New Street Research - British Telecom (BT) ... New Street: New Liberty/ TEF FTTH JV announced. Our take. BT (Buy, 270p, +69%) Liberty Global (Buy, $34, +55%) Telefonica (Neutral, €5, +14%)

Report

New Street Research

James Ratzer

EUR 9599.00 For Business Accounts Only

New Street: New Liberty/ TEF FTTH JV announced. Our take. BT (Buy, 270p, +69%) Liberty Global (Buy, $34, +55%) Telefonica (Neutral, €5, +14%)

Liberty Global and Telefonica have formalized their new FTTH JV in the UK to cover up to 7m homes. We run through our thoughts from this announcement for both companies and for BT.

29/07/2022 1 EN

Underlyings

British Telecom

See profile

Liberty Global Plc Class A

See profile

GB00B8W67662 NASDAQ Stock Market United States

TELEFONICA UK LTD

See profile

Provider

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

See profile

Analysts

James Ratzer

Other Reports on these Companies

New Street Research

BT (Buy, 220p, +53%) The press is not right – Mittal has not “completed” his purchase yet….

BT has disclosed that Mittal now has a 24.5% voting interest in BT. Therefore, the press is reporting that Mittal has now completed the stake purchase.

EUR 9599.00

November 19, 2024 November 19, 2024 1 EN

New Street Research

Liberty Global (Neutral, $14, +14%) Post-Sunrise spin review: New target of $14

The Sunrise spin has now been completed. In our Q3 results note, we set out our preliminary views on how Liberty post-Sunrise spin could look.

EUR 9599.00

November 15, 2024 November 15, 2024 1 EN

New Street Research

BT Group (Buy, 220p, +64%) Was 225p Q2 25: Is the share price decline justified?

BT’s stock is trading off 6% at the time of publication on a quarter where EBITDA beat consensus and all profitability guidance has been maintained. In fact, given the future guidance now also includes an incremental £100m impact from last week’s Budget, the guidance is actually an upgrade.

EUR 9599.00

November 7, 2024 November 7, 2024 1 EN

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

Yesterday the DOJ filed its proposed remedies in the Search antitrust case. The recommended divestiture of Chrome drew most of the headlines. And while potentially very negative for GOOGL (as are all proposed remedies), we don’t believe it is the most impactful to the market for general search services.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS: DBS merger breaks

According to press reports, TPG will call off the merger today. For the merger to proceed, bondholders needed to agree to a debt exchange. Apparently, they have rejected the exchange. Our quick thoughts in this brief note.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Jonathan Chaplin

Jonathan Chaplin

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

In this iteration of “Broadband Trends” we update our FWA capacity forecast. We also touch on early signs that demand for FWA may be limited, which could prevent mobile operators from reaching capacity limits (or force them to work harder to get there). This could have a big impact on the pace of Cable subscriber growth. Finally, we reprise our work on the competitive positioning of the various operators based on relative NPS scores.

EUR 9599.00

November 22, 2024 November 22, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: New Liberty/ TEF FTTH JV announced. Our take. BT (Buy, 270p, +69%) Liberty Global (Buy, $34, +55%) Telefonica (Neutral, €5, +14%)

BT (Buy, 220p, +53%) The press is not right – Mittal has not “completed” his purchase yet….

Liberty Global (Neutral, $14, +14%) Post-Sunrise spin review: New target of $14

BT Group (Buy, 220p, +64%) Was 225p Q2 25: Is the share price decline justified?

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe