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

The European Commission will approve the proposed joint venture between Italy’s third and fourth largest mobile players, Wind and 3 Italia, after the companies agreed to divest spectrum and infrastructure to Paris-based telecoms operator Iliad, a telecoms lawyer involved in the negotiations told CTFN.

The European Commission will approve the proposed joint venture between Italy’s third and fourth largest mobile players, Wind and 3 Italia, after the companies agreed to divest spectrum and infrastructure to Paris-based telecoms operator Iliad, a telecoms lawyer involved in the negotiations told CTFN.

Details Emerge on Wind/3 Italia EC Settlement

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

We do not follow the HK listing but do look at <a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison (1 HK)</a> in Europe as part of the competitive landscape. For a broader look at the recent results see <a href="https://www.smartkarma.com/insights/building-on-its-global-ports-infrastructure-retail-and-telco-operations" target="_blank" data-smartkarma-citation="insights:5252">Building on Its Global Ports,infrastructure, Retail, and Telco Operations.</a> Hutchison reported mixed 1H16 telecoms results as revenue growth across the majority of their markets has slowed, but Ebitda growth remained strong due to continued good cost management. We continue to view the challengers in Europe as well placed to compete, and…

We do not follow the HK listing but do look at CK Hutchison (1 HK) in Europe as part of the competitive landscape. For a broader look at the recent results see Building on Its Global Ports,infrastructure, Retail, and Telco Operations. Hutchison reported mixed 1H16 telecoms results as revenue growth across the majority of their markets has slowed, but Ebitda growth remained strong due to continued good cost management. We continue to view the challengers in Europe as well placed to compete, and…

Hutchison 1H16 Mixed Results. Strong Cost Management

After the disappointment of a failed merger in the UK, <a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison</a> and <a href="https://www.smartkarma.com/entities/14026" target="_blank" data-smartkarma-citation="entities:14026:1">VimpelCom</a>'s Wind subsidiary have been desperate to get a deal approved to merge in Italy. Arguably, there is even stronger motivation than in the UK as both face greater challenges as independent companies in Italy.  Hutchison is currently OpFCF negative in Italy and Wind has a heavy debt burden.  In the past week, <a href="https://www.smartkarma.com/entities/21486" target="_blank" data-smartkarma-citation="entities:21486:1">Iliad</a> has signed an agreement with CK Hutchison and VimpelCom to enter the Italian market as a prospective MNO…

After the disappointment of a failed merger in the UK, CK Hutchison and VimpelCom's Wind subsidiary have been desperate to get a deal approved to merge in Italy. Arguably, there is even stronger motivation than in the UK as both face greater challenges as independent companies in Italy.  Hutchison is currently OpFCF negative in Italy and Wind has a heavy debt burden.  In the past week, Iliad has signed an agreement with CK Hutchison and VimpelCom to enter the Italian market as a prospective MNO…

CK Hutchison. More Luck with Consolidation Plans in Italy?

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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

Thematic (Sector/Industry)

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

Equity Bottom-Up

Two of the Malaysian telcos have now reported 1Q16 numbers. They do not make pretty reading. <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946">Maxis Bhd</a> (Maxis) had been outperforming peers but has slipped back into negative territory. <a href="https://www.smartkarma.com/entities/945" target="_blank" data-smartkarma-citation="entities:945">Digi.Com Bhd</a> (DIGI) looks even worse, reporting a 7.7% drop in revenue YoY, with service revenue falling 1.8%. As we have noted previously, Malaysia is an ex growth telecoms market facing a series of negative factors. Share prices have been weak as realization dawns on investors that all is not well but we see…

Two of the Malaysian telcos have now reported 1Q16 numbers. They do not make pretty reading. Maxis Bhd (Maxis) had been outperforming peers but has slipped back into negative territory. Digi.Com Bhd (DIGI) looks even worse, reporting a 7.7% drop in revenue YoY, with service revenue falling 1.8%. As we have noted previously, Malaysia is an ex growth telecoms market facing a series of negative factors. Share prices have been weak as realization dawns on investors that all is not well but we see…

Malaysian Telcos. Results Point to More Pain Ahead

France

Iliad S.A. provides a wide range of telecommunications services which include national telecommunication and dial-up, and high speed DSL and TV Internet access.

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Iliad SA (ILD FP)

Details Emerge on Wind/3 Italia EC Settlement

The European Commission will approve the proposed joint venture between Italy’s third and fourth largest mobile players, Wind and 3 Italia, after...

CTFN

Hutchison 1H16 Mixed Results. Strong Cost Management

We do not follow the HK listing but do look at CK Hutchison (1 HK) in Europe as part of the competitive landscape. For a broader look at the recent...

New Street Research

CK Hutchison. More Luck with Consolidation Plans in Italy?

After the disappointment of a failed merger in the UK, CK Hutchison and VimpelCom's Wind subsidiary have been desperate to get a deal approved to...

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.

Malaysian Telcos. Results Point to More Pain Ahead

Two of the Malaysian telcos have now reported 1Q16 numbers. They do not make pretty reading. Maxis Bhd (Maxis) had been outperforming peers but has...

New Street Research

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