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


Chris Hoare
  • Chris Hoare
ISAT INDOSAT (Telecommunications)

New Street: Indosat (u/r) Feedback from small group call with IR

We had a very bullish call this evening Jakarta time with Indosat. Competition has eased in Q3, and the company is confident on their ability to deliver on synergies in the merger with Hutchison.

Pierre FerraguÊ
  • Pierre FerraguÊ
AAPL APPLE INC. (Technology)

Apple: Are there over 450m iPhone more than 3 years old out there? Can...

We have seen a number of reports claiming that there are over 450m iPhones more than 3 years old in the installed base, and that this will support strong replacement dynamics in FY22. In the piece we publish today, we leverage our unique modelling of the iPhone installed base, which differentiate first-hand from second-hand users, to show that these older iPhones exist indeed, but are very unlikely to support demand for the iPhone 13, as they are mostly second-hand phones. In recent years, Appl...

Jonathan Chaplin
  • Jonathan Chaplin

More Fiber Coming: A Closer Look At Lumen / Apollo

What's new: We have updated our broadband market model to reflect new announcements on fiber builds.

Chris Hoare
  • Chris Hoare
IDEA VODAFONE IDEA (Telecommunications)

New Street: Indian mobile VIL - Likely maximum capital raise would de...

Since the Indian govt announced their relief package for the Telco industry many clients have asked if this is enough to protect a 3-player market in the longer term. Having gone through Vodafone IDEA’s situation in detail we don’t think so. This note shows why.

Alastair Jones
  • Alastair Jones
017670 SK Telecom Co. ... (Telecommunications)

New Street: SK Telecom (Buy, TP: KRW390,000, +30%) Exploring the divi...

Management has communicated a new dividend policy for the telecoms business of SKT (post-spin). Historically, shareholder returns have been generous, and the the new policy suggests a dividend yield of between 8% and 11% in FY22 and beyond – attractive in its own right. However, in this note we look at the scope for the dividend to trend higher.

017670 SK TELECOM CO. LTD. (Telecommunications)
Chris Hoare
  • Chris Hoare
ISAT INDOSAT (Telecommunications)

New Street: Indosat (u/r) Feedback from small group call with IR

We had a very bullish call this evening Jakarta time with Indosat. Competition has eased in Q3, and the company is confident on their ability to deliver on synergies in the merger with Hutchison.

Pierre FerraguÊ
  • Pierre FerraguÊ
AAPL APPLE INC. (Technology)

Apple: Are there over 450m iPhone more than 3 years old out there? Can...

We have seen a number of reports claiming that there are over 450m iPhones more than 3 years old in the installed base, and that this will support strong replacement dynamics in FY22. In the piece we publish today, we leverage our unique modelling of the iPhone installed base, which differentiate first-hand from second-hand users, to show that these older iPhones exist indeed, but are very unlikely to support demand for the iPhone 13, as they are mostly second-hand phones. In recent years, Appl...

Jonathan Chaplin
  • Jonathan Chaplin

More Fiber Coming: A Closer Look At Lumen / Apollo

What's new: We have updated our broadband market model to reflect new announcements on fiber builds.

Chris Hoare
  • Chris Hoare
IDEA VODAFONE IDEA (Telecommunications)

New Street: Indian mobile VIL - Likely maximum capital raise would de...

Since the Indian govt announced their relief package for the Telco industry many clients have asked if this is enough to protect a 3-player market in the longer term. Having gone through Vodafone IDEA’s situation in detail we don’t think so. This note shows why.

Alastair Jones
  • Alastair Jones
017670 SK Telecom Co. ... (Telecommunications)

New Street: SK Telecom (Buy, TP: KRW390,000, +30%) Exploring the divi...

Management has communicated a new dividend policy for the telecoms business of SKT (post-spin). Historically, shareholder returns have been generous, and the the new policy suggests a dividend yield of between 8% and 11% in FY22 and beyond – attractive in its own right. However, in this note we look at the scope for the dividend to trend higher.

017670 SK TELECOM CO. LTD. (Telecommunications)
Chris Hoare
  • Chris Hoare
ISAT INDOSAT (Telecommunications)

New Street: Indosat (u/r) Feedback from small group call with IR

We had a very bullish call this evening Jakarta time with Indosat. Competition has eased in Q3, and the company is confident on their ability to deliver on synergies in the merger with Hutchison.

Pierre FerraguÊ
  • Pierre FerraguÊ
AAPL APPLE INC. (Technology)

Apple: Are there over 450m iPhone more than 3 years old out there? Can...

We have seen a number of reports claiming that there are over 450m iPhones more than 3 years old in the installed base, and that this will support strong replacement dynamics in FY22. In the piece we publish today, we leverage our unique modelling of the iPhone installed base, which differentiate first-hand from second-hand users, to show that these older iPhones exist indeed, but are very unlikely to support demand for the iPhone 13, as they are mostly second-hand phones. In recent years, Appl...

Jonathan Chaplin
  • Jonathan Chaplin

More Fiber Coming: A Closer Look At Lumen / Apollo

What's new: We have updated our broadband market model to reflect new announcements on fiber builds.

Chris Hoare
  • Chris Hoare
IDEA VODAFONE IDEA (Telecommunications)

New Street: Indian mobile VIL - Likely maximum capital raise would de...

Since the Indian govt announced their relief package for the Telco industry many clients have asked if this is enough to protect a 3-player market in the longer term. Having gone through Vodafone IDEA’s situation in detail we don’t think so. This note shows why.

Alastair Jones
  • Alastair Jones
017670 SK Telecom Co. ... (Telecommunications)

New Street: SK Telecom (Buy, TP: KRW390,000, +30%) Exploring the divi...

Management has communicated a new dividend policy for the telecoms business of SKT (post-spin). Historically, shareholder returns have been generous, and the the new policy suggests a dividend yield of between 8% and 11% in FY22 and beyond – attractive in its own right. However, in this note we look at the scope for the dividend to trend higher.

017670 SK TELECOM CO. LTD. (Telecommunications)
Chris Hoare
  • Chris Hoare
ISAT INDOSAT (Telecommunications)

New Street: Indosat (u/r) Feedback from small group call with IR

We had a very bullish call this evening Jakarta time with Indosat. Competition has eased in Q3, and the company is confident on their ability to deliver on synergies in the merger with Hutchison.

Pierre FerraguÊ
  • Pierre FerraguÊ
AAPL APPLE INC. (Technology)

Apple: Are there over 450m iPhone more than 3 years old out there? Can...

We have seen a number of reports claiming that there are over 450m iPhones more than 3 years old in the installed base, and that this will support strong replacement dynamics in FY22. In the piece we publish today, we leverage our unique modelling of the iPhone installed base, which differentiate first-hand from second-hand users, to show that these older iPhones exist indeed, but are very unlikely to support demand for the iPhone 13, as they are mostly second-hand phones. In recent years, Appl...

Jonathan Chaplin
  • Jonathan Chaplin

More Fiber Coming: A Closer Look At Lumen / Apollo

What's new: We have updated our broadband market model to reflect new announcements on fiber builds.

Chris Hoare
  • Chris Hoare
IDEA VODAFONE IDEA (Telecommunications)

New Street: Indian mobile VIL - Likely maximum capital raise would de...

Since the Indian govt announced their relief package for the Telco industry many clients have asked if this is enough to protect a 3-player market in the longer term. Having gone through Vodafone IDEA’s situation in detail we don’t think so. This note shows why.

Alastair Jones
  • Alastair Jones
017670 SK Telecom Co. ... (Telecommunications)

New Street: SK Telecom (Buy, TP: KRW390,000, +30%) Exploring the divi...

Management has communicated a new dividend policy for the telecoms business of SKT (post-spin). Historically, shareholder returns have been generous, and the the new policy suggests a dividend yield of between 8% and 11% in FY22 and beyond – attractive in its own right. However, in this note we look at the scope for the dividend to trend higher.

017670 SK TELECOM CO. LTD. (Telecommunications)

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