New Street Research - New Street: Feedback from Chinese telco calls; 5G RD earnings pressure for CM, upgrade CU to Neutral

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New Street Research

Chris Hoare

New Street: Feedback from Chinese telco calls; 5G R&D earnings pressure for CM, upgrade CU to Neutral

We hosted calls with the three Chinese MNOs. Relative to when we spoke to the companies in March we thought the outlook for Unicom and Telecom has improved, but 5G R&D costs mean it has deteriorated for China Mobile.

19/06/2020 13 EN

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New Street Research

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Pan European Telecom Services and Cable
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Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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Jonathan Chaplin

Jonathan Chaplin

Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

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Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

EUR 9284.00

12h / 26m 12h / 26m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

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New Street: Feedback from Chinese telco calls; 5G R&D earnings pressure for CM, upgrade CU to Neutral

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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