MFN Drug Pricing - Impact and Implementation (Thematic, 5pgs)

Ahead of today’s signing of an Executive Order to introduce a Most Favoured Nation approach to drug pricing in the US, we show that net pricing in the EU is c.50% lower than in the US & which companies have most to lose from MFN. We also show that, in reality,

SK Telecom (Buy, KRW 86,000, +65%) Q1 25 Quick Take: Good cost cuttin...

SKT printed decent 1Q25 results with marked improvement in profitability, supported by its ongoing portfolio restructuring. EBITDA and net profit were ahead by 3% and 2% respectively. Cost efficiency programme remains a theme for South Korean operators. For SKT however, this is likely to be overshadowed by last month’s data breach with shares down 11% since then.

TalkTalk Revised estimates post-results – covenants limit operational...

Following the TalkTalk results last week, we now set out new estimates and a new valuation ahead of learning more about the medium-term business outlook. We feel the business could be turned around, but for this to happen more needs to spent more on SACs or price reductions, but restrictive covenants limit their operational flexibility. We assess this in more detail in this note and options ahead for the creditors.

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.

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).

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

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.

NTT (Buy, TP: ¥215, +38%) Q4 FY24 Quick Take: Topline ahead but profi...

NTT reported results today, following yesterday’s announcement to buy out the minorities of NTT Data. Revenue was better than anticipated with Global Solutions performing well and there were signs of improving mobile trends.

Helios Towers (Buy, TP: 140p, +27%) Q1 25: Solid start to the year; g...

Helios Towers reported a solid set of Q1 results yesterday. Both revenue and EBITDA came in in line with consensus. Top line growth has slowed sequentially but EBITDA has accelerated and KPIs were good.

Proximus (Neutral, TP: €12.5, +92%) Q1 25: Good results (trends ahead...

Proximus has reported a good set of numbers and reiterated guidance (but could have lifted it, if it wasn’t being cautious in our view). Digi’s impact appears to be minimal this quarter, and its prominence in the market seems to be declining not rising.

KT Corp (Buy, KRW 85,000, +64%) Q1 25 Quick Take: Benefiting from cos...

KT reported strong profit growth as it benefits from the hefty headcount reduction programme undertaken in Q4, and despite a softer topline, a result of its conscious effort to shift away from lower-margin B2B businesses. Both EBITDA (+12%) and EBIT (+36%) were up sharply. None of this is reflected in the valuation of 8x FY25 P/E and 4.4% dividend yield, the stock remains one of our Top Picks with a KRW 85,000 price target.

The Trade Desk (TTD, Neutral, $55 target) Pushing back on the AMZN =...

In this first take following tonight’s results, we touch on: 1. Results and guide better than feared as Kokai now live for 2/3 of advertisers 2. JBP pipeline at all-time highs 3. AMZN and GOOGL have very different incentives for their DSPs

Pinterest (PINS, Buy, $40 target) Reiterate Top SMID Pick after a no-...

In this first take following tonight’s results, we touch on: 1. Small China impact, but not enough to blunt strong 2Q25 guidance 2. Ad tech adoption remains strong, led by Performance+ 3. MGNI added as latest 3P partner, North Beam, Triple Whale added for measurement

The Match Group (MTCH, Neutral, $31 target) A battle between short-ter...

What’s New: We felt the most important issues from today's results were: 1. Resetting the long-term cost structure after a 13% RIF and 20% fewer managers 2. No big surprises in payer/revenue trends: Tinder ALC weakening, as expected 3. Capital return above 100% of FCF target and we think possible for 2025 full year

Shopify (SHOP, Neutral, $90 target) Expect FCF consensus to ease back ...

What’s New: In this first take we focus on: 1. 2QTD GMV trends solid. Key question: how much of it is being pulled forward? 2. 2Q gross margin guidance should bring FCF margin consensus back to reality 3. Enterprise pipeline continues to show strength

ATUS Post-1Q25 Model Update

This note focuses on estimate changes. Earlier today, we provided a review of results and our thoughts following the earnings call. We kept broadband estimates unchanged but increased our EBITDA estimate. No change to thesis.

CMCSA: Thoughts following two days with the Comcast team

We just returned from two days at Universal Orlando. We learned a lot about the theme parks business, but not much that would change our thesis on the Company. We learned a little about the pivot taking place in Cable that is important to the thesis.

Arm 4FQ25: Disappointing FY26 outlook and raising costs; fundamentals ...

Millicom (Buy, TP: $36, +6%) Q1 25 – Slightly slower but still decent...

Millicom has reported a slower set of Q1 results and both service revenue and EBITDA came in a shade below consensus expectations. However, the EFCF performance was again strong, well above expectations and Q1 last year.

ATUS: quick thoughts following the call 1Q25

The call was short. We got a little more color on how management is balancing price with the desire to stabilize subs, subscriber guidance, EBITDA guidance, FCF guidance, and progress on LME discussions.

Tariffs & Memory: the baseline & what’s next.

Evaluating the consequences of tariffs is challenging. As we strengthen our understanding of the tech supply chain, we follow-up with targeted deep dives across our coverage. This note follows recent ones we published on Nvidia, Broadcom, Intel & AMD, TSMC, and Semicap. ​​Read also our broader notes on tariffs: our baseline thesis for an overall perspective, and our assessment of the macro risk.