Report
Russell Waller

New Street: Call with 5G pioneer DNA: Thoughts on C-band, capex, FWA, network slicing and much more

After a modestly impacted Q1, Q2 saw a more meaningful impact from COVID: for example, total European service revenue was -2.0% y/y from -0.2% y/y in Q1 20 – of this, we estimate that c1.5pp was from roaming (2-3pp on MSR), with perhaps c2+pp in total from COVID (pay TV, free data, prepay offload as the other major effects).
Underlying
Telenor ASA

Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.

Provider
New Street Research
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


Analysts
Russell Waller

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