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


Pierre FerraguÊ

Broadcom 2FQ20 – Executing through the crisis

Pierre Ferragu

New Street: Chinese Mobile – Proprietary 4G/5G survey suggests strong 5G demand will be tough to monetise

We have conducted a survey of 1,000 Chinese customers as 5G starts to take off. Our survey focuses on 5G (initial views, benefits, how it should develop etc.), but it also gives us insights on themes not usually reported by the operators such as customer satisfaction, data usage patterns, details on mobile bills, key things customers look for when choosing a mobile operator etc.

New Street: Indian Telecoms: Thoughts on potential Amazon deal with Bharti Airtel

Following Jio’s sale of 10% to FaceBook, and rumours of a deal between Google and VIL, and as we thought likely, Reuters now reports that Amazon is in talks to buy a stake in Bharti worth “at least” $2bn. If both the latter deals go through then this will have been a game-changing 6 weeks for Indian mobile.

Russell Waller

W. Europe Mobile Tariff Tracker May 2020: Pricing dynamics improve in France, Germany and Italy

Average mobile package price growth in Europe recovered to +0.2% YoY in May (after declining by -3.1% YoY in April), with the recovery driven by improving YoY trends across the key markets of France, Germany and Italy.

Russell Waller

New Street W. Europe Fixed Tariff Tracker May 2020: Pricing relatively stable, moves in Germany and The Netherlands encouraging

Average price growth remains relatively stable at -1.0% YoY in May (from -1.5% YoY in April), supported by YoY prices improving in Germany and Netherlands, which we see as additional support for our positive stance on DT , Vodafone and Drillisch.

Pierre FerraguÊ

Broadcom 2FQ20 – Executing through the crisis

Pierre Ferragu

New Street: Chinese Mobile – Proprietary 4G/5G survey suggests strong 5G demand will be tough to monetise

We have conducted a survey of 1,000 Chinese customers as 5G starts to take off. Our survey focuses on 5G (initial views, benefits, how it should develop etc.), but it also gives us insights on themes not usually reported by the operators such as customer satisfaction, data usage patterns, details on mobile bills, key things customers look for when choosing a mobile operator etc.

New Street: Indian Telecoms: Thoughts on potential Amazon deal with Bharti Airtel

Following Jio’s sale of 10% to FaceBook, and rumours of a deal between Google and VIL, and as we thought likely, Reuters now reports that Amazon is in talks to buy a stake in Bharti worth “at least” $2bn. If both the latter deals go through then this will have been a game-changing 6 weeks for Indian mobile.

Russell Waller

W. Europe Mobile Tariff Tracker May 2020: Pricing dynamics improve in France, Germany and Italy

Average mobile package price growth in Europe recovered to +0.2% YoY in May (after declining by -3.1% YoY in April), with the recovery driven by improving YoY trends across the key markets of France, Germany and Italy.

Russell Waller

New Street W. Europe Fixed Tariff Tracker May 2020: Pricing relatively stable, moves in Germany and The Netherlands encouraging

Average price growth remains relatively stable at -1.0% YoY in May (from -1.5% YoY in April), supported by YoY prices improving in Germany and Netherlands, which we see as additional support for our positive stance on DT , Vodafone and Drillisch.

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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