New Street: 1&1 (Buy, €35, +46%) Was €37 Vantage Towers (Neutral, €33, +9%) Was €32 United Internet (Neutral, €37, +14%) Was €40 Telefonica Deutschland (Reduce, €1.7, -29%)
1&1 and United Internet have taken a significant step forward with their mobile project and shown a real sign of commitment to the network build with a significant ramp-up in capex, which we benchmark against Rakuten’s spending.They have also announced a larger tower deal than we were expecting with Vantage Towers, which is positive for Vantage.
Telefonica Deutschland Holding is a telecommunication company. Co. offers its consumer retail and business customers postpaid and prepaid wireless communications products, along with wireless data services using Global Packet Radio Service, Universal Mobile Telecommunications System and Long Term Evolution technology as well as Digital Subscriber Line wireline telephony and high-speed internet services. Co. markets its products and its wireless and wireline communications products as well as services via the core brand O2. Co.'s secondary brands include the brands Fonic and netzclub. Co. also markets high-speed DSL internet access and wireline telephony.
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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