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

Thematic (Sector/Industry)

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the implications really are global).   There are two versions of Trump’s America: one in which he attempts to lead like a CEO, and one in which he attempts to rule like a demagogue.  We have no idea which one will come to pass (we really don’t) but the market implications of each are quite different.   In either case, with Trump promising $1tr in infrastructure…

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the implications really are global).   There are two versions of Trump’s America: one in which he attempts to lead like a CEO, and one in which he attempts to rule like a demagogue.  We have no idea which one will come to pass (we really don’t) but the market implications of each are quite different.   In either case, with Trump promising $1tr in infrastructure…

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

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Pershing Square’s €30.40 proposal for Universal Music Group represents a value-unlocking intervention targeting listing, capital structure, and shareholder overhang, but remains non-binding with significant execution risk and uncertain shareholder alignment.</li>
<li>The flexible cash-and-stock structure is designed to accommodate key stakeholders, particularly Bolloré and Vivendi, highlighting that transaction feasibility depends more on shareholder alignment than headline valuation.</li>
<li>The situation offers a constructive event-driven setup, with upside driven by multiple catalysts including transaction, rerating, or structural change, while downside appears supported by strong fundamentals and resilient CF generation.</li>
</ul>


Pershing Square’s €30.40 proposal for Universal Music Group represents a value-unlocking intervention targeting listing, capital structure, and shareholder overhang, but remains non-binding with significant execution risk and uncertain shareholder alignment.
The flexible cash-and-stock structure is designed to accommodate key stakeholders, particularly Bolloré and Vivendi, highlighting that transaction feasibility depends more on shareholder alignment than headline valuation.
The situation offers a constructive event-driven setup, with upside driven by multiple catalysts including transaction, rerating, or structural change, while downside appears supported by strong fundamentals and resilient CF generation.


Universal Music: Changing the Tune - Pershing’s Bid Forces a Re-Rating Debate

France

Vivendi SE provides culture, entertainment, media, and communication services. The Company specializes in audiovisual and cinema, communications, magazines, gaming, live performance, and distribution platform activities. Vivendi serves customers worldwide.

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Vivendi SE (VIV FP)

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized...

New Street Research

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps...

New Street Research

What Trump Means for Global Telcos

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the...

New Street Research

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is...

Morningstar, Inc.

Universal Music: Changing the Tune - Pershing’s Bid Forces a Re-Rating Debate

Pershing’s €30.40 bid for Universal Music Group exposes a valuation gap driven by listing and ownership structure; not a clean arb, but a catalyst...

Jesus Rodriguez Aguilar

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