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Equity Bottom-Up

Telstra's introduction last week of an unlimited mobile data plan was inevitable, given the precedent set by the U.S. industry where such "all you can eat" offers took hold from 2016. We see three key implications from this strategic move.First, the decision to bite this strategic bullet was earlier than expected. Unlimited mobile data plans put downward pressure on average revenue per user, or ARPU, as higher value customers spin down to take advantage of the new plan, while revenue from…

Telstra's introduction last week of an unlimited mobile data plan was inevitable, given the precedent set by the U.S. industry where such "all you can eat" offers took hold from 2016. We see three key implications from this strategic move.First, the decision to bite this strategic bullet was earlier than expected. Unlimited mobile data plans put downward pressure on average revenue per user, or ARPU, as higher value customers spin down to take advantage of the new plan, while revenue from…

The Meaning of a Dataful Life for Telstra

Differentiated global TMT & Internet Research

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

<a href="https://www.smartkarma.com/profiles/1935" target="_blank" data-smartkarma-citation="accounts:1935">Ian Martin</a> views the latest <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG (TPM AU)</a> results for 1H18 as being relatively strong given the forced migration to the NBN. The impact was mitigated by the freeze in NBN HFC migration as well as good on-net gains in Corporate and further iiNet synergies.  TPG delivered flat revenue of A$1,252m and flat Ebitda of A$418.2m. On the revenue side, Consumer Broadband revenue rose 4.5% but the GP margin fell from 51% to 48% with NBN migration. Other consumer revenue rose 38% with a 57% GP margin…

Ian Martin views the latest TPG (TPM AU) results for 1H18 as being relatively strong given the forced migration to the NBN. The impact was mitigated by the freeze in NBN HFC migration as well as good on-net gains in Corporate and further iiNet synergies.  TPG delivered flat revenue of A$1,252m and flat Ebitda of A$418.2m. On the revenue side, Consumer Broadband revenue rose 4.5% but the GP margin fell from 51% to 48% with NBN migration. Other consumer revenue rose 38% with a 57% GP margin…

TPG's 1H18 Result Impressed but Ebitda Under Pressure Until 2021 and They May Need More Capital.

<a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690:1">Telstra's (TLS AU)</a> 1H18 result was within managed expectations, with only the Ooyala non-cash impairment of A$273m an unexpected negative. While we rate the stock only as Neutral with a target price of A$4.00, this result shows Telstra's ability to support its current dividend level despite downside risks to underlying earnings. <a href="https://www.smartkarma.com/profiles/1935" target="_blank" data-smartkarma-citation="accounts:1935">Ian Martin</a> thinks Telstra can create better value once the NBN build-out is complete through a stronger position in mobile. However, the next two years will see a…

Telstra's (TLS AU) 1H18 result was within managed expectations, with only the Ooyala non-cash impairment of A$273m an unexpected negative. While we rate the stock only as Neutral with a target price of A$4.00, this result shows Telstra's ability to support its current dividend level despite downside risks to underlying earnings. Ian Martin thinks Telstra can create better value once the NBN build-out is complete through a stronger position in mobile. However, the next two years will see a…

Telstra's 1H18 Result Was Relatively Steady in the Face of Rapid NBN Migration. Remain at Neutral

Behind the in line 2% lift in fiscal 2018 first-half EBITDA to AUD 5.3 billion, we saw signs of <a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690:1">Telstra Corp Ltd (TLS AU)</a> battling more aggressively in the market, freed from the previous onerous dividend shackles. This was most evident in the ultra-competitive mobile unit, where 235,000 net new retail customers were added during the half, exceeding the 200,000 gained a year ago, and the 18,000 in the June-half of 2017.Granted, margin pressures are everywhere, with the narrow-moat group's EBITDA…

Behind the in line 2% lift in fiscal 2018 first-half EBITDA to AUD 5.3 billion, we saw signs of Telstra Corp Ltd (TLS AU) battling more aggressively in the market, freed from the previous onerous dividend shackles. This was most evident in the ultra-competitive mobile unit, where 235,000 net new retail customers were added during the half, exceeding the 200,000 gained a year ago, and the 18,000 in the June-half of 2017.Granted, margin pressures are everywhere, with the narrow-moat group's EBITDA…

Telstra Dials Up 'Self Help' Measures to Combat Competitive and Margin Pressures

Event-Driven

When we last wrote about the Philippines, <a href="https://www.smartkarma.com/profiles/1916" target="_blank" data-smartkarma-citation="accounts:1916">Iain Johnston</a> was hopeful for an improved telecom market in the Philippines with optimism over improving free cash flow (FCF) and capex guidance reductions. Our preference has been for <a href="https://www.smartkarma.com/entities/4215" target="_blank" data-smartkarma-citation="entities:4215:1">PLDT (TEL PM)</a> over <a href="https://www.smartkarma.com/entities/1926" target="_blank" data-smartkarma-citation="entities:1926:1">Globe (GLO PM)</a> due to upside from the fixed line business although we have seen little evidence of improvement on the mobile side.  Although there was talk of a third entrant it was largely dismissed.However, President Duterte continues to push for a new…

When we last wrote about the Philippines, Iain Johnston was hopeful for an improved telecom market in the Philippines with optimism over improving free cash flow (FCF) and capex guidance reductions. Our preference has been for PLDT (TEL PM) over Globe (GLO PM) due to upside from the fixed line business although we have seen little evidence of improvement on the mobile side.  Although there was talk of a third entrant it was largely dismissed.However, President Duterte continues to push for a new…

Philippine Telcos: Third Entrant Noise to Persist

Australia

Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia.  The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

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Telstra Corp (TLS AU)

The Meaning of a Dataful Life for Telstra

Telstra's introduction last week of an unlimited mobile data plan was inevitable, given the precedent set by the U.S. industry where such "all you...

Morningstar, Inc.

TPG's 1H18 Result Impressed but Ebitda Under Pressure Until 2021 and They May Need More Capital.

Ian Martin views the latest TPG (TPM AU) results for 1H18 as being relatively strong given the forced migration to the NBN. The impact was...

New Street Research

Telstra's 1H18 Result Was Relatively Steady in the Face of Rapid NBN Migration. Remain at Neutral

Telstra's (TLS AU) 1H18 result was within managed expectations, with only the Ooyala non-cash impairment of A$273m an unexpected negative. While we...

New Street Research

Telstra Dials Up 'Self Help' Measures to Combat Competitive and Margin Pressures

Behind the in line 2% lift in fiscal 2018 first-half EBITDA to AUD 5.3 billion, we saw signs of Telstra Corp Ltd (TLS AU) battling more...

Morningstar, Inc.

Philippine Telcos: Third Entrant Noise to Persist

When we last wrote about the Philippines, Iain Johnston was hopeful for an improved telecom market in the Philippines with optimism over improving...

New Street Research

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