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.

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Event-Driven

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

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

Equity Bottom-Up

The release of 3Q numbers for the major Indian operators concluded with <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953">Bharti Airtel Ltd</a> (Bharti) on Thursday. Reported earnings have been weaker than expected, perhaps victim to a slowing macro picture. However, Bharti remains the pick of the listed telcos and is positioned to continue to gain market share. While Bharti has its issues, most specifically with Africa, but in India it has scale and is delivering on this. We discussed the benefits of scale in <a href="https://www.smartkarma.com/insights/the-urge-to-merge-em-telcos-look-at-consolidation" target="_blank" data-smartkarma-citation="insights:1930">The Urge to Merge - EM Telcos Look at Consolidation</a>. As we have seen in other markets, the shift to data empowers the largest player as there appears to be real scale benefits. Unlike Indonesia and China, Bharti is the largest, but not dominant player, so this theme can play out for some time without regulatory concern. In Indonesia and China we have seen moves to push network sharing to reduce costs for smaller players. In India, the largest player should be able to extend its advantage, even with the Jio launch still imminent.There was news late last week that the regulator (TRAI) was proposing a large auction with a reserve price of $79bn. The plan is to offer 150MHZ of spectrum (adding almost 50% to total holdings) with much of this in 700MHZ band. These prices are astonishingly high in a stretched industry struggling to maintain any sort of service. They are not in a position to pay (or finance this) suggesting much will not be sold, the industry will be left spectrum starved and quality coverage will remain a problem. India could learn a lot from Indonesia in terms of the path to market repair and increased investment.

The release of 3Q numbers for the major Indian operators concluded with Bharti Airtel Ltd (Bharti) on Thursday. Reported earnings have been weaker than expected, perhaps victim to a slowing macro picture. However, Bharti remains the pick of the listed telcos and is positioned to continue to gain market share. While Bharti has its issues, most specifically with Africa, but in India it has scale and is delivering on this. We discussed the benefits of scale in The Urge to Merge - EM Telcos Look at Consolidation. As we have seen in other markets, the shift to data empowers the largest player as there appears to be real scale benefits. Unlike Indonesia and China, Bharti is the largest, but not dominant player, so this theme can play out for some time without regulatory concern. In Indonesia and China we have seen moves to push network sharing to reduce costs for smaller players. In India, the largest player should be able to extend its advantage, even with the Jio launch still imminent.There was news late last week that the regulator (TRAI) was proposing a large auction with a reserve price of $79bn. The plan is to offer 150MHZ of spectrum (adding almost 50% to total holdings) with much of this in 700MHZ band. These prices are astonishingly high in a stretched industry struggling to maintain any sort of service. They are not in a position to pay (or finance this) suggesting much will not be sold, the industry will be left spectrum starved and quality coverage will remain a problem. India could learn a lot from Indonesia in terms of the path to market repair and increased investment. 

Indian Telcos: A Mixed Bag Ahead of Jio Launch

Norway

Telenor ASA is an international provider of tele, data and media communication services, and has mobile operations in 13 markets across the Nordic region, Central and Eastern Europe and Asia. The Group also offers fixed telephony, broadband and TV services in the Nordic region.

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Telenor ASA (TEL NO)

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.

Indian Telcos: A Mixed Bag Ahead of Jio Launch

The release of 3Q numbers for the major Indian operators concluded with Bharti Airtel Ltd (Bharti) on Thursday. Reported earnings have been weaker...

New Street Research

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