New Street Research - SK Telecom (17670) New Street: OTT to pay EU telcos? Further improvement in regulation

Report

New Street Research

James Ratzer

EUR 8824.00 For Business Accounts Only

New Street: OTT to pay EU telcos? Further improvement in regulation

Improving regulation has been a key part of our thesis to be positive on the European telcos, and we want to highlight a new angle to this theme: the potential for OTT players to contribute towards the cost of telecoms networks.

04/05/2022 1 EN

Underlying

SK Telecom

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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

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Analysts

James Ratzer

Other Reports on these Companies

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SK Telecom (Buy, TP: KRW 116,000, +122%) Q2 24 Quick Take: Encouraging Mobile and Enterprise trend again; push towards AI monetisation

SK Telecom saw an acceleration in topline while underlying EBITDA came in 2% ahead. Encouragingly, mobile trends improved on better mix and rise in roaming users while Enterprise, a key focus area, expanded its contribution to near 10% of overall revenue. Focus on AI continues to hold back shareholder remuneration however we think.

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New Street Research

South Korean Telcos Q1 24 review: Better service revenue trends, but mixed EBITDA performance; capex stable

South Korean operators delivered better service revenue growth, led by improvements in Broadband and Enterprise. As 5G penetration matures (70% in Q1), mobile still managed LSD growth. With improving capital intensity and steadily rising dividends, we remain constructive in this space, with KT remaining as our preferred pick

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June 3, 2024 June 3, 2024 1 EN

New Street Research

SK Telecom (Buy, TP: KRW 116,000, +126%) Q1 24 Quick Take: Decent topline, but some margin pressure as AI investments start to impact

Topline came in better than expected, supported by a better mobile performance from higher roaming users well as sustained performance from SK Broadband. EBITDA was relatively in line while net profit beat on expectations this quarter (12% ahead), helped by other income from its investment assets. Our thoughts below.

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What’s new: In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. The most significant changes are higher broadband losses and lower EBITDA in 2025. We expect Consensus to increase broadband losses as well as lower EBITDA. No change to thesis. Price target is $38 (+15%).

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New Street: OTT to pay EU telcos? Further improvement in regulation

SK Telecom (Buy, TP: KRW 116,000, +122%) Q2 24 Quick Take: Encouraging Mobile and Enterprise trend again; push towards AI monetisation

South Korean Telcos Q1 24 review: Better service revenue trends, but mixed EBITDA performance; capex stable

SK Telecom (Buy, TP: KRW 116,000, +126%) Q1 24 Quick Take: Decent topline, but some margin pressure as AI investments start to impact

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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