New Street Research - New Street: Vantage Towers (Neutral, €30, +15%) From Buy, €31 Back to Neutral on higher operating and lease costs

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New Street Research

James Ratzer

New Street: Vantage Towers (Neutral, €30, +15%) From Buy, €31 Back to Neutral on higher operating and lease costs

We don’t usually like to flip-flop our recommendations around, but since our recent upgrade to Buy, Vantage has outperformed Cellnex and Inwit by 12pp and today’s guidance was not as optimistic as we had hoped.

18/05/2021 12 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.

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

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Analysts

James Ratzer

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Jonathan Chaplin

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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.

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Jonathan Chaplin

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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: Vantage Towers (Neutral, €30, +15%) From Buy, €31 Back to Neutral on higher operating and lease costs

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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