New Street Research - United Internet (UTDI) UI (Buy)/ DRI (Buy) - German 5G auction: starting gun fired

Report

New Street Research

Russell Waller

EUR 1181.70 For Business Accounts Only

UI (Buy)/ DRI (Buy) - German 5G auction: starting gun fired

Ahead of the 25th Jan registration date, UI/DRI have announced that they intend to bid in the upcoming German 3.6GHz/2.1GHz auction. Our view is that entering the German market as a MNO is an NPV positive venture â€“ the cost of spectrum/network roll/lease costs are lower than the payments to Tef De.

25/01/2019 4 EN

Underlying

United Internet

See profile

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

See profile

Analysts

Russell Waller

Other Reports on these Companies

New Street Research

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs. 1&1 service revenue growth is now expected to slow from +4% YoY in H1 to +2% YoY in H2, impacted by the mobile network outage in May and an increasingly competitive German market environment. We cut our 1&1 cash flow forecasts by c.-5% and reduce our target price by -€2 (to €27/ share) – but remain bullish on the name as wholesale cost savings drive FCF growth next year.

EUR 8886.00

August 5, 2024 August 5, 2024 1 EN

New Street Research

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs.

EUR 8886.00

August 5, 2024 August 5, 2024 1 EN

New Street Research

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

United Internet, 1&1 and IONOS have reported decent sets of Q1 results, with all financial guidance confirmed and steady progress on the mobile network build. The key remaining uncertainty for the network build is access to low-band spectrum; recent reports have suggested that BNetzA will present its preliminary decision to extend the existing licences on Monday (13 May 2024).

EUR 8886.00

May 8, 2024 May 8, 2024 1 EN

SATS quick thoughts following the 1Q25 call

In this note we touch briefly on all the main controversies, including progress in retail and wholesale, the prospect of a Cable MVNO, progress on the network build and FCC commitments, the return of the DBS merger, the direct-to-device opportunity, and the impact of tower lease obligations on valuation.

EUR 8886.00

May 9, 2025 May 9, 2025 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS 1Q25 Quick Take: Wireless making progress (but not enough)

Wireless results continued to improve, but not by enough to convince investors that the business will ultimately be worth what the spectrum is worth. We didn’t see any disclosure on the big strategic issues (spectrum sale; DBS merger; spectrum fight with SpaceX; potential D2D partner).

EUR 8886.00

May 9, 2025 May 9, 2025 1 EN

James Ratzer

James Ratzer

Cellnex (Reduce, €28.5, -15%) Q1 25: Revenue volatility raises new questions

Cellnex’s reported Q1 results were broadly in line with expectations and all 2025 and 2027 guidance has been reiterated, albeit our estimates remain fractionally below their guidance ranges.

EUR 8886.00

May 9, 2025 May 9, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

UI (Buy)/ DRI (Buy) - German 5G auction: starting gun fired

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

SATS quick thoughts following the 1Q25 call

SATS 1Q25 Quick Take: Wireless making progress (but not enough)

Cellnex (Reduce, €28.5, -15%) Q1 25: Revenue volatility raises new questions

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe