New Street Research

RSS Feed

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


Pierre FerraguÊ
  • Pierre FerraguÊ
PREMIUM
TSLA TESLA INC

Tesla 4Q25: Pull-forwards of 3Q weigh on deliveries

Tesla reported 4Q25 production & deliveries earlier today. Please click the link below for our take on the numbers.

01/02/26 January 2, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8565.00
BHARTIARTL Bharti Airtel L...
Z74 Singapore Telec... ... (+3)

Indian Telcos & Towers What to expect in 2026: Another good year; Jio...

We think 2026 is likely to be a good year for Indian telcos, with a price hike probably prefiguring Jio’s IPO and in the background FWA continuing to accelerate and Enterprise/Africa likely to be strong for Bharti.

BHARTIARTL BHARTI AIRTEL LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
RILIN RELIANCE INDUSTRIES
01/02/26 January 2, 2026 1 EN
Chris Hoare
  • Chris Hoare
EUR 8565.00
00941 China Mobile Li...
00762 China Unicom (H... ... (+3)

Chinese Telcos & Tower Outlook 2026: Grind higher expected, Unicom t...

After a banner 2024 (+33% on average), 2025 saw further absolute upside for the Chinese telcos, albeit underperforming a strong local index (HSI +32%). Valuations have increased relative to the past, but the stocks remain cheap in our view, and should grind higher, as modest top line growth and falling capex lead to decent cash flow and shareholder remuneration growth.

00941 CHINA MOBILE LIMITED
00762 CHINA UNICOM (HONG KONG) LIMITED
00728 CHINA TELECOM CORP. LTD. CLASS H
01/02/26 January 2, 2026 1 EN
David Barden
  • David Barden
EUR 8565.00
TMUS T-Mobile US In...
VZ Verizon Communi... ... (+3)

Wireless 4Q25 Preview & Estimate Updates

We preview here our updated 4Q estimates for all 3 wireless carriers following our quarter-end conversations. We also discuss the current state of play in the wireless industry

TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
12/30/25 December 30, 2025 1 EN
Chris Hoare
  • Chris Hoare
EUR 8565.00
KTC KT CORP (ADR)
TIGO SDB Millicom Intern... ... (+9)

Global EM Telcos Fish in a barrel? 8 Themes that drove EM Telcos in 2...

2025 was a banner year for EM Telcos, following on from a good 2023 and 2024. As we head towards the New Year we thought it might be useful to highlight a few of the thematic pieces we wrote last year that we think help to highlight why EM Telcos are in a clear and sustained bull market and why therefore we are confident that 2026 will be another good year for investors in the space, as fundamentals continue to look much stronger than in the past. I hope you enjoy reading these and happy holiday...

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
12/29/25 December 29, 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 1149.40
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 1149.40
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 1149.40
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 4282.50
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 4282.50
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 4282.50
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 1149.40
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

ResearchPool Subscriptions

Get the most out of your insights

Get in touch