RESEARCH

Title Date
Payments: The Future of Merchant Acquiring, Part 3/3 – Implications for FISV, FIS, GPN, PYPL, SQ, Adyen, Stripe Apr 22, 2021
Initiating Coverage of Frontier Deck Apr 21, 2021
Netflix: Is Streaming a Good Business? (Part 2) Apr 21, 2021
Omnicom: The First of Many? Apr 21, 2021
Verizon Q1’21 Earnings: Is Good Enough Good Enough? Apr 21, 2021
Crown Castle Q1 2021 Earnings: Moving in the Right Direction Apr 21, 2021
IBM 1Q21: First Among Equals – A Deep Dive into Cloud & Cognitive Software Apr 20, 2021
COIN: “Be Bloody, Bold, and Resolute” – Initiating Coverage of Coinbase at Buy, TP = $600 - in 45 slides Apr 19, 2021
Communications Infrastructure Comps 2021-04-19 Apr 19, 2021
Telecom Cable Satellite Comps 2021-04-19 Apr 19, 2021
Media Comps 2021-04-19 Apr 19, 2021
Fox: Why We Remain Bullish Apr 19, 2021
A Semi-Precious Stone in the Rough... Initiating Coverage of Frontier Apr 19, 2021
1Q21 SVOD Tracker / Is Streaming a Good Business Deck Apr 16, 2021
Altice USA: How Long is ATUS’s Broadband Runway? A Peek through the Lens of Proprietary Market Share Data Apr 16, 2021
Coinbase Initiation Deck Apr 15, 2021
U.S. Media: Is Streaming a Good Business? Apr 14, 2021
Dish Network: Revisiting the Logic of a Satellite Merger Apr 13, 2021
Dycom Meeting Notes 2021-04-13 Apr 13, 2021
COIN: “Be Bloody, Bold, and Resolute” – Initiating Coverage of Coinbase at Buy, TP = $600 Apr 13, 2021
U.S. Towers: Revisiting Key Growth Drivers and Reassessing Valuations Apr 12, 2021
Communications Infrastructure Comps 2021-04-12 Apr 12, 2021
Media Comps 2021-04-12 Apr 12, 2021
Telecom Cable Satellite Comps 2021-04-12 Apr 12, 2021
8th Annual Media Communications Agenda Apr 9, 2021
Marketing Funnel Deck April 2021 Apr 7, 2021
3rd Annual Payments Processors IT Services Summit Agenda 3-29-21 Apr 7, 2021
Paychex 3Q21: A Path to Share Gains Emerges Apr 7, 2021
Media Comps 2021-04-05 Apr 5, 2021
Is Starlink a Substitute for, or a Supplement to, Wired Broadband? Apr 5, 2021
Telecom Cable Satellite Comps 2021-04-05 Apr 5, 2021
Communications Infrastructure Comps 2021-04-05 Apr 5, 2021
Telecom and Cable & Satellite Marketing Deck Apr 1, 2021
Data Centers: What Insights Can ROIC Reveal About Performance and Valuation? Mar 31, 2021
Payments: The Future of Merchant Acquiring, Part 2/3 – Our Five-Year Industry Outlook Mar 31, 2021
U.S. Advertising: The Case for Our Wide-Eyed Optimism Mar 31, 2021
Stimulus to the rescue conference call deck Mar 31, 2021
Media Comps 2021-03-29 Mar 29, 2021
Telecom Cable Satellite Comps 2021-03-29 Mar 29, 2021
Communications Infrastructure Comps 2021-03-29 Mar 29, 2021
V, MA: The DoJ Investigation – What You Need to Know, Our Perspective, and Broader Implications Mar 26, 2021
U.S. Media: A Return of the “Haves” and “Have-Nots”; Downgrade VIAC to Sell Mar 25, 2021
New Media Value Chain conference call deck Mar 25, 2021
Media Comps 2021-03-22 Mar 22, 2021
Communications Infrastructure Comps 2021-03-22 Mar 22, 2021
Telecom Cable Satellite Comps 2021-03-22 Mar 22, 2021
U.S. Sports: The NFL Spikes the Ball Mar 19, 2021
Accenture 2Q21: International Expansion – The Next Growth Frontier Mar 19, 2021
Visa: The Department of Justice Investigation – Our Preliminary Perspective Mar 19, 2021
Payments: The Future of Merchant Acquiring, Part 1/3 – State of the Industry, Factors that Matter Mar 18, 2021
U.S. Broadband: Stimulus to the Rescue? Mar 16, 2021
U.S. Wireless: Seven Takeaways from Three Analyst Days Mar 15, 2021
Media Comps 2021-03-15 Mar 15, 2021
Telecom Cable Satellite Comps 2021-03-15 Mar 15, 2021
Communications Infrastructure Comps 2021-03-15 Mar 15, 2021
3rd Annual Payments Processors IT Services Summit Agenda Mar 12, 2021
WPP: In the End, It Just Wasn’t That Bad Mar 12, 2021
Payments: That Is One Big-Ass Stimulus Bill –Implications for Our Companies Mar 11, 2021
Disney: ESPN Lacing Up Their Skates Again – March 11, 2021 Mar 11, 2021
ViacomCBS: Climbing a Mountain of Worries Mar 11, 2021
Payments Sector Marketing Deck Mar 10, 2021
PPI March 2021 Marketing Deck Mar 10, 2021
Commercial Wireline Services: Will the Recovery be Good, or Bad, for Incumbents? Mar 9, 2021
V, MA: From Bitcoin to BNPL, Big Tech, and Big Government – Our View on the Risks Mar 9, 2021
Media Comps 2021-03-08 Mar 8, 2021
Communications Infrastructure Comps 2021-03-08 Mar 8, 2021
Roku: Is It AOL or Is It Netflix? Mar 8, 2021
Telecom Cable Satellite Comps 2021-03-08 Mar 8, 2021
Wireless Q4 2020: That Which is Unsustainable… Mar 5, 2021
Square: The Bull Thesis from Here Mar 3, 2021
Q4 2020 Cord-Cutting Monitor: Revisiting the Value Chain Mar 2, 2021
Media Comps 2021-03-01 Mar 1, 2021
CryptoAsset & Blockchain Advisor Mar 1, 2021
AMC Networks: Not The Walking Dead? Mar 1, 2021
Cinemark: Will Share Gains Be Enough? Mar 1, 2021
Communications Infrastructure Comps 2021-03-01 Mar 1, 2021
Telecom Cable Satellite Comps 2021-03-01 Mar 1, 2021
Twitter: They Are Not Who We Thought They Were Feb 26, 2021
Payments, Processors, and IT Services: 4Q20 Roundup – Updated Stock Preferences and Top Sector Themes Feb 25, 2021
ViacomCBS: Mission Impossible? Feb 25, 2021
American Tower Q4 2020 Earnings: Looking Out Over the Sprint Churn Hump Feb 25, 2021
Cable One Q4 2020 Earnings: The High Price of a High Valuation? Feb 25, 2021
Payments, Processors, and IT Services: 4Q20 Roundup – Updated Stock Preferences and Top Sector Themes - Deck Feb 25, 2021
U.S. Telecom: Aftershocks from the C-Band Auction Feb 25, 2021
U.S. Telecom: Aftershocks from the C-Band Auction Slides Feb 25, 2021
Cogent Q4 2020 Earnings: Searching for a Bottom Feb 25, 2021
Square 4Q20: Bonus Points – The Remarkable Profitability of Cash App Feb 24, 2021
Snap: They Are Who We Thought They Were Feb 24, 2021
Discovery: A New Growth Company? Feb 23, 2021
Telecom Cable Satellite Comps 2021-02-22 Feb 22, 2021
Communications Infrastructure Comps 2021-02-22 Feb 22, 2021
Dish Network Q4 2020 Earnings: When Will We Learn about Financing? Feb 22, 2021
SBA Q4 2020 Earnings: The Shape of the “U” Feb 22, 2021
Media Comps 2021-02-22 Feb 22, 2021
Payments: Debit – No Stopping Me Now Feb 19, 2021
Roku: Hunting for Impressions Feb 19, 2021
Omnicom: Easy Comps & Longer Term Challenges Feb 18, 2021
Digital Advertising: Will Apple Be Poisonous? Feb 17, 2021
CyrusOne Q4 2020 Earnings: A Good Q4... Whither 2021? Feb 17, 2021
QTS Q4 2020 Earnings: Blowout* Feb 16, 2021
Telecom Cable Satellite Comps 2021-02-16 Feb 16, 2021
U.S. Media: Will Going OTT Burst The Sports Bubble? Deck Feb 16, 2021
Media Comps 2021-02-16 Feb 16, 2021
Communications Infrastructure Comps 2021-02-16 Feb 16, 2021
Disney: Three Different Mice Feb 12, 2021
PYPL, MA: Is PayPal Worth More than Mastercard? Feb 12, 2021
Interpublic: Rather Be Early (Part 2) Feb 11, 2021
Digital Realty Q4 2020 Earnings: The Repositioning Shining Through Feb 11, 2021
FIS 4Q20: What Will Make the Deal Stocks Work Again? Part 2: Dispelling the eComm Bears Feb 10, 2021
Fiserv 4Q20: What Will Make the Deal Stocks Work Again? Part 3: International Expansion Feb 10, 2021
Twitter: Signs of Green Shoots; Upgrade to Neutral Feb 10, 2021
Lumen Q4 2020 Earnings: Focus on Fundamentals Feb 10, 2021
Altice USA Q4 ’20 Earnings: Same Debate, Different Day Feb 10, 2021
Equinix Q4 2020 Earnings: Confidence vs. Caution Feb 10, 2021
Fox: Will Frustration Lead To More Action? Feb 9, 2021
GPN 4Q20: What Will Make the Deal Stocks Work Again? Part 1: The SMB Recovery Feb 9, 2021
Telecom Cable Satellite Comps 2021-02-08 Feb 8, 2021
U.S. Media: Will Going OTT Burst The Sports Bubble? Feb 8, 2021
FIS: Model Update to Reflect Latest Macroeconomic Conditions Feb 8, 2021
Media Comps 2021-02-08 Feb 8, 2021
Communications Infrastructure Comps 2021-02-08 Feb 8, 2021
Snap: Doubling Down on Growth Feb 5, 2021
DXC 3Q21: First Atos, Next IBM NewCo? Our Perspective on the Merger Question Feb 5, 2021
Cognizant: Pedantic, Perhaps, But Oh So Valuable – The Upside to Cognizant’s Free Cash Flow Feb 4, 2021
T-Mobile Q4 2020 Earnings: Balance Sheet Wars? Feb 4, 2021
CoreSite Q4 2020 Earnings: Slowly Gathering the Necessary Ingredients Feb 4, 2021
U.S. Media: Should We Worry About Sports Ratings? Feb 4, 2021
PayPal 4Q20: Expanding ARPU from $70 to ??? – The Next Major Growth Driver for PayPal Feb 4, 2021
Cogent: A Revenant, Not a Dead Man Walking... Upgrade to Buy, Target Price $69 Feb 3, 2021
Alphabet: Disclosing a Much Better Story Feb 3, 2021
Media Comps 2021-02-01 Feb 1, 2021
Communications Infrastructure Comps 2021-02-01 Feb 1, 2021
Telecom Cable Satellite Comps 2021-02-01 Feb 1, 2021
Visa 1Q21: Have We Mentioned How Much We Love Visa Direct? Jan 29, 2021
Charter Q4 2020 Earnings: Can Growth be Sustained? Jan 29, 2021
Mastercard 4Q20: Enormous, Yet Elusive – Mastercard’s Expansion into B2B Payments Jan 29, 2021
ADP 2Q21: Cautious Optimism - The Promise of a Labor Recovery Jan 28, 2021
Facebook: Exit Velocity Jan 28, 2021
Comcast Q4 2020 Earnings: Flex versus Peacock Jan 28, 2021
AXP 4Q20: Wanderlust Jan 27, 2021
Crown Castle Q4 2020 Earnings: Positioned to Lead in Tower Growth? Jan 27, 2021
AT&T Q4 2020 Earnings: Something's Gotta Give Jan 27, 2021
Discovery+: International Markets Are Complicated, but Represent a Vast Opportunity – January 27, 2021 Jan 27, 2021
Verizon Q4 2020: After the Auction Jan 26, 2021
Media Comps 2021-01-25 Jan 25, 2021
Telecom Cable Satellite Comps 2021-01-25 Jan 25, 2021
Communications Infrastructure Comps 2020-01-25 Jan 25, 2021
IBM 4Q20: The Slippery Slope of Declining Free Cash Flow (and a Hefty Dividend) Jan 22, 2021
4Q20 SVOD Tracker: I’ll Be Streaming for Christmas? Jan 22, 2021
4Q20 SVOD Tracker Deck Jan 21, 2021
Netflix: The Residue of Design Jan 20, 2021
PayPal: The Boon of Bitcoin and BNPL - Deck Jan 20, 2021
2021 Year Ahead Deck Jan 20, 2021
Dish Network: The U.S. Auction, and Lessons from Japan Jan 20, 2021
American Tower: Exploring Europe... What Should We Make of the Telxius Towers Acquisition? Jan 19, 2021
Communications Infrastructure Comps 2021-01-19 Jan 19, 2021
Telecom Cable Satellite Comps 2021-01-19 Jan 19, 2021
Media Comps 2021-01-19 Jan 19, 2021
U.S. Media & Internet: Blue Skies for Now; Upgrading Discovery and Snap to Buy Jan 15, 2021
PayPal: The Boon of Bitcoin and BNPL – Raising TP to $300 Jan 15, 2021
Data Centers: Positioning for 2021 and Beyond Jan 14, 2021
Visa – Plaid: Unsurprising, but Disappointing Jan 13, 2021
Twitter: The Dark Side of the Trump Bump Jan 11, 2021
Telecom Cable Satellite Comps 2021-01-11 Jan 11, 2021
Media Comps 2021-01-11 Jan 11, 2021
Communications Infrastructure Comps 2021-01-11 Jan 11, 2021
The Atos Bid – If “More Than $10 B” Means $11.5-$12 B, That Could Be Interesting Jan 8, 2021
Payments, Processors, and IT Services 2021: No Rest For the Weary Jan 6, 2021
Payments, Processors, and IT Services 2021: No Rest For the Weary DECK Jan 6, 2021
U.S. Media: Our Virtual Visit to an Altered Universe Jan 5, 2021
Telecom Cable Satellite Comps 2021-01-04 Jan 4, 2021
Media Comps 2021-01-04 Jan 4, 2021
Communications Infrastructure Comps 2021-01-04 Jan 4, 2021
Telecom Cable Satellite Comps 2020-12-28 Dec 28, 2020
Communications Infrastructure Comps 2020-12-28 Dec 28, 2020
Media Comps 2020-12-28 Dec 28, 2020
Paychex 2Q21: A Gem Regains Its Luster – Our Outlook for the PEO Dec 24, 2020
Payments, Processors, and IT Services: As we close the door on 2020, and open the door on 2021… Dec 22, 2020
Communications Infrastructure Comps 2020-12-21 Dec 21, 2020
Telecom Cable Satellite Comps 2020-12-21 Dec 21, 2020
Media Comps 2020-12-21 Dec 21, 2020
WPP: Turning It Around? Dec 18, 2020
Accenture 1Q21: Remind Me Again, What Exactly Do They Do? (And Why Is It Good?) Dec 18, 2020
Broadband 2021: Where Are All the Subs Coming From? Dec 16, 2020
Visa: Visa Direct, Cryptocurrencies, the Travel Recovery, Europe, and More – A Discussion with Visa’s President and CFO Dec 16, 2020
Media Comps 2020-12-14 Dec 14, 2020
Communications Infrastructure Comps 2020-12-14 Dec 14, 2020
Telecom Cable Satellite Comps 2020-12-14 Dec 14, 2020
Disney: “If It Was Easy, Everyone Would Do It” Dec 11, 2020
Fiserv: Now All They Have to Do is Do It Dec 9, 2020
Media & Internet Marketing Deck Dec 9, 2020
RDOF Auction Results: Money for Nothing? Implications for Lumen, Charter, Satellite, Towers, and Others Dec 8, 2020
AXP: Per Angusta Ad Augusta – Initiating Coverage of American Express at Buy DECK Dec 8, 2020
Media Comps 2020-12-07 Dec 7, 2020
Telecom Cable Satellite Comps 2020-12-07 Dec 7, 2020
Disney: Do You Believe in Magic? (Act 2) Dec 7, 2020
Communications Infrastructure Comps 2020-12-07 Dec 7, 2020
AXP: Per Angusta Ad Augusta - Initiating Coverage of American Express at Buy, TP = $155 Dec 7, 2020
U.S. Towers: Taking a Fresh Look at 2021 and Beyond Dec 4, 2020
AT&T & U.S. Theaters: Suicide Squad? – December 4, 2020 Dec 4, 2020
DXC: Why Join DXC? And A Deep Dive into DXC’s Competitive Position as Enterprises Transition to Cloud – A Discussion with DXC’s New CIO Dec 4, 2020
Paychex: Bookings, Competition, New Payments Offerings, and the Recent Virus Surge – A Discussion with Paychex’s CEO and CFO Dec 3, 2020
Discovery: Is discovery+ More Like CBS All Access or Disney+? – December 3, 2020 Dec 3, 2020
Wireless Q3 2020: The Spoils of a Three Player Market? Upgrading Verizon to Buy, Raising TP to $66 Dec 2, 2020
PayPal: Wallet Re-design, Buy-Now-Pay-Later, Cryptocurrencies, and More – A Discussion with PayPal’s CEO Dec 2, 2020
Media Comps 2020-11-30 Nov 30, 2020
Telecom Cable Satellite Comps 2020-11-30 Nov 30, 2020
Communications Infrastructure Comps 2020-11-30 Nov 30, 2020
Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145 - in 30 slides Nov 24, 2020
U.S. Advertising: That Was Unexpected! Nov 24, 2020
5G Summit: The Road to Revolution - Key Takeaways Nov 23, 2020
Telecom Cable Satellite Comps 2020-11-23 Nov 23, 2020
Media Comps 2020-11-23 Nov 23, 2020
U.S. Towers: What Should We Make of Crown Castle’s Deal with Dish Network? Nov 23, 2020
Communications Infrastructure Comps 2020-11-23 Nov 23, 2020
Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145 - DECK Nov 22, 2020
Q3 2020 Cord-Cutting Monitor: Are We Finding a Floor? Nov 19, 2020
Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145 Nov 19, 2020
ADP: Competition During COVID-19, Bookings, Lifion, and More – A Discussion with ADP’s CEO and CFO Nov 17, 2020
Digital Advertising: It’s Good to Be Small & Medium Nov 16, 2020
Media Comps 2020-11-16 Nov 16, 2020
Rather Be Early Than Late: Upgrade Interpublic to Buy and Omnicom to Neutral Nov 16, 2020
Telecom Cable Satellite Comps 2020-11-16 Nov 16, 2020
Communications Infrastructure Comps 2020-11-16 Nov 16, 2020
Payments, Processors, and IT Services: 3Q20 Roundup – Updated Stock Preferences and Top Sector Themes (Deck) Nov 13, 2020
Disney: The Disney Rorschach Test Nov 13, 2020
Cognizant: M&A, Pricing, FCF, Cultural Change and More – a Discussion with Cognizant’s New CFO Nov 13, 2020
Accenture: Digital Everything – A Discussion with the Head of Accenture’s Industry X Practice Nov 12, 2020
Payments, Processors, and IT Services: 3Q20 Roundup – Updated Stock Preferences and Top Sector Themes Nov 11, 2020
5G Summit Agenda 2020-11-10 Nov 10, 2020
ViacomCBS: Walking the Transformation Tightrope Nov 9, 2020
Media Comps 2020-11-09 Nov 9, 2020
Communications Infrastructure Comps 2020-11-09 Nov 9, 2020
Telecom Cable Satellite Comps 2020-11-09 Nov 9, 2020
DXC 2Q21: A Moment We Have All Been Waiting For Nov 6, 2020
Roku: Stream On, Dream On Nov 6, 2020
Square 3Q20: The Seller Revival Nov 6, 2020
Dish Network Q3 2020 Earnings: What Have We Learned? Nov 6, 2020
Discovery: The Discovery Difference? Nov 6, 2020
Cinemark: Can Dynamic Windowing Be A Good Thing? Nov 6, 2020
Cogent Q3 2020 Earnings: COVID Winner to COVID Loser to COVID What? Nov 5, 2020
T-Mobile Q3 2020 Earnings: From 3G Worst to 5G First Nov 5, 2020
Cable One Q3 2020 Earnings: Twin Pillars Nov 5, 2020
Fox: Is the Trump News Network to Blame? Nov 4, 2020
Lumen Q3 2020 Earnings: Hangin’ Tough Nov 4, 2020
Cognizant 3Q20: Why Are Bookings Growing 15%, Yet Revenues Are Still Flat? Nov 3, 2020
PayPal 3Q20: Prognosticating 2021 Nov 3, 2020
AMC Networks: Needing a Bigger “Life” Boat? Nov 3, 2020
Media Comps 2020-11-02 Nov 2, 2020
Communications Infrastructure Comps 2020-11-02 Nov 2, 2020
Telecom Cable Satellite Comps 2020-11-02 Nov 2, 2020
5G Summit Agenda Final Nov 2, 2020
SBA Q3 2020 Earnings: The Last Best Hope Nov 2, 2020
Online Advertising: Easy Money Oct 30, 2020
FIS 3Q20: Racking and Stacking the Deal Stocks, Part 1 Oct 30, 2020
GPN 3Q20: Racking and Stacking the Deal Stocks, Part 2 Oct 30, 2020
Charter Q3 2020 Earnings: The Big Pull-Forward? Oct 30, 2020
Visa 4Q20: Delayed Gratification Oct 29, 2020
WPP: Does the V Look Like a U for Now? Oct 29, 2020
Altice USA Q3 2020 Earnings: The M&A Exit? Oct 29, 2020
MA 3Q20: Flatlined Oct 29, 2020
American Tower Q3 2020 Earnings: End of an Era? Oct 29, 2020
CoreSite Q3 2020 Earnings: A Return to Normalcy Oct 29, 2020
ADP 1Q21: Shaking Off the Bears Oct 29, 2020
Comcast Q3 2020 Earnings: Pet Rock Oct 29, 2020
Digital Realty Q3 2020 Earnings: Portfolio Evolution Oct 29, 2020
Fiserv 3Q20: The Path Out of Purgatory Oct 28, 2020
Omnicom: Enough Already, Upgrade to Neutral from Sell Oct 28, 2020
Equinix Q3 2020 Earnings: What is an Unassailable Position Worth? Oct 28, 2020
CyrusOne Q3 2020 Earnings: Ride ‘Em On Down Oct 28, 2020
Media Comps 2020-10-26 Oct 26, 2020
Communications Infrastructure Comps 2020-10-26 Oct 26, 2020
Payments, Processors, and IT Services: Biden and the Democrats – Implications for our Sector Oct 26, 2020
QTS Q3 2020 Earnings: Conditioning Investors Oct 26, 2020
Telecom Cable Satellite Comps 2020-10-26 Oct 26, 2020
Interpublic: Rather Be Early Than Late; Upgrade to Buy Oct 22, 2020
AT&T Q3 2020 Earnings: What Did AT&T See? Oct 22, 2020
Netflix: Netflix and Chill Oct 21, 2020
Verizon Q3 2020: The Many Riddles of 5G Oct 21, 2020
Crown Castle Q3 2020 Earnings: Confirming Fears? Oct 21, 2020
Snap: As If 2020 Never Happened Oct 21, 2020
IBM 3Q20: Tantalizing, Yet Elusive: The Mid-Single Digit Revenue Growth Target Oct 20, 2020
Internet Infrastructure Marketing Deck Oct 19, 2020
Data Center Marketing Deck Oct 19, 2020
Payments: Digital Wallet Wars in the COVID-19 Era – New 1000+ Respondent Consumer Survey Oct 19, 2020
Telecom Cable Satellite Comps 2020-10-19 Oct 19, 2020
U.S. Media & Internet: Of Tailwinds & Bubbles? Oct 19, 2020
Media Comps 2020-10-19 Oct 19, 2020
Communications Infrastructure Comps 2020-10-19 Oct 19, 2020
5G Summit Agenda Oct 19, 2020
Towers Marketing Deck Oct 19, 2020
3Q20 SVOD & AVOD Update Oct 16, 2020
Payments: The Land of Opportunity – Spotlight on SMBs Oct 15, 2020
MN 3Q20 SVOD & AVOD Tracker: The Afterglow? Oct 14, 2020
U.S. Data Centers: What Risks Should We be Focused On? Oct 13, 2020
The Incredible Shrinking AT&T... A Sum of the Parts View Oct 13, 2020
Media Comps 2020-10-12 Oct 12, 2020
Telecom Cable Satellite Comps 2020-10-12 Oct 12, 2020
Communications Infrastructure Comps 2020-10-12 Oct 12, 2020
U.S. Theaters: Unten(et)able? Oct 9, 2020
IBM, DXC: IBM’s Managed Infrastructure Services Spin – A Healthy (If Arduous) Divorce Oct 9, 2020
Paychex 1Q21: Gaining Share in a Fragile Market Oct 7, 2020
Telecom Cable Satellite Comps 2020-10-05 Oct 5, 2020
Communications Infrastructure Comps 2020-10-05 Oct 5, 2020
Media Comps 2020-10-05 Oct 5, 2020
ADP, PAYX: The Road to Recovery Oct 2, 2020
Disney: A Lifeboat, But At What Price? Oct 1, 2020
Dish Network: The Wholesale versus Retail Dilemma Oct 1, 2020
U.S. Digital Advertising: Are Even the Bulls Too Low? Sep 29, 2020
Communications Infrastructure Comps 2020-09-28 Sep 28, 2020
Media Comps 2020-09-28 Sep 28, 2020
Accenture 4Q20: Feels Like 1973 All Over Again Sep 25, 2020
Roku: Is the +20% Move Justified Post the NBCU Deal? Sep 23, 2020
Payments, Processors, and IT Services: Better, or Worse (Than Expected)? A Mid-Quarter Check-in on the COVID-19 Recovery Sep 23, 2020
Communications Infrastructure Comps 2020-09-21 Sep 21, 2020
Telecom Cable Satellite Comps 2020-09-21 Sep 21, 2020
American Tower and T-Mobile: Understanding the MLA, and Trimming Tower Forecasts to Account for It Sep 21, 2020
Media Comps 2020-09-21 Sep 21, 2020
V, MA: Oh, The Places You’ll Go! A Deep Dive Into the Recovery of Travel Sep 18, 2020
Common Networks meeting notes Sep 18, 2020
Payments: Mastercard Deep Dive and Perspective on Mastercard vs. Visa Sep 17, 2020
U.S. Media and Internet: Capital Markets 101? Sep 16, 2020
Mastercard Deep Dive Deck Sep 15, 2020
Verizon Enters (and Tracfone Exits) the Pre-paid Market: Takeaways from Our Conversation with CFO Matt Ellis Sep 14, 2020
Telecom Cable Satellite Comps 2020-09-14 Sep 14, 2020
Media Comps 2020-08-14 Sep 14, 2020
Communications Infrastructure Comps 2020-09-14 Sep 14, 2020
Payments: The Ant Group IPO – Threats, Opportunities and Implications for V, MA, PYPL, SQ, FIS, FISV and GPN - Deck Sep 10, 2020
FIS, FISV: Bank Processing Is Accelerating, but Unfortunately Probably Won’t Make the Stocks Work Sep 10, 2020
Q2 2020 Broadband: The Footprint Expansion Game Sep 10, 2020
U.S. Media: An NFL Season Like No Other! Sep 10, 2020
Payments: The Ant Group IPO – Threats, Opportunities and Implications for V, MA, PYPL, SQ, FIS, FISV and GPN Sep 8, 2020
Media Comps 2020-09-08 Sep 8, 2020
Telecom Cable Satellite Comps 2020-09-08 Sep 8, 2020
Communications Infrastructure Comps 2020-09-08 Sep 8, 2020
U.S. Towers: Returning to Returns... How Do Crown Castle and its Fiber Business Stack Up? Sep 2, 2020
Telecom Cable Satellite Comps 2020-08-31 Aug 31, 2020
U.S. Advertising: Explaining the Inexplicable Aug 31, 2020
Communications Infrastructure Comps 2020-08-31 Aug 31, 2020
Media Comps 2020-08-31 Aug 31, 2020
WPP: Time Now to Compare and Contrast Aug 28, 2020
Fox: Is It Time to Sell the Broadcast Assets? Aug 24, 2020
Communications Infrastructure Comps 2020-08-24 Aug 24, 2020
Media Comps 2020-08-24 Aug 24, 2020
Telecom Cable Satellite Comps 2020-08-24 Aug 24, 2020
Commercial Wireline Services: Has the Worst Passed, or is This the Calm Before the Storm? Aug 21, 2020
Payments: WhatsApp Payments, Apple Pay Antitrust Rumblings, a New EU Network, and More – What Else Has Been Happening in Payments Aug 21, 2020
Wireless Q2 2020: Chasing T-Mobile Aug 19, 2020
Visa: A Deep Dive – The Bull Thesis in 30 Slides Aug 19, 2020
Communications Infrastructure Comps 2020-08-17 Aug 17, 2020
Telecom Cable Satellite Comps 2020-08-17 Aug 17, 2020
Visa Deep Dive: Top Pick, Target Price = $250 Aug 17, 2020
Media Comps 2020-08-17 Aug 17, 2020
Cogent: A Disappointing Q2, But Not the End of the Story... Upgrading to Neutral Aug 16, 2020
Payments, Processors, and IT Services: 2Q20 Roundup – Updated Stock Preferences and Top Sector Themes - Deck Aug 13, 2020
Payments, Processors, and IT Services: 2Q20 Roundup – Updated Stock Preferences and Top Sector Themes Aug 13, 2020
U.S. Media & Internet: A Tale of Two Tales Aug 13, 2020
Q2 2020 Cord-Cutting Monitor: The Second Cycle Aug 12, 2020
Media Comps 2020-08-10 Aug 10, 2020
Telecom Cable Satellite Comps 2020-08-10 Aug 10, 2020
ViacomCBS: Can They Get To The Other Side? Aug 7, 2020
Dish Network Q2 2020 Earnings: How Safe is Dish’s Rural Stronghold? Aug 7, 2020
DXC 1Q’21: Is That A Light At the End of the Tunnel? Aug 7, 2020
Cogent Q2 2020 Earnings: First Look Post-COVID Aug 6, 2020
T-Mobile Q2 2020 Earnings: Come On In, the Water’s Fine Aug 6, 2020
Roku: Feels Like the First Time Aug 6, 2020
FISV 2Q20: How Are the Merchant Acquirers Faring Through the Pandemic? Aug 6, 2020
Cable One Q2 2020 Earnings: Closing the Gap Aug 6, 2020
Square 2Q20: How’d They Do That? Aug 6, 2020
Disney and Fox: What’s My Narrative? Aug 5, 2020
AMC Networks: Summing Up A Quarter Aug 5, 2020
Discovery: Can the SUV Float? Aug 5, 2020
FIS 2Q20: A Large Market and an Advantaged Competitive Position - Is Acceleration in Banking Solutions Enough for the Stock to Work? Aug 5, 2020
CenturyLink Q2 2020 Earnings: COVID Cross-Currents Aug 5, 2020
GPN 2Q20: What to Make of the New AWS Partnership (and a Mini-Primer on Issuer Processing) Aug 4, 2020
Cinemark: Can PVOD Terms Still Improve? Aug 4, 2020
Media Comps 2020-08-03 Aug 3, 2020
Telecom Cable Satellite Comps 2020-08-03 Aug 3, 2020
Cognizant 2Q’20: How Excited Should We Be About 14% Bookings Growth? Aug 3, 2020
SBA Q2 2020 Earnings: How Similar to its Peers? Aug 3, 2020
Communications Infrastructure Comps 2020-08-03 Aug 3, 2020
Alphabet and Facebook: Letting the Numbers Do the Talking Jul 31, 2020
Mastercard 2Q20: The Signs That People Are, In Fact, Avoiding Cash Jul 31, 2020
Charter Q2 2020 Earnings: De-risking Broadband Jul 31, 2020
ADP 4Q20: Will the Near-Term Pain Translate to Long-Term Gain? Jul 30, 2020
Comcast Q2 2020 Earnings: Growth versus Value Jul 30, 2020
Digital Realty Q2 2020 Earnings: Strutting its Stuff Jul 30, 2020
PayPal 2Q20: How About 25% Growth in Core Checkout Again in 2021? We Think Yes. Jul 30, 2020
CoreSite Q2 2020 Earnings: Mojo on the Horizon? Jul 30, 2020
Altice USA Q2 2020 Earnings: The “Can It Grow” Debate Jul 30, 2020
American Tower Q2 2020 Earnings: Mid-Year Checkup Jul 30, 2020
Visa 3Q20: Top Pick as Faster Cash Displacement and Visa Direct Accelerate Volume Growth to 15% in FY21 Jul 29, 2020
Interpublic: Crisis Management Jul 29, 2020
Equinix Q2 2020 Earnings: Powering Ahead Jul 29, 2020
Crown Castle Q2 2020 Earnings: What Happens Next? Jul 29, 2020
CyrusOne Q2 2020 Earnings: Swimming with the Tide? Jul 29, 2020
U.S Media & Internet: As Clear As Mud! Jul 28, 2020
Omnicom: OMG, OMC Jul 28, 2020
Communications Infrastructure Comps 2020-07-27 Jul 27, 2020
Payments: The Pandemic Rattles the Foundation of the Bull Thesis – Our New 5-Year Industry Forecast Slides Jul 27, 2020
Telecom Cable Satellite Comps 2020-07-27 Jul 27, 2020
QTS Q2 2020 Earnings: So, Just How Good? Jul 27, 2020
Media Comps 2020-07-27 Jul 27, 2020
Verizon Q2 2020 Earnings: Strategy versus Execution Jul 24, 2020
Payments: The Pandemic Rattles the Foundation of the Bull Thesis – Our New 5-Year Industry Forecast Jul 23, 2020
Twitter: Playing in Traffic Jul 23, 2020
AT&T Q2 2020 Earnings: Fewer Degrees of Freedom Jul 23, 2020
2020-07-22 AVOD & Roku Initiation Deck Jul 22, 2020
Snap: The Data Doesn't Fit the Narrative Jul 22, 2020
U.S. Data Centers: Is Past Prologue? A Close Look at AFFO per Share Trends Jul 21, 2020
IBM 2Q20: Shaking off the Pandemic Nicely, But Kinda Wish The Really Profitable, Really Important Stuff was Doing a Bit Better Jul 21, 2020
Green Lights and Yellow Flags: Initiating Coverage of Roku at Neutral Jul 20, 2020
Communications Infrastructure Comps 2020-07-20 Jul 20, 2020
Telecom Cable Satellite Comps 2020-07-20 Jul 20, 2020
Media Comps 2020-07-20 Jul 20, 2020
Netflix: Pull Forward & Wait Jul 17, 2020
Payments, Processors, and IT Services: Attractive Valuations, Updated Stock Picks, the New Normal – a Two-Year Anniversary Blog Jul 17, 2020
ACN, IBM, DXC, CTSH, FIS, FISV: New CIO Survey Results Indicate Unexpected Resilience of Enterprise IT Spending During the COVID-19 Crisis Jul 16, 2020
2020-07-15 2Q20 SVOD Update Deck (HarrisX) Jul 15, 2020
MN Quarterly SVOD Tracker: From War to Peace? Jul 14, 2020
Telecom Cable Satellite Comps 2020-07-13 Jul 13, 2020
U.S. Media: Say Goodbye to Those Empty vMVPD Calories Jul 13, 2020
Media Comps 2020-07-13 Jul 13, 2020
Communications Infrastructure Comps 2020-07-13 Jul 13, 2020
Payments: Beyond eCommerce, Contactless, and Digital Banks – Ten Other Repercussions of the Pandemic Jul 10, 2020
Paychex 4Q20: Unfortunately, It Is The Economy, Stupid Jul 8, 2020
Media Comps 2020-07-06 Jul 6, 2020
Telecom Cable Satellite Comps 2020-07-06 Jul 6, 2020
Communications Infrastructure Comps 2020-07-06 Jul 6, 2020
Square: The Digital Bank Dream - A Deep Dive into Square’s Cash App; Raising TP to $120 Jul 1, 2020
Square: The Digital Bank Dream - A Deep Dive into Square’s Cash App Jul 1, 2020
Media Comps 2020-06-29 Jun 29, 2020
Comcast: Sky Diving Jun 29, 2020
Telecom Cable Satellite Comps 2020-06-29 Jun 29, 2020
Communications Infrastructure Comps 2020-06-29 Jun 29, 2020
Cogent: Still a Sell? Jun 26, 2020
Accenture 3Q20: Digital/Cloud Shift – 1, Macroeconomic Environment – 0 Jun 26, 2020
Media Comps 2020-06-22 Jun 22, 2020
Payments: Takeaways from Discussions with the CFOs of American Express and Discover during MN’s PPI Summit Jun 22, 2020
Telecom Cable Satellite Comps 2020-06-22 Jun 22, 2020
Communications Infrastructure Comps 2020-06-22 Jun 22, 2020
U.S. Media: 2Q U.S. Ad Trends Not As Bad As Feared Jun 18, 2020
Cognizant: Five Takeaways from our Fireside Chat with Cognizant’s CEO during MN’s 2nd Annual PPI Summit Jun 18, 2020
DXC: Six Takeaways from our Fireside Chat with DXC’s CEO during MN’s 2nd Annual PPI Summit Jun 18, 2020
Executive Order Jun 16, 2020
ZwillGen Update on the Executive Order Jun 16, 2020
Paychex: Six Takeaways from our Fireside Chat with Paychex’s CEO & CFO during MN’s PPI Summit Jun 16, 2020
CDT v. Trump Complaint Jun 16, 2020
U.S. Towers: The Most Important Risks Jun 15, 2020
Media Comps 2020-06-15 Jun 15, 2020
Telecom Cable Satellite Comps 2020-06-15 Jun 15, 2020
Communications Infrastructure Comps 2020-06-15 Jun 15, 2020
Mastercard: Takeaways from Discussions with Mastercard’s President, NA, at MN’s 2nd PPI Summit Jun 12, 2020
U.S. Video Consumer Spend: The Great Deflation Debate Jun 11, 2020
Visa: Six Takeaways from our Fireside Chat with Visa’s CFO during MN’s 2nd Annual PPI Summit Jun 11, 2020
T-Mobile - Deep Dive on T-Mobile - Conference Call Slides Jun 11, 2020
PayPal: Five Takeaways from our Fireside Chat with PayPal’s CEO during MN’s 2nd Annual PPI Summit Jun 10, 2020
New eCommerce Forecast and Checkout Button Data, Plus Highlights from our 2nd Annual PPI Summit (in 50 Slides) Jun 8, 2020
Communications Infrastructure Comps 2020-06-08 Jun 8, 2020
Wireless Q1 2020: Can We Avoid Another Price War? Jun 8, 2020
Telecom Cable Satellite Comps 2020-06-08 Jun 8, 2020
Media Comps 2020-06-08 Jun 8, 2020
New eCommerce Forecast and Checkout Button Data, Plus Highlights from our 2nd Annual Payments, Processors & IT Services Summit Jun 5, 2020
Cinemark: Doing What They Can Jun 4, 2020
Media Comps 2020-06-01 Jun 1, 2020
Communications Infrastructure Comps 2020-06-01 Jun 1, 2020
U.S. Media: Broken Windows & Empty Seats: The Future of the Film Industry? Jun 1, 2020
Telecom Cable Satellite Comps 2020-06-01 Jun 1, 2020
DXC 4Q’20: Running the Gauntlet May 29, 2020
CenturyLink: The Risks of Even a Brief Recession... Lowering TP to $7, Maintain Sell May 28, 2020
Payments: Checking In On The Checkout Button Wars – Will PayPal Keep Winning? May 28, 2020
Broadband Q1 2020: Broadband in the Era of COVID-19; A Proprietary Peek at Market Share Trend Data May 27, 2020
U.S. Advertising: The Shape of Recovery May 26, 2020
Communications Infrastructure Comps 2020-05-26 May 26, 2020
Media Comps 2020-05-26 May 26, 2020
Telecom Cable Satellite Comps 2020-05-26 May 26, 2020
Payments: From Tidal Wave to Tsunami – Our Proprietary eCommerce Forecast, Updated for COVID-19 May 22, 2020
Paychex COVID-19 Update: Green Shoots on Scorched Earth May 20, 2020
2020-05-20 Payments COVID fireside Chat May 20, 2020
Communications Infrastructure Comps 2020-05-18 May 18, 2020
Media Comps 2020-05-18 May 18, 2020
Telecom Cable Satellite Comps 2020-05-18 May 18, 2020
Payments, Processors, and IT Services: 1Q20 Roundup - Top Sector Themes and Updated Stock Preferences - Deck May 15, 2020
2nd Annual Payments Agenda May 14, 2020
State of the Industry 2020 Slides May 14, 2020
Payments, Processors, and IT Services: 1Q20 Roundup - Top Sector Themes and Updated Stock Preferences May 14, 2020
Communications Infrastructure Comps 2020-05-11 May 11, 2020
Cognizant 1Q’20: Are We There Yet? May 11, 2020
FISV 1Q20: Rays of Hope (and a New CEO) May 11, 2020
Telecom Cable Satellite Comps 2020-05-11 May 11, 2020
Media Comps 2020-05-11 May 11, 2020
Cable One Q1 2020 Earnings: Still Searching for Theories May 11, 2020
7th Annual Media Communications Agenda May 10, 2020
Q1 2020 Cord-Cutting Monitor: Pay TV Catches COVID May 8, 2020
Square 1Q20: In Sickness and In Health May 8, 2020
ViacomCBS: Pull in the Reins May 8, 2020
FIS 1Q20: The Value of Diversification May 8, 2020
Fox and Discovery: Can Opposites Be Attractive? May 7, 2020
Digital Realty Q1 2020 Earnings: The New Digital Realty May 7, 2020
GPN 1Q20: Global Payments Will Be Fine, but This Recovery is Looking Slow and Painful May 7, 2020
PayPal 1Q20: God Bless the Checkout Button May 7, 2020
Dish Network Q1 2020 Earnings: An Inconvenient Truth May 7, 2020
Cogent Q1 2020 Earnings: Backdoor Netflix? May 7, 2020
Disney: Fast-Forward to FY2022 May 6, 2020
AMC Networks: Our Song Remains The Same May 6, 2020
CenturyLink Q1 2020 Earnings: How Cyclical? May 6, 2020
T-Mobile Q1 2020 Earnings: UFO or Murder Hornet? May 6, 2020
Equinix Q1 2020 Earnings: Positioned for the Crisis and Beyond May 6, 2020
2nd Annual Payments, Processors and IT Services Summit Agenda May 5, 2020
SBA Q1 2020 Earnings: WACC vs. Growth May 5, 2020
7th Annual Media and Communications Summit Agenda May 4, 2020
Media Internet Comps 2020-05-04 May 4, 2020
Communications Infrastructure Comps 2020-05-04 May 4, 2020
Telecom Cable Satellite Comps 2020-05-04 May 4, 2020
Disney: A Long and Winding Road; Downgrade to Neutral May 4, 2020
CenturyLink: Revising Model to Account for Change in USF Accounting and Customer Assignments May 1, 2020
Visa 2Q20: Adjusting to the New Normal May 1, 2020
Charter Q1 2020 Earnings: Asymptomatic… or Better? May 1, 2020
ADP 3Q20: Could Have Been Worse May 1, 2020
Facebook: More of the Same Apr 30, 2020
MA 1Q20: Terrible, Terrific, and Everything in Between Apr 30, 2020
WPP: What is “Normal”? Apr 30, 2020
CoreSite Q1 2020 Earnings: Weathering the Storm Apr 30, 2020
Comcast Q1 2020 Earnings: Winners, Losers, and Comcast Apr 30, 2020
Twitter: Really? Apr 30, 2020
Altice USA Q1 2020 Earnings: Epicentricity Apr 30, 2020
CyrusOne Q1 2020 Earnings: A Texas Twang Mixed with a European Accent Apr 29, 2020
Crown Castle Q1 2020 Earnings: Holding the Line Apr 29, 2020
American Tower Q1 2020 Earnings: Mostly Quarantined Apr 29, 2020
Alphabet: Curb Your Enthusiasm? Apr 29, 2020
Omnicom: Waiting for the Smoke to Clear (Version 2) Apr 28, 2020
IT Services, HR Processors: Incorporating COVID-19 – Our Revised 3-yr Forecasts and Stock Preferences Apr 27, 2020
Media Internet Comps 2020-04-27 Apr 27, 2020
Communications Infrastructure Comps 2020-04-27 Apr 27, 2020
Telecom Cable Satellite Comps 2020-04-27 Apr 27, 2020
QTS Q1 2020 Earnings: Vaccinated Apr 27, 2020
U.S. Media: Say Goodbye to Hollywood Apr 24, 2020
Verizon Q1 2020 Earnings: The "V" in MANCAVE Apr 24, 2020
Netflix: The Perfect Storm Redux Apr 22, 2020
AT&T Q1 2020 Earnings: Testing, Testing, Testing Apr 22, 2020
Interpublic: Waiting for the Smoke to Clear Apr 22, 2020
Snap: The Shape of Things To Come? Apr 22, 2020
Ad Agencies: Prepare Yourself. This Will Be Bumpy. Apr 21, 2020
IBM 1Q20: COVID-19 + New CEO + Red Hat = ? Apr 21, 2020