New Street Research - 3.45GHz Auction, Day 9 Update: Decline in Demand Slowed, Price Growth Held Up; Auction May Clear Reserve Tomorrow (or Wednesday)

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New Street Research

Philip Burnett

3.45GHz Auction, Day 9 Update: Decline in Demand Slowed, Price Growth Held Up; Auction May Clear Reserve Tomorrow (or Wednesday)

What's new: Bidding in the 3.45GHz auction has concluded for the day after round 33, with prices rising 9% on average across rounds and gross proceeds landing at $9.8BN (for an implied auction price of $0.32/MHz-POP).

11/10/2021 3 EN

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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.

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Pan European Telecom Services and Cable
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Philip Burnett

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3.45GHz Auction, Day 9 Update: Decline in Demand Slowed, Price Growth Held Up; Auction May Clear Reserve Tomorrow (or Wednesday)

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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