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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
TSFA Taiwan Semicond...
NVDA NVIDIA Corporat... ... (+5)

Following the money: TSMC capex points to XPU revenues well above expe...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into the implications of TSMC capex for XPU spending over the next few years.

TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
NVDA NVIDIA CORPORATION
2330 TSMC
AMD ADVANCED MICRO DEVICES INC.
AVGO BROADCOM INC.
21h / 2m 21h / 2m 1 EN
Pierre FerraguÊ
  • Pierre FerraguÊ
PREMIUM
PANW Palo Alto Netwo...
GOOGL Alphabet Inc. C... ... (+4)

ASIC growth, AI optics, Hybrid bonding delays, AI Cyber tailwinds. Tec...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 8 names we followed last week, click the link below.

PANW PALO ALTO NETWORKS INC.
GOOGL ALPHABET INC. CLASS A
AVGO BROADCOM INC.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
21h / 17m 21h / 17m 1 EN
Pierre FerraguÊ
  • Pierre FerraguÊ
PREMIUM
TSLA TESLA INC
ORCL Oracle Corporat... ... (+9)

Grasping the AI Infra buildout (VI): Who pays for all these Enterprise...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into who pays for all these Enterprise Cloud AI bills. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this...

TSLA TESLA INC
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
GOOGL ALPHABET INC. CLASS A
GOOG ALPHABET INC. CLASS C
FB FACEBOOK INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
MSFT MICROSOFT CORPORATION
21h / 20m 21h / 20m 1 EN
Blair Levin
  • Blair Levin
EUR 8612.00
NXST Nexstar Media G...
TGNA TEGNA INC.

NXST/TGNA Update: At the FCC, Utilizing the ‘No Courts’ Doctrine, Whil...

The FCC will likely approve the NXST/TGNA deal even though the deal violates the current FCC ownership rules. In this note, we describe how the FCC will likely do so, how it fits into FCC Chair’s strategy to wall off decisions from legal reviews, and how it creates some risk for the merged company several years from now. We also discuss the reports that States are preparing to act to block the deal.

NXST NEXSTAR MEDIA GROUP INC. CLASS A
TGNA TEGNA INC.
22h / 26m 22h / 26m 1 EN
Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan
EUR 4306.00
ROG Roche Holding L...
NOVN NOVARTIS AG ... (+8)

Intron Health - AI Impact on Pharma - Thematic (20pgs) - Winners/Loser...

Our Big Pharma AI thesis is the result of ~25 interviews with industry execs & >100hrs of research. We show ~10% of OPEX could be saved by AI within a few years & conclude the recent sector rally is wholly justified & could run further. We assess the winners & losers from AI adoption and discuss in detail some of the short, mid & long-term consequences. We evaluate the various AI use cases and quantify the potential benefit they may have. We break down SG&A & R&D activities & show where AI is im...

ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
novob NOVO NORDISK
SAN SANOFI
UCB UCB S.A.
AZN GLAXOSMITHKLINE PLC
GSK ASTRAZENECA PLC
GLAXOSMITHKLINE PLC-SPON ADR
03/09/26 March 9, 2026 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 1155.80
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 1155.80
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 1155.80
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 4306.00
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 4306.00
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 4306.00
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 1155.80
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

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