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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


Dan Salmon
  • Dan Salmon
EUR 8531.00
FB Facebook Inc. ...

Meta Platforms (META, Buy, Raising target to $900 from $775) Five new...

We’ve added five new revenue breakouts in our model, four of which are incremental revenue: New ad load on 1) Threads, 2) WhatsApp and in 3) Facebook Notifications. We expect Threads to be the most material, reaching ~$7B in revenue by 2030, while the other two total ~$5B. We break out 4) the European No Ads subscription and add the new 5) WhatsApp Channel Subscriptions to the Family of Apps Other revenue model.

FB FACEBOOK INC. CLASS A
08/22/25 August 22, 2025 1 EN
Blair Levin
  • Blair Levin
EUR 8531.00
SATS EchoStar Corpor...

SATS: How should Investors Interpret the Sounds of Silence?

What’s New: Nothing. That is, since the comment period on the two public notices affecting SATS’ spectrum formally ended, there has been no material activity in the docket. Further, since the Oval Office meeting involving the President, FCC Chair Carr and SATS Chairman Ergen, there has been vague comments but no material data about discussions over spectrum sales. In this note, we analyze the different scenarios that the sounds of silence could signify.

SATS ECHOSTAR CORPORATION CLASS A
08/22/25 August 22, 2025 1 EN
Jin Yoon
  • Jin Yoon
PREMIUM
01024 Kuaishou Techno...
1024 Beijing Kuaisho...

Kuaishou 2Q25 Results: E-commerce Remains Resilient in 3Q

What’s new: Kuaishou’s reported 2Q25 results that top consensus and our expectations. AI monetization could continue to progress well driven by a higher subscriber base for Kling AI. E-commerce rev growth could remain resilient partly driven continued improvement in take rates. We up our PT from HK$70 to HK$85 on improving outlook. Our updated PT of HK$85 implies 14.4x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon

01024 KUAISHOU TECHNOLOGY CLASS B
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
08/22/25 August 22, 2025 1 EN
Jin Yoon
  • Jin Yoon
PREMIUM
BILI Bilibili Inc. ...

BILI 2Q25 Results: Ads Remain Resilient

What’s new: Bilibili’s reported 2Q25 revs that were in-line consensus and our expectations. While gaming revs could be under pressure in 2H partly due to tougher comps related to San Mou, ads could remain resilient as BILI continues to outgrow the industry. Margins could also improve partly driven by continued cost controls. We up our PT from US$25 to US$27 on better margin outlook. Our updated PT of US$27 implies a 26.4x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon

BILI BILIBILI INC. SPONSORED ADR CLASS Z
08/22/25 August 22, 2025 1 EN
Blair Levin
  • Blair Levin
EUR 8531.00

With BEAD, Two Paths Diverging: The Where and Why

What’s New: Two states, West Virginia (WV) and Colorado (CO), made public their plans for how to spend BEAD money, with divergent paths. In this quick update, we analyze why their paths diverged and what that suggests about the paths other states will soon be announcing.

08/21/25 August 21, 2025 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 1153.70
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 1153.70
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 1153.70
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 4265.50
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 4265.50
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 4265.50
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 1153.70
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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