs, in this note we aim to show the minimal impact they will have on the broader economy despite recent fears that new obesity drugs will have a material negative impact on a broad range of sectors. We show that these claims are well overblown in the near-term, with only 0.15% of the US population currently on anti-obesity drugs (AODs). Our forecasts, which point to a $50bn US market by 2030, imply that

11/07/23 November 7, 2023 1 EN
Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan
EUR 4257.00
LONN LONZA GROUP AG
EVT EVOTEC SE ... (+7)

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...

LONN LONZA GROUP AG
EVT EVOTEC SE
CTLT CATALENT INC
BIIB BIOGEN INC.
DIM SARTORIUS STEDIM BIOTECH SA
207940 SAMSUNG BIOLOGICS CO. LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
01/28/20 January 28, 2020 16 EN
James Ratzer ... (+2)
  • James Ratzer
  • Pierre FerraguÊ
EUR 1145.00
VOD LN VODAFONE GROUP

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.

12/17/18 December 17, 2018 51 EN
Pierre FerraguÊ
  • Pierre FerraguÊ
PREMIUM
MSFT Microsoft Corpo...

OpenAI: What recently leaked financials tell us about the future of co...

Based on numbers leaked by The Information last week and our expertise in AI infrastructure costs, we estimated the P&L and compute costs that the company anticipates until 2029. We then put OpenAI’s projections into perspective: how do their compute costs compare to our forecast for the industry overall, how does the mix between training and inference compare to our projection, etc.

MSFT MICROSOFT CORPORATION
10/17/24 October 17, 2024 1 EN
Pierre FerraguÊ
  • Pierre FerraguÊ
PREMIUM
TSLA TESLA INC
00285 BYD Electronic ... ... (+7)

Tesla: Deep dive into Chinese competition - Existential threat?

Multiple media reports make it sound like Tesla is under threat in China, from local manufacturers. Is it true? In this note we assess the competitive landscape with an analysis of the cost structure of Tesla relative to peers and its market position by segment.

TSLA TESLA INC
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
002594 BYD COMPANY LIMITED CLASS A
1211 BYD COMPANY LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
XIAOMI XIAOMI CORP
1884656D ZEEKR
10/16/24 October 16, 2024 1 EN
Pierre FerraguÊ
  • Pierre FerraguÊ
PREMIUM
TSLA TESLA INC

Tesla: We, Reboot.

We had the privilege to attend Tesla's "We, Robot" party last night at Warner Bros Studios. Please

10/11/24 October 11, 2024 1 EN

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