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


Jonathan Chaplin
  • Jonathan Chaplin

EchoStar: initial comments in FCC inquiries are out

There are two inquiries underway: one on the validity of the buildout extension; one exploring potential sharing in the MSS spectrum. In the first inquiry, only three parties filed in opposition – VTel, SpaceX, and SFP. The SFP filing alleges that EchoStar used “slight-of-hand” to meet buildout commitments. In the second inquiry, there were several filings from satellite companies that would like access to the spectrum (as one might expect). Our quick reaction in this brief note.

Dan Salmon
  • Dan Salmon

GOOGL/AMZN/META 1Q25 AI Capex Update Custom silicon rising, Blackwell ...

We are updating our AI Capex estimates for AMZN (higher AI/total capex, slightly lower target price), GOOGL (no change) and META (no change to total capex, AI capex raised post guidance increase at earnings).

Jonathan Chaplin
  • Jonathan Chaplin

EchoStar had a strong April (and so did everyone else)

EchoStar filed an 8-K this morning claiming that the recent FCC public notices concerning its licenses have created uncertainty, limiting its ability to continue the buildout. In addition, they disclosed strong adds in April, which is consistent with comments made by Verizon today and others at recent events. Our quick thoughts in this (very) brief note.

James Ratzer
  • James Ratzer

TeleColumbus (Overweight) Updated model and outlook post Q1 results

TeleColumbus reported Q1 results last night – and for our detailed review of the quarter, please see our note HERE.Now, following the management call, we publish an updated model to reflect the comments around the more competitive environment in the market. In this note, we run through our changes to estimates, liquidity and valuation.

Pierre FerraguÊ
  • Pierre FerraguÊ

Bible 1Q25 – Industrials: the recovery is on. Expect strong momentum t...

Today, we are publishing the Industrials section of our 26th Tech Infrastructure Quarterly Bible on industrials. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. The industrial semiconductor sector has passed the trough. Revenues grew above seasonality for the first time since 2022, and we expect momentum to continue through 2025. This should sup...

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

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...

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

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

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.

Pierre FerraguÊ
  • Pierre FerraguÊ

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.

Pierre FerraguÊ
  • Pierre FerraguÊ

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.

Pierre FerraguÊ
  • Pierre FerraguÊ

Tesla: We, Reboot.

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

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