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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
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

Indian market repair is underway but it will be survival of the biggest. Bharti announced a sharp increase in capex this week to $9bn over 3 1/2 years. While this was at least partly for the regulator's benefit it will increase pressure on other operators to boost spectrum and capex positions. It also makes some sort of arrangement between Reliance Comm and Reliance Jio more urgent.Bharti has the strongest spectrum position, and despite a heavy debt load is able to shoulder the additional burden. It should make a sale of African and South Asian assets (towers and operators) more urgent as well which would be a positive catalyst for the share price.Bears will point to the heavy capex as indicative that data cannot be profitable. We disagree. Data is being relatively well monetised in India and we see this continuing. The market is increasingly focused on quality and not just on price. India is approaching an inflection point in data demand as smartphone penetration is poised to soar and data revenues will follow. Bharti is well positioned to extend its market leadership.

Indian market repair is underway but it will be survival of the biggest. Bharti announced a sharp increase in capex this week to $9bn over 3 1/2 years. While this was at least partly for the regulator's benefit it will increase pressure on other operators to boost spectrum and capex positions. It also makes some sort of arrangement between Reliance Comm and Reliance Jio more urgent.Bharti has the strongest spectrum position, and despite a heavy debt load is able to shoulder the additional burden. It should make a sale of African and South Asian assets (towers and operators) more urgent as well which would be a positive catalyst for the share price.Bears will point to the heavy capex as indicative that data cannot be profitable. We disagree. Data is being relatively well monetised in India and we see this continuing. The market is increasingly focused on quality and not just on price. India is approaching an inflection point in data demand as smartphone penetration is poised to soar and data revenues will follow. Bharti is well positioned to extend its market leadership.

Bharti's Capex Spending Boosts Market Leadership

Bharti Airtel

Bharti's Capex Spending Boosts Market Leadership