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

<p>After a weak 3Q16 commented on in <a href="https://www.smartkarma.com/insights/bharti-infratel-margin-squeeze-coming" target="_blank" data-smartkarma-citation="insights:2826">Bharti Infratel: Margin Squeeze Coming?</a> the latest 4Q16 numbers from <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953">Bharti Airtel Ltd</a> (BHIN) showed an improvement in underlying margins of 40bps. The out-performance was driven largely by a rise in low quality energy revenues and improving energy margins. We have been disappointed by the 60bps rise in margins at a time when the sharing factor has risen 0.08x (+3.6% YoY) to 2.20x and additional equipment loading should have boosted ARPUs. To become more…</p>

After a weak 3Q16 commented on in Bharti Infratel: Margin Squeeze Coming? the latest 4Q16 numbers from Bharti Airtel Ltd (BHIN) showed an improvement in underlying margins of 40bps. The out-performance was driven largely by a rise in low quality energy revenues and improving energy margins. We have been disappointed by the 60bps rise in margins at a time when the sharing factor has risen 0.08x (+3.6% YoY) to 2.20x and additional equipment loading should have boosted ARPUs. To become more…

Bharti Infratel: Margin Improvement Not Enough to Change Our Bearish View.

Indus Towers

Bharti Infratel: Margin Improvement Not Enough to Change Our Bearish View.