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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 8527.00
AMZN Amazon.com Inc...

Amazon (AMZN, Buy/Top Pick, $280 target) Updated AWS AI vs non-AI reve...

In the annual AMZN Letter to Shareholders, CEO Andy Jassy gave multiple new datapoints, including “AWS’s AI revenue run rate is over $15 billion in Q1 2026.” This compares to our prior AWS AI revenue estimate of $18.7B for 2025.

AMZN AMAZON.COM INC.
19h / 46m 19h / 46m 1 EN
Blair Levin
  • Blair Levin
EUR 8527.00
NXST Nexstar Media G...
TGNA TEGNA INC.

Judge extends TRO in NXST Antitrust Case

The judge overseeing the antitrust case against the NXST/TGNA merger issued an order extending his temporary restraining order (TRO) against the merger, giving himself another seven days (until April 17 at 6:00 PM PT) to prepare and publish his ruling on whether to issue a preliminary injunction (PI) to hold the assets of the two enterprises separate pending a trial on the merits. In this note we quickly assess the implications of the extension.

NXST NEXSTAR MEDIA GROUP INC. CLASS A
TGNA TEGNA INC.
21h / 56m 21h / 56m 1 EN
Blair Levin
  • Blair Levin
EUR 8527.00

FCC, DOJ Try to Help (Certain) Broadcasters with Sports Rights, but Wi...

Recently, there has been a flurry of activity around problems related to sports and the distribution of sports programming. In this note we provide some background on various efforts in the White House and the Congress while focusing on the DOJ’s investigation into the NFL, FCC’s new Public Notice related to sports programming, Chairman Carr’s threats to the NFL, how they fit into Carr’s broader media agenda (to assist certain broadcasters) and how it might affect the already changing media env...

04/10/26 April 10, 2026 1 EN
Antoine Chkaiban
  • Antoine Chkaiban
PREMIUM
INTC Intel Corporati...

Server CPUs: A brave new world!

Dear all, In the last few months, the outlook for server CPU has dramatically changed. The recovery in demand for traditional cloud deployments, which we had been calling for a while, kicked off at last, violently, while the explosive spread of agentic AI creates an entire new segment for the market with strong durable growth prospects. At the same time, the competitive landscape is evolving fast, with custom CPUs and Arm’s own part accelerating from the critical mass they patiently built in r...

INTC INTEL CORPORATION
04/10/26 April 10, 2026 1 EN
David Barden
  • David Barden
EUR 8527.00

Brightspeed – ABS is on the table…how much? And is this a good thing?

A likely mid-2026 ABS deal is a focus for both Brightspeed and debtholders as became clear on the company’s 4Q call on 4/8. We believe Brightspeed will access the market this year to address its liquidity needs in service of its YE26 4mm fiber passings target. As such, we examine here what a potential ABS deal might look like. Based upon our understanding of the broader fiber ABS market, we believe $2bn is a realistic target for a 2026-series with $1.0bn - $1.5bn coming from a debut issuance fol...

04/10/26 April 10, 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 1146.90
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 1146.90
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 1146.90
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 4263.50
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 4263.50
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 4263.50
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 1146.90
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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