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

New Street: Orange (Buy): France rural FTTH deal – 50% stake sold for 100% EV of €2.7bn; >30x EV/EBITDA

Orange has announced that it has sold a 50% stake in Orange Concessions (its rural FTTH roll vehicle) to a consortium of Banque des Territoires (Caisse des Dépôts), CNP Assurances and EDF Invest.

Pierre FerraguÊ

Deep dive into how Intel will outsource to TSMC

Pierre FerraguÊ

Intel 4Q20 – turning a first corner with the 10nm ramp, 7nm/TSMC dual-sourcing up next

Russell Waller

New Street: Iliad (Buy): Italy price move is a positive; investors should not worry about Bouygues and Orange lifting capex

Given today’s positive Italy pricing move (€9.99 is now the default package from €7.99 previously – c3% support to 2021 Italy SR), and the positive French market outlook statements made by Bouygues at its recent CMD (read about those HERE), we are surprised that Iliad is not outperforming more.

New Street: Z Holdings – What are the catalysts to look for? Buy, pt ¥940

The most common question we have received since our launch on ZHD has been: “What are the catalysts?”. This note describes 3 key areas where we think there is scope for upside to market expectations.

Russell Waller

New Street: Orange (Buy): France rural FTTH deal – 50% stake sold for 100% EV of €2.7bn; >30x EV/EBITDA

Orange has announced that it has sold a 50% stake in Orange Concessions (its rural FTTH roll vehicle) to a consortium of Banque des Territoires (Caisse des Dépôts), CNP Assurances and EDF Invest.

Russell Waller

New Street: Iliad (Buy): Italy price move is a positive; investors should not worry about Bouygues and Orange lifting capex

Given today’s positive Italy pricing move (€9.99 is now the default package from €7.99 previously – c3% support to 2021 Italy SR), and the positive French market outlook statements made by Bouygues at its recent CMD (read about those HERE), we are surprised that Iliad is not outperforming more.

New Street: Z Holdings – What are the catalysts to look for? Buy, pt ¥940

The most common question we have received since our launch on ZHD has been: “What are the catalysts?”. This note describes 3 key areas where we think there is scope for upside to market expectations.

New Street: Indonesian Towers: Stay bullish despite rally and potential telco consolidation

Given the sharp rally in share prices, and reported consolidation we have received a number of questions on whether it is time to move to the sidelines on Indonesian towers.

New Street: Vocus (Buy): Initiation: The right fibre inventory at the right time

The three integrated network operators face increasing capital constraints and growing ROIC pressure just as they need to invest further for ‘digital densification’ and deeper wireless access.

Ben Rickett ...
  • Russell Waller
  • Shavar Halberstadt

New Street: W. Europe Mobile Tariff Tracker Nov 2019: Widespread discounting in UK

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 ...
  • Russell Waller
  • Shavar Halberstadt

New Street: W. Europe Mobile Tariff Tracker Nov 2019: Widespread discounting in UK

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.

New Street: Despite the rally Bharti could still double, Pt to INR 770, Buy

As telecom analysts we are often told that there are no money-making opportunities in the sector. However, in this important note we show what needs to happen for Bharti to double.

New Street: Despite the rally Bharti could still double, Pt to INR 770, Buy

As telecom analysts we are often told that there are no money-making opportunities in the sector. However, in this important note we show what needs to happen for Bharti to double.

Russell Waller ...
  • Shavar Halberstadt

New Street: Orange (Neutral from Buy) CMD 2019: The future’s bright (in 2023)

Orange held a CMD in Paris today that we attended. There were lots of sensible initiatives and proposals, but ultimately it fell short of the pre CMD hopes with only a small Tower sale, a small fibre deal and no AME IPO.

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 Biologics are likely the biggest winners with Catalent close behind.

James Ratzer ...
  • Pierre FerraguÊ

EU Telecoms Sector Upgrade: Time to give the sector a fresh look – VOD and BT upgraded to Buy

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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