reports
- Blair Levin
- Jonathan Chaplin
Mobile and broadband pair trades to consider this summer
While we have been intensively focused on such things as a Presidential intervention to prevent a Chapter 11, we admit that our mind occasionally drifts to thoughts of summer. So to help others who may have similar thoughts, we thought, in honor of summer beginning, we should provide our thoughts as to which alcohols pair best with the purchase of the stocks we cover (actually, we just asked ChatGPT and, given its attitude about intellectual property, we have no fears about just cutting and pas...
- Blair Levin
Updates on VZ in CA and Upcoming SCOTUS Decision on USF
Verizon just filed a response to questions raised by the California Public Utilities Commission (CPUC) related to DEI and the Supreme Court, as early as today but no later than the end of month, will rule on the case challenging the legality of the current framework for the Universal Service Fund (USF). In this quick note, we analyze the VZ filing and the likely outcomes and impacts of the Court ruling.
- Ben Rickett
Eutelsat French bail out agreed, but guidance falls short
Yesterday Eutelsat announced their long-awaited equity raise (€1.35bn, mainly from the French shareholders) and issued new guidance for FY26 (disappointing) and FY29 (dubious). In this Quick Take, we discuss the new shareholder structure, new guidance, and new LEO revenue disclosure.
- Russell Waller
- Chris Hoare
- Ben Rickett
Eutelsat (Sell, €1.0, -60%) French army provides some reinforcement
The French army yesterday announced a framework agreement with Eutelsat, including the procurement of OneWeb capacity. In this Quick Take we discuss how much revenue this contact could generate, and implications for the longer-term viability of Eutelsat’s LEO ambitions.
Transgene Sponsored Research Strong TG4050 Data Presented at ASCO
Transgene presented two-year follow-up results from their Ph1 trial of TG4050, an individualised neoantigen therapeutic cancer vaccine, at ASCO. The data demonstrated clinical proof of principle in the adjuvant treatment of head and neck cancer.
- Dominic Rose
- Naresh Chouhan
Transgene - Strong TG4050 Data Presented at ASCO (Sponsored Research, ...
Transgene presented two-year follow-up results from their Ph1 trial of TG4050, an individualised neoantigen therapeutic cancer vaccine, at ASCO. The data demonstrated clinical proof of principle in the adjuvant treatment of head and neck cancer. TG4050 monotherapy generated durable immune responses lasting up to two years and met all trial endpoints, including disease-free survival, immune activation and safety. Remarkably, 100% of patients treated with TG4050 remained disease-free - an exceptio...
- Chris Hoare
Chinese Telcos Q1 25 review: Better profitability despite slower topl...
Service revenue trends slowed in Q1 amid macro headwinds, but EBITDA returned to growth. This continued to drive earnings and therefore dividend growth. With capex continuing to fall in absolute terms, the Chinese telcos continue to look cheap. For investors unable to access this space, we recommend to monitor the developments in China as we see it as a leading indicator for EM telcos more broadly.
- Russell Waller
- Jonathan Chaplin
CHTR Quick Hit: Insights from preliminary proxy
Charter filed a preliminary proxy earlier today. We now have detailed historical and projected financials for Cox. The standalone forecasts and synergy forecasts are below ours, but in-line with consensus and prior guidance. We provide comparisons in this brief note.
- Dan Salmon
AMZN (Buy, $260 target)/TTD (Neutral, $75 target) Part II: CTV footpri...
This week at Cannes, Amazon DSP announced integrations with ROKU and DIS, both of which have driven more questions about competitive positioning in CTV with TTD. • We discussed a variety of changes at Amazon DSP and its positioning versus TTD and GOOGL’s DV 360 earlier this month in Part I HERE. Getting less attention are advances in AI ad creative tools, including AMZN’s first disclosure about adoption of its tools. TTD is not developing its own gen AI ad creative tools but expanded its roste...
- James Ratzer
Vodafone to Virgin spectrum sale: More details revealed
As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK). In this note, we run through the final decisions and implications for potential UK revenue share.
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 1Q25
We publish today our comprehensive quarterly bible: 237 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
- Dan Salmon
Alphabet (GOOGL, Buy, $210 target) Takeaways from SMX Advanced
Last week we attended the largest annual conference focused on search marketing, SMX Advanced, including the keynote from GOOGL’s Ads Liaison. We spoke with over two dozen presenters and executives over two days, and our key takeaways include:
- Russell Waller
NOS (Sell, TP: €3.11, -18%) Digi (Underweight) Altice International (E...
One of the key questions in European Telecoms at the moment is how successful will Digi be in Portugal, Spain and Belgium; and to a lesser extent, how successful can the challengers be in general: Salt, Iliad Italy, and so on. In this report, we take a top-down look at how spectrum drives success in European mobile, and what that means for future outcomes.
- Pierre FerraguÊ
Bible 1Q25 – Enterprise IT: AI drives Cloud growth, SaaS not reacceler...
Today, we are publishing the Enterprise IT section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Legacy IT spending is moderating after a strong 2H24, but public-cloud growth remains steady as AI demand offsets a slowdown in traditional workloads. SaaS revenue growth remains in the low-teens with...
- Pierre FerraguÊ
Growth in Public Cloud: Where from? What’s next?
Growth in Public Cloud reaccelerated, in line with our expectations, and, if anything, even stronger than we thought, and shifting fast, with AI representing an increasing share of public cloud growth, and with the fast-growing crowd of native AI start-ups becoming a meaningful segment. We gathered all the initial datapoints at hand and looked at all angles we could, to provide a first perspective of how public cloud is growing today and where it is headed next.
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Blair Levin
VZ/FYBR Faces California Trump Transaction Trap
The VZ/FYBR deal obtained approval from the FCC by providing a letter modifying its DEI efforts. That letter, however, has raised issues with the California Public Utilities Commission (CPUC), which also must approve the deal. In this note we analyze the interplay of the demands of the FCC and CPUC and how we think the situation may be resolved.
Indian Telcos Q4 FY25 review: Stay constructive
India’s mobile sector sustained mid-teen growth again, though we expect a slowdown to high single digits from 2QFY25 onwards once last July’s tariff increase is lapped. Margin expansion remains a theme too. We stay constructive on India with Bharti Airtel as our preferred pick, but would continue to see Singtel as having more upside.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.