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New Street Research Insights

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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

As <a href="https://www.smartkarma.com/profiles/273" target="_blank" data-smartkarma-citation="accounts:273">Morningstar</a> has noted, Brexit fears may be positive for <a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690">Telstra</a> in Australia. The unexpected Brexit vote has sent shockwaves through financial markets and it will take some time to settle down. There are many moving parts in Europe with a real potential for a rising cost of capital, FX disconnections, and possible macroeconomic fallout.Much is in the realm of the unknown, making near-term predictions difficult. However, once the dust settles, we do view telecoms as an industry that is less…

As Morningstar has noted, Brexit fears may be positive for Telstra in Australia. The unexpected Brexit vote has sent shockwaves through financial markets and it will take some time to settle down. There are many moving parts in Europe with a real potential for a rising cost of capital, FX disconnections, and possible macroeconomic fallout.Much is in the realm of the unknown, making near-term predictions difficult. However, once the dust settles, we do view telecoms as an industry that is less…

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are scant, UK lawyers told CTFN.  An appeal will take at least a year to be decided upon, so it would almost certainly not save the deal even if Hutchison were to win.

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are scant, UK lawyers told CTFN.  An appeal will take at least a year to be decided upon, so it would almost certainly not save the deal even if Hutchison were to win.

Hutchison Stands Slim Chance of Winning EC Appeal

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2 UK.We had thought the odds of approval were about 50%, so we aren't surprised by the rejection.We think this makes approval of CK Hutchison's 3 Italia's proposed merger in Italy with VimpelCom's Wind division highly unlikely.Competition is much lower in Italy, as evidenced by fewer mobile virtual network operators and much higher EBITDA margins.Analysts: Dan Baker &amp; Lorraine Tan

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

Telefónica is actively assessing alternate options to reduce its €50 billion debt pile in case its agreed £10.3 billion sale of U.K. mobile business O2 to CK Hutchison’s Three fails to gain European Commission approval, various sources told CTFN.

Telefónica is actively assessing alternate options to reduce its €50 billion debt pile in case its agreed £10.3 billion sale of U.K. mobile business O2 to CK Hutchison’s Three fails to gain European Commission approval, various sources told CTFN.

Telefónica Running Rule over Plan B to O2 Sale

Herfindahl index may provide clues to which deals are approved; regardless of outcomes, we prefer Telefonica.<ul><li class="p1">While the EU regulator's non-approval of Telenor's and TeliaSonera's proposed merger of their Danish operations increases the risk that wireless consolidation to three operators from four will be frowned upon, we don't think all future deals are dead.</li><li class="p1">Looking at the previously approved deals in Austria, Ireland, and Germany with an overlay of the Herfindahl index provides insight into the potential approval of the currently proposed deals in the United Kingdom, Italy, and France.</li></ul>Analyst: Allan Nichols

Herfindahl index may provide clues to which deals are approved; regardless of outcomes, we prefer Telefonica.While the EU regulator's non-approval of Telenor's and TeliaSonera's proposed merger of their Danish operations increases the risk that wireless consolidation to three operators from four will be frowned upon, we don't think all future deals are dead.Looking at the previously approved deals in Austria, Ireland, and Germany with an overlay of the Herfindahl index provides insight into the potential approval of the currently proposed deals in the United Kingdom, Italy, and France.Analyst: Allan Nichols

EU Regulatory Changes Make Telecom M&A More Difficult

Spain

Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America.  The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

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Telefonica SA (TEF SM)

Brexit Far More than a UK Issue

As Morningstar has noted, Brexit fears may be positive for Telstra in Australia. The unexpected Brexit vote has sent shockwaves through financial...

New Street Research

Hutchison Stands Slim Chance of Winning EC Appeal

Chances that CK Hutchison’s possible appeal of the European Commission’s decision to block its UK merger with Telefonica’s O2 will succeed are...

CTFN

EU Competition Commission Rejects 3's Acquisition of O2; Telefonica's Shares Undervalued

On May 11, Margrethe Vestager, the EU competition commissioner, rejected CK Hutchison's 3 UK's proposedacquisition of Telefonica's U.K. division O2...

Morningstar, Inc.

Telefónica Running Rule over Plan B to O2 Sale

Telefónica is actively assessing alternate options to reduce its €50 billion debt pile in case its agreed £10.3 billion sale of U.K. mobile...

CTFN

EU Regulatory Changes Make Telecom M&A More Difficult

Herfindahl index may provide clues to which deals are approved; regardless of outcomes, we prefer Telefonica. While the EU regulator's non-approval...

Morningstar, Inc.

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