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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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
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US Healthcare
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We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

We wrote about India's spectrum auction recently. In the end, it concluded yesterday with a total $9.9bn outlay from the operators. The high reserve prices ($84bn) and constrained financial position of the bidders meant most lots were left untouched. Those that sold went mostly close to the reserve price (the overall premium was just 4%). The industry spent $2bn more than expected but they also bought more spectrum.Summary of result:<ul><li>No sales at all in the 700MHz or 900MHz bands (reserve prices…</li></ul>

We wrote about India's spectrum auction recently. In the end, it concluded yesterday with a total $9.9bn outlay from the operators. The high reserve prices ($84bn) and constrained financial position of the bidders meant most lots were left untouched. Those that sold went mostly close to the reserve price (the overall premium was just 4%). The industry spent $2bn more than expected but they also bought more spectrum.Summary of result:No sales at all in the 700MHz or 900MHz bands (reserve prices…

India's Spectrum Auction Ends. Most Spectrum Unsold. Vodafone the Biggest Buyer.

India's latest spectrum auction commenced on 1 October with two rounds of bidding now completed. Total bids amount to INR567bn ($8.5bn), a small INR32bn increase over Day 1 and massively short of the government's own targets (total reserve price is over INR5tr). In fact, most bidding moved only marginally but a new bid emerged for spectrum in Maharashtra (where <a href="https://www.smartkarma.com/entities/9534" target="_blank" data-smartkarma-citation="entities:9534:1">Tata (TTLS IN)</a> has expiring spectrum so may have been the bidder). There have been no bids for 700MHZ and 900MHZ spectrum with operators…

India's latest spectrum auction commenced on 1 October with two rounds of bidding now completed. Total bids amount to INR567bn ($8.5bn), a small INR32bn increase over Day 1 and massively short of the government's own targets (total reserve price is over INR5tr). In fact, most bidding moved only marginally but a new bid emerged for spectrum in Maharashtra (where Tata (TTLS IN) has expiring spectrum so may have been the bidder). There have been no bids for 700MHZ and 900MHZ spectrum with operators…

Bharti, IDEA and Jio Show Limited Interest in India's Current Spectrum Auction

In the past few weeks, <a href="https://www.smartkarma.com/entities/198" target="_blank" data-smartkarma-citation="entities:198:1">Reliance Industries' (RIL IN)</a> Jio has launched to much fanfare. Once the initial headlines died down it is pretty clear there are issues with the launch, not least being the incumbent operators dragging their feet on interconnect. There are also issues within Jio in terms of line speed, voice quality, poor service etc. Over time we do see Jio carving out a significant market share but some of the stories suggest less disruption than originally feared. The lack of pricing…

In the past few weeks, Reliance Industries' (RIL IN) Jio has launched to much fanfare. Once the initial headlines died down it is pretty clear there are issues with the launch, not least being the incumbent operators dragging their feet on interconnect. There are also issues within Jio in terms of line speed, voice quality, poor service etc. Over time we do see Jio carving out a significant market share but some of the stories suggest less disruption than originally feared. The lack of pricing…

Bharti Has Market Leadership, Jio Struggles, and IDEA/Vodafone in a Tough Position

We wrote a quick note on the launch of the Jio's 4G offering. We hope to expand this in a couple of pieces this week which will reiterate our view that the major players in the Indian telecoms industry have room to thrive, even if Jio is successful. We will also look at the question of whether Jio is likely to succeed or not.The Indian telecoms industry is undergoing a period of rapid consolidation, perhaps the unintended consequence of a government focused on maximizing revenue from spectrum…

We wrote a quick note on the launch of the Jio's 4G offering. We hope to expand this in a couple of pieces this week which will reiterate our view that the major players in the Indian telecoms industry have room to thrive, even if Jio is successful. We will also look at the question of whether Jio is likely to succeed or not.The Indian telecoms industry is undergoing a period of rapid consolidation, perhaps the unintended consequence of a government focused on maximizing revenue from spectrum…

Indian Telecoms: Jio Has Arrived. Will It Succeed?

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in a data world. Already, we have seen a number of smaller players sell/merge their companies/spectrum holdings. We discussed some of this in the note <a href="https://www.smartkarma.com/insights/bharti-jio-worries-overdone-recovery-continues" target="_blank" data-smartkarma-citation="insights:5285">Bharti: Jio Worries Overdone. Recovery Continues</a>. Our core thesis is that ROCE in most emerging markets is bottoming out and shareholders should benefit. We accept that consolidation in Europe has not…

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in a data world. Already, we have seen a number of smaller players sell/merge their companies/spectrum holdings. We discussed some of this in the note Bharti: Jio Worries Overdone. Recovery Continues. Our core thesis is that ROCE in most emerging markets is bottoming out and shareholders should benefit. We accept that consolidation in Europe has not…

IDEA/Vodafone Courtship: A New No1 in India? Indian Telecom Consolidation Moving Forward.

India

Vodafone Idea Limited, branded as Vi, is an Indian telecommunications company providing pan-India voice and data services across 2G, 3G, 4G, and steadily expanding 5G platforms. It offers mobile telephony, wireless broadband, internet, and a range of digital and enterprise solutions including IoT and cloud services. The company is headquartered in Gandhinagar, India, and was formed on August 31, 2018, through the merger of Vodafone India and Idea Cellular.

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Vodafone Idea (IDEA IN)

India's Spectrum Auction Ends. Most Spectrum Unsold. Vodafone the Biggest Buyer.

We wrote about India's spectrum auction recently. In the end, it concluded yesterday with a total $9.9bn outlay from the operators. The high...

New Street Research

Bharti, IDEA and Jio Show Limited Interest in India's Current Spectrum Auction

India's latest spectrum auction commenced on 1 October with two rounds of bidding now completed. Total bids amount to INR567bn ($8.5bn), a small...

New Street Research

Bharti Has Market Leadership, Jio Struggles, and IDEA/Vodafone in a Tough Position

In the past few weeks, Reliance Industries' (RIL IN) Jio has launched to much fanfare. Once the initial headlines died down it is pretty clear...

New Street Research

Indian Telecoms: Jio Has Arrived. Will It Succeed?

We wrote a quick note on the launch of the Jio's 4G offering. We hope to expand this in a couple of pieces this week which will reiterate our view...

New Street Research

IDEA/Vodafone Courtship: A New No1 in India? Indian Telecom Consolidation Moving Forward.

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in...

New Street Research

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