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New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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We also provide debt research on:
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Equity Bottom-Up

<p>After slipping 5-6% in the two previous quarters, <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti's (BHARTI IN)</a> core Indian mobile service revenues recovered slightly in 1Q18, rising 0.8% sequentially. As in 4Q17, volume growth was very strong on the move to unlimited packages. We doubt the smaller players (up to and including <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a>) can compete in the medium term given Bharti's capacity advantage, and the leverage issues with the smaller players. With these dynamics, Bharti is poised to gain material market share putting the company in a strong position as pricing stabilizes.</p><p>In addition, restructuring and cost cutting in Africa as well as underlying competitive improvements mean that Africa is increasingly delivering positive surprises. Bharti is now involved in restructuring and/or merger talks across almost all businesses: Indian mobile, DTH and Enterprise (with Tata, although there are rumors that these talks have halted), Ghana (with <a href="https://www.smartkarma.com/entities/24418" target="_blank" data-smartkarma-citation="entities:24418:1">Millicom (MIC SS)</a>), Nigeria (with Etisalat), Indian Towers (with Vodafone/IDEA). In most of these negotiations we believe Bharti has negotiating leverage and should be able to strike good deals, buying assets cheaply and capturing value. If all these negotiations proceed, our sum of the parts could rise to INR695. Bharti is one of New Street Research's key BUY ideas and giving a 50% probability of deal flow, we lift our price target to INR635.</p>

After slipping 5-6% in the two previous quarters, Bharti's (BHARTI IN) core Indian mobile service revenues recovered slightly in 1Q18, rising 0.8% sequentially. As in 4Q17, volume growth was very strong on the move to unlimited packages. We doubt the smaller players (up to and including IDEA (IDEA IN)) can compete in the medium term given Bharti's capacity advantage, and the leverage issues with the smaller players. With these dynamics, Bharti is poised to gain material market share putting the company in a strong position as pricing stabilizes.In addition, restructuring and cost cutting in Africa as well as underlying competitive improvements mean that Africa is increasingly delivering positive surprises. Bharti is now involved in restructuring and/or merger talks across almost all businesses: Indian mobile, DTH and Enterprise (with Tata, although there are rumors that these talks have halted), Ghana (with Millicom (MIC SS)), Nigeria (with Etisalat), Indian Towers (with Vodafone/IDEA). In most of these negotiations we believe Bharti has negotiating leverage and should be able to strike good deals, buying assets cheaply and capturing value. If all these negotiations proceed, our sum of the parts could rise to INR695. Bharti is one of New Street Research's key BUY ideas and giving a 50% probability of deal flow, we lift our price target to INR635.

Bharti Airtel Poised to Gain Market Share, While M&A/Restructuring Will Drive Positive Surprises.

Luxembourg

Millicom International Cellular S.A. is a dedicated emerging markets telecom provider with mobile operations in numerous countries in Central America, South America and Africa.  The Company also offers various combinations of fixed broadband and cable TV services in multiple countries in Central America.

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Bharti Airtel Poised to Gain Market Share, While M&A/Restructuring Will Drive Positive Surprises.

After slipping 5-6% in the two previous quarters, Bharti's (BHARTI IN) core Indian mobile service revenues recovered slightly in 1Q18, rising 0.8%...

New Street Research