RESEARCH

Title Date
2021-09-24 History Rhymes Deck Sep 24, 2021
Disney: Live by Sub Adds, Die by Sub Adds – September 22, 2021 Sep 22, 2021
ACN, DXC, CTSH, IBM: The Primacy of Revenue Growth – Upgrading Accenture (Buy), Downgrading DXC (Neutral) Sep 22, 2021
Presentation - ACN, DXC, CTSH, IBM: The Primacy of Revenue Growth – Upgrading Accenture (Buy), Downgrading DXC (Neutral) Sep 22, 2021
U.S. Broadband: History Rhymes Sep 21, 2021
Communications Infrastructure Comps 2021-09-20 Sep 20, 2021
VG Comps 2021-09-20 Sep 20, 2021
Media Comps 2021-09-20 Sep 20, 2021
Telecom Cable Satellite Comps 2021-09-20 Sep 20, 2021
U.S. Advertising: Can This Online Ad Feast Continue? Sep 15, 2021
When the Sugar High Fades Deck Sep 15, 2021
Payments: Fintech Frenzy – Our Perspective on Recent and Upcoming Fintech IPOs Sep 15, 2021
Commercial Wireline Services: The Anti-Cycle Sep 14, 2021
Q2 2021 Cord-Cutting Monitor: Et Tu, Sports??? Sep 13, 2021
Media Comps 2021-09-13 Sep 13, 2021
Telecom Cable Satellite Comps 2021-09-13 Sep 13, 2021
VG Comps 2021-09-13 Sep 13, 2021
Communications Infrastructure Comps 2021-09-13 Sep 13, 2021
NFL: Will the Glue Continue To Be As Sticky? Sep 10, 2021
Altice USA: Too Many Ways to Win… A Sum of the Parts View Deck Sep 9, 2021
GPN: Step One on the Road to Recovery? Sep 9, 2021
Altice USA: Too Many Ways to Win… A Sum of the Parts View Sep 8, 2021
Media Comps 2021-09-07 Sep 7, 2021
Telecom Cable Satellite Comps 2021-09-07 Sep 7, 2021
Communications Infrastructure Comps 2021-09-07 Sep 6, 2021
VG Comps 2021-09-07 Sep 6, 2021
QTS: Dropping Coverage Sep 1, 2021
V, MA: Durbin 2.0? A Brief Review of Active U.S. Payments Regulatory Issues Sep 1, 2021
Telecom Cable Satellite Comps 2021-08-30 Aug 30, 2021
VG Comps 2021-0 Aug 30, 2021
U.S. Video Games: Booster Shots Aug 26, 2021
Payments: Après Square+Afterpay? A Fresh Look at the Payments M&A Chessboard Aug 23, 2021
VG Comps 2021-08-23 Aug 23, 2021
Communications Infrastructure Comps 2021-08-23 Aug 23, 2021
Media Comps 2021-08-23 Aug 23, 2021
Presentation: Payments, Processors, and IT Services: Après Square + Afterpay? A Fresh Look at the Payments M&A Chessboard Aug 23, 2021
Telecom Cable Satellite Comps 2021-08-23 Aug 23, 2021
Wireless Q2 2021: When the Sugar High Fades Aug 19, 2021
Frontier: A Clearer Path... Updating our Target Price and Assessing Operational Data, Supply Chain, and Comps Aug 18, 2021
MoffettNathanson Webex: Payments, Processors, and IT Services: 2Q21 Roundup – Updated Stock Preferences and Top Sector Themes - Deck Aug 17, 2021
Payments, Processors, and IT Services: 2Q21 Roundup – Updated Stock Preferences and Top Sector Themes Aug 17, 2021
Communications Infrastructure Comps 2021-08-16 Aug 16, 2021
VG Comps 2021-08-16 Aug 16, 2021
Media Comps 2021-08-16 Aug 16, 2021
Disney: Earnings Recovery vs. Multiple Expansion Aug 13, 2021
Snap: Can They Keep This Growth Up? Aug 12, 2021
Coinbase 2Q21: The IRS and SEC Are Coming for Crypto – What it Means for Coinbase Aug 11, 2021
AMC Networks: Why the Secrecy? Aug 9, 2021
Dish Q2 2021 Earnings: The Long Farewell (of a Hunger Strike) Aug 9, 2021
Cable One Q2 2021 Earnings: The Canary Sings Aug 9, 2021
Cinemark: Still Many More Questions Than Answers Aug 9, 2021
VG Comps 2021-08-09 Aug 9, 2021
Communications Infrastructure Comps 2021-08-09 Aug 9, 2021
Media Comps 2021-08-09 Aug 9, 2021
Telecom Cable Satellite Comps 2021-08-09 Aug 9, 2021
ViacomCBS: Swimming in the Streaming Deep End Aug 6, 2021
Fox: Playing a Different Game Aug 5, 2021
Cogent Q2 2021 Earnings: The Twists and Turns on the Road to Normalcy Aug 5, 2021
Roku: What Is the Revenue Model? Aug 5, 2021
EA: Flight to Safety? Aug 5, 2021
DXC 1Q22: Can Revenues Grow? Aug 5, 2021
WPP: Need A Little More Convincing Aug 5, 2021
Frontier Q2 2021 Earnings and Analyst Day: Charting the Course Ahead (And it Looks Pretty Interesting) Aug 5, 2021
FIS 2Q21: The Journey Back to 10% Growth in Merchant Solutions Aug 4, 2021
Square + Afterpay: Our Merger Model, Raising TP to $340 Aug 4, 2021
Discovery: What’s The Rush? Aug 4, 2021
After a Wild Week, Now What? Square-Afterpay, 2Q Earnings, and Implications for our Stocks Aug 4, 2021
Activision: A Tough Test Aug 4, 2021
GPN 2Q21: When Will Good Be Good Enough? Aug 3, 2021
QTS Q2 2021 Earnings: Running Through the Tape Aug 3, 2021
Lumen Q2 2021 Earnings and Apollo ILEC Deal: Sales (Divestitures) vs. Sales (Revenue) Aug 3, 2021
U.S. Media: The End of Those Easy Compares Aug 2, 2021
VG Comps 2021-08-02 Aug 2, 2021
Telecom Cable Satellite Comps 2021-08-02 Aug 2, 2021
SBA Q2 2021 Earnings: The Anticipation Builds Aug 2, 2021
Square + Afterpay: Advancing Toward the Holy Grail (A Scaled Two-Sided Network) Aug 2, 2021
Media Comps 2021-08-02 Aug 2, 2021
Communications Infrastructure Comps 2021-08-02 Aug 2, 2021
TTWO F1Q'22 Earnings: Simple, Not Easy Aug 2, 2021
U.S. Media: Shouldn’t We Worry About the Box Office “Recovery”? - July 30, 2011 Jul 30, 2021
Mastercard 2Q21: Credit Recovery, International Share Gains = 15% Volume Growth in 2022, 11-12% Beyond Jul 30, 2021
Charter Q2 2021: Thank Goodness for Simple Stories Jul 30, 2021
ADP 4Q21: Roll by ADP – Getting In On the Ground Floor Jul 29, 2021
PYPL 2Q21: PayPal Has 1/3 of U.S. Online Checkout, Competition from Other Buttons, Yet Just Raised TPV Growth Guidance to 33-35%...How? Jul 29, 2021
American Tower Q2 2021 Earnings: The Portfolio Effect in Effect Jul 29, 2021
Comcast Q2 2021: Where Will All the Cash Go? Jul 29, 2021
CoreSite Q2 2021 Earnings: The Song Remains the Same Jul 29, 2021
T-Mobile Q2 2021: The House or the Neighborhood? Jul 29, 2021
Facebook: The Company You Keep? Jul 29, 2021
Digital Realty Q2 2021 Earnings: The Fruits of its Labor? Jul 29, 2021
Cognizant 2Q21: Attrition – The Debbie Downer Jul 29, 2021
Alphabet: All the Right Moves Jul 28, 2021
Visa 3Q21: Visa Direct, Europe – Why We Believe in 11% Volume Growth in 2023 and Beyond Jul 28, 2021
Altice USA Q2 2021: Choose Your Poison… Price or Volume? Jul 28, 2021
CyrusOne Q2 2021 Earnings: Will a New CEO Merit a New Outlook? Jul 28, 2021
Fiserv 2Q21: The Merchant Acquiring Business – A Portrait of a Share Gainer (Or At Least Share Maintainer) Jul 28, 2021
Equinix Q2 2021 Earnings: What’s Left to Juice the Stock? Jul 28, 2021
Dish Network: The Worst Case Scenario is Off the Table; Upgrading to Neutral, TP $40 Jul 26, 2021
AXP 2Q21: Yes, U.S. Consumers Like to Spend Money Jul 26, 2021
Communications Infrastructure Comps 2021-07-26 Jul 26, 2021
Telecom Cable Satellite Comps 2021-07-26 Jul 26, 2021
VG Comps 2021-07-26 Jul 26, 2021
Media Comps 2021-07-26 Jul 26, 2021
Lumen: Hasta La Vista, Baby... Implications of the Sale of its LatAm Unit Jul 26, 2021
Snap and Twitter: For Once, Everyone Is a Winner Jul 23, 2021
Payments: Economic Recovery, Secular Acceleration, and New Payment Flows – Our Latest 5-Year Industry Forecast Jul 22, 2021
AT&T Q2 2021 Earnings: Timing is Everything Jul 22, 2021
Netflix: What If Conventional Wisdom Is Wrong? Jul 21, 2021
Crown Castle Q2 2021 Earnings: The Small Cell Dilemma Jul 21, 2021
Verizon Q2 2021 Earnings: Good for Now… But Is It Sustainable? Jul 21, 2021
Interpublic: The Point of Difference Jul 21, 2021
Omnicom: Shedding an ICONic Business Jul 20, 2021
IBM 2Q21: Kyndryl By Any Other Name…Our Latest Perspective on the ITO Spin Jul 20, 2021
Telecom Cable Satellite Comps 2021-07-19 Jul 19, 2021
Communications Infrastructure Comps 2021-07-19 Jul 19, 2021
Media Comps 2021-07-19 Jul 19, 2021
VG Comps 2021-07-19 Jul 19, 2021
U.S. Towers and U.S. Data Centers: Judging Cross-Sector Valuations and Appeal Jul 16, 2021
Payments: The Checkout Button Wars, 2021 Edition – Featuring BNPL, Shop Pay, and Perennial Powerhouses PayPal, Apple Pay, and Google Pay Jul 16, 2021
US Media 2Q 2021 SVOD Tracker Slides Jul 16, 2021
Disney: What Happens When One World Opens As Another Slows? Jul 14, 2021
U.S. Cable: After the Gold Rush Jul 13, 2021
Communications Infrastructure Comps 2021-07-12 Jul 12, 2021
VG Comps 2021-07-12 Jul 12, 2021
Telecom Cable Satellite Comps 2021-07-12 Jul 12, 2021
Square: Peer Comps, SoTP and DCF – Three Valuation Lenses for Square Jul 9, 2021
U.S. Streaming Media: What Is Your RPU? Jul 8, 2021
Coinbase: Competition, Crypto Fundamentals, a Crypto Cloud and More...Answers to Our Top 20 FAQs (Part 2/2) Jul 8, 2021
Cable Wireless: The Impact on TelCos Jul 6, 2021
Media Comps 2021-07-06 Jul 6, 2021
Telecom Cable Satellite Comps 2021-07-06 Jul 6, 2021
Communications Infrastructure Comps 2021-07-06 Jul 6, 2021
VG Comps 2021-07-06 Jul 6, 2021
Ready Player MN: Initiating Coverage of U.S. Video Game Publishers Deck Jun 30, 2021
Media & Internet Marketing Deck Jun 30, 2021
Netflix: Can Netflix Become Disney Faster than Disney Becomes Netflix? Jun 29, 2021
Communications Infrastructure Comps 2021-06-28 Jun 28, 2021
VG Comps 2021-06-28 Jun 28, 2021
Telecom Cable Satellite Comps 2021-06-28 Jun 28, 2021
Media Comps 2021-06-28 Jun 28, 2021
Paychex 4Q21: Land and Expand – the Value of Wallet Share Gains Jun 28, 2021
Accenture 3Q21: The Next Big Thing - Accenture’s Investments in Emerging Technologies Jun 25, 2021
U.S. Theaters: It’s All About The Windows Jun 25, 2021
Takeaways from Equinix’s 2021 Analyst Day Jun 24, 2021
Ready Player MN: Initiating Coverage of U.S. Video Game Publishers Jun 24, 2021
FISV, FIS, GPN: When Will the Market Realize These Stocks Are Quality Compounders? Jun 24, 2021
Its Time to Take Cable Wireless Seriously Deck Jun 23, 2021
PayPal: The Checkout Button Flexes its Pricing Muscle (For the First Time in 20 Years) Jun 22, 2021
Media Comps 2021-06-21 Jun 21, 2021
Telecom Cable Satellite Comps 2021-06-21 Jun 21, 2021
Communications Infrastructure Comps 2021-06-21 Jun 21, 2021
DXC: The Long Pole in the Tent – $1.5 B in FY24 Free Cash Flow Jun 18, 2021
Coinbase: Competition, Crypto Fundamentals, a Crypto Cloud and More...Answers to Our Top 20 FAQs (Part 1/2) Jun 17, 2021
It’s Time to Take Cable’s Wireless Business Seriously Jun 17, 2021
Communications Infrastructure Comps 2021-06-14 Jun 14, 2021
Telecom Cable Satellite Comps 2021-06-14 Jun 14, 2021
Media Comps 2021-06-14 Jun 14, 2021
eComm deck Jun 13, 2021
Payments: Faster Growth in ’21 than ’20 (Yes, Really) – Our Latest Proprietary eCommerce Forecast Jun 11, 2021
U.S. Advertising: Did You Hear the One About the Upfront Going Away? Jun 10, 2021
Highlights from REITweek 2021 Management Meetings Jun 10, 2021
Payments: A Unicorn 95x – The Basics and Our Perspective on Stripe Jun 8, 2021
Fiber Overbuilds Conference Call Deck Jun 8, 2021
Data Centers: What are the Takeaways from Blackstone’s Acquisition of QTS? Jun 7, 2021
Cogent: Is an Inflection on the Horizon? Raise TP to $84, Maintain Buy Rating Jun 7, 2021
U.S. Broadband: The Headwind of Fiber Overbuilds and the Tailwind of Stimulus Jun 3, 2021
Payments, Processors, and IT Services: 1Q21 Roundup – Updated Stock Preferences and Top Sector Themes - Deck Jun 2, 2021
Payments, Processors, and IT Services: 1Q21 Roundup – Updated Stock Preferences and Top Sector Themes Jun 2, 2021
Media Comps 2021-06-01 Jun 1, 2021
Communications Infrastructure Comps 2021-06-01 Jun 1, 2021
Telecom Cable Satellite Comps 2021-06-01 Jun 1, 2021
Lumen: You Think I Ain’t Worth a Dollar, but I Feel Like a Millionaire... Raising TP to $10, Maintain Sell Rating Jun 1, 2021
Q1 2021 Cord-Cutting Monitor: Meet the New Boss, Same as the Old Boss May 27, 2021
Cognizant: Six Takeaways from our Fireside Chat with Cognizant’s CFO during MN’s 3rd Annual PPI Summit May 27, 2021
DXC 4Q21: Thrice Bitten, How Shy? DXC’s New(est) Three-Year Outlook May 27, 2021
Accenture: Seven Takeaways from our Fireside Chat with Accenture’s CTO during MN’s 3rd Annual PPI Summit May 26, 2021
Paychex: Six Takeaways From Our Fireside Chat With Paychex’s CFO During MN’s 3rd Annual PPI Summit May 25, 2021
Discovery: Stuck In A Moment; Downgrade to Neutral May 24, 2021
AXP: Six Takeaways From Our Fireside Chat With the President of Amex’s Global Commercial Services Business May 24, 2021
Media Comps 2021-05-24 May 24, 2021
Telecom Cable Satellite Comps 2021-05-24 May 24, 2021
Communications Infrastructure Comps 2021-05-24 May 24, 2021
Fiserv: Six Takeaways From Our Fireside Chat With Fiserv’s CEO During MN’s 3rd Annual PPI Summit May 21, 2021
Wireless Q1 2021: AT&T Unchained? May 21, 2021
PayPal: Six Takeaways From Our Fireside Chat With PayPal’s CEO During MN’s 3rd Annual PPI Summit May 20, 2021
Mastercard: Seven Takeaways from our Fireside Chat with Mastercard’s CFO during MN’s 3rd Annual PPI Summit May 19, 2021
Discovery: Above the Globe…and Beyond! May 18, 2021
Visa: Eight Takeaways from our Fireside Chat with Visa’s CEO during MN’s 3rd Annual PPI Summit May 18, 2021
2021-05-18 AT&T WarnerMedia Discovery Deck May 18, 2021
Media Comps 2021-05-17 May 17, 2021
Communications Infrastructure Comps 2021-05-17 May 17, 2021
Telecom Cable Satellite Comps 2021-05-17 May 17, 2021
Disney: A Long Time Ago in a Galaxy Far, Far Away May 14, 2021
Coinbase 1Q21: Holy Uncertainty – Our Forecasting Approach for Coinbase May 14, 2021
SoTI 2021 deck May 13, 2021
U.S. Media & Internet: What Happens When the World Reopens? May 11, 2021
AMC Networks: Stop Us If You’ve Heard This One Before May 10, 2021
Telecom Cable Satellite Comps 2021-05-09 May 10, 2021
Cinemark: Deals in Hand, Problem Solved? May 10, 2021
Communications Infrastructure Comps 2021-05-09 May 10, 2021
Media Comps 2021-05-09 May 10, 2021
ViacomCBS: The First Step Up The Mountain May 7, 2021
Roku: Selling the Shovels May 7, 2021
FIS 1Q21: Merchant Solutions and the Mystery of Volumes, Yields, and Mix May 7, 2021
Square 1Q21: Cash App Business – A Peek into the Power of a Two-Sided Network May 7, 2021
Fox: Thursday Night Lite May 6, 2021
Cognizant 1Q21: Oh, India May 6, 2021
Cable One Q1 2021 Earnings: The Margin Story May 6, 2021
PayPal 1Q21: 54% TPV Growth (ex-eBay) Begs Revisiting the Question – Why Do Merchants Use PayPal Again? May 6, 2021
Towers Marketing Deck May 5, 2021
Lumen Q1 2021 Earnings: What Went Wrong, and What Might Go Right May 5, 2021
Data Center Marketing Deck May 5, 2021
Internet Infrastructure Marketing Deck May 5, 2021
GPN 1Q21: The Pros and Cons of an Industry-specialized, SMB-focused Merchant Acquirer May 5, 2021
8th Annual Media and Communications Summit Agenda Final May 5, 2021
T-Mobile Q1 2021 Earnings: The Anxious Twilight of LTE May 4, 2021
Frontier: Assigning Buy Rating and Target Price of $31 May 4, 2021
Media Comps 2021-05-03 May 3, 2021
Telecom Cable Satellite Comps 2021-05-03 May 3, 2021
3rd Annual Payments Processors IT Services Summit Agenda Final May 3, 2021
Communications Infrastructure Comps 2021-05-03 May 3, 2021
Mastercard 1Q21: Revert or Converge? The Relative Performance of Mastercard and Visa Post-Pandemic Apr 30, 2021
Twitter: The Math Doesn't Make Sense? Apr 30, 2021
Charter Q1 2021 Earnings: A Return to First Principles? Apr 30, 2021
Frontier Q1 2021 Earnings: Welcome Back Apr 30, 2021
Discovery: Proving the Discovery Difference Apr 29, 2021
Comcast Q1 2021 Earnings: Let's Get Stimulated! Apr 29, 2021
CoreSite Q1 2021 Earnings: Not Yet Humming Apr 29, 2021
Facebook: Do Not Track? Apr 29, 2021
American Tower Q1 2021 Earnings: Chugging Along, with Drivers for the Future Falling into Place Apr 29, 2021
Digital Realty Q1 2021 Earnings: Growth Cross-Currents Apr 29, 2021
Interpublic and WPP: The V-Shaped Agency Recovery Apr 29, 2021
ADP 3Q21: The Recovery Year – Our Outlook for ADP’s Performance in FY22 Apr 29, 2021
Dish Network Q1’21 Earnings: About that Amazon Deal… Apr 29, 2021
Visa 2Q21: Debit, Debit, Everywhere Apr 28, 2021
Equinix Q1 2021 Earnings: Slower, but Sustainable? Apr 28, 2021
Fiserv 1Q21: Fiserv’s Secret Weapon – Distribution Apr 28, 2021
Cogent Q1 2021 Earnings: Closer to a Turn? Apr 28, 2021
Alphabet: Two Years + Three Tailwinds = $2,800 PT Apr 28, 2021
Altice USA Q1 2021 Earnings: Price versus Volume Apr 28, 2021
CyrusOne Q1 2021 Earnings: Is the New Leadership Team Making Progress? Apr 28, 2021
AT&T and Verizon: Holding Pattern? Downgrading Verizon to Neutral Apr 27, 2021
QTS Q1 2021 Earnings: Can QTS Keep It Up? Apr 27, 2021
3rd Annual Payments Processors IT Services Summit Agenda 2021 Apr 26, 2021
Telecom Cable Satellite Comps 2021-04-26 Apr 26, 2021
U.S. Media: The Plot Twists Keep Coming! Upgrading ViacomCBS to Neutral Apr 26, 2021
Media Comps 2020-04-26 Apr 26, 2021
Communications Infrastructure Comps 2021-04-26 Apr 26, 2021
AXP 1Q21: A Beacon of Light in the U.S. Apr 26, 2021
SBA Q1 2021 Earnings: All Eyes On 2022 Apr 26, 2021
Snap: And It Gets Better From Here Apr 23, 2021
Payments: The Future of Merchant Acquiring, Part 3/3 – Implications for FISV, FIS, GPN, PYPL, SQ, Adyen, Stripe Apr 22, 2021
AT&T Q1'21 Earnings: A War on Three Fronts 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
Communications Infrastructure Comps 2021-04-19 Apr 19, 2021
Telecom Cable Satellite Comps 2021-04-19 Apr 19, 2021
COIN: “Be Bloody, Bold, and Resolute” – Initiating Coverage of Coinbase at Buy, TP = $600 - in 45 slides 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
Media Comps 2021-04-19 Apr 19, 2021
Altice USA: How Long is ATUS’s Broadband Runway? A Peek through the Lens of Proprietary Market Share Data Apr 16, 2021
1Q21 SVOD Tracker / Is Streaming a Good Business Deck 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
Paychex 3Q21: A Path to Share Gains Emerges Apr 7, 2021
Is Starlink a Substitute for, or a Supplement to, Wired Broadband? Apr 5, 2021
Communications Infrastructure Comps 2021-04-05 Apr 5, 2021
Media Comps 2021-04-05 Apr 5, 2021
Telecom Cable Satellite Comps 2021-04-05 Apr 5, 2021
Telecom and Cable & Satellite Marketing Deck Apr 1, 2021
Payments: The Future of Merchant Acquiring, Part 2/3 – Our Five-Year Industry Outlook Mar 31, 2021
Stimulus to the rescue conference call deck Mar 31, 2021
Data Centers: What Insights Can ROIC Reveal About Performance and Valuation? Mar 31, 2021
U.S. Advertising: The Case for Our Wide-Eyed Optimism 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
Accenture 2Q21: International Expansion – The Next Growth Frontier Mar 19, 2021
Visa: The Department of Justice Investigation – Our Preliminary Perspective Mar 19, 2021
U.S. Sports: The NFL Spikes the Ball 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
Media Comps 2021-03-15 Mar 15, 2021
Telecom Cable Satellite Comps 2021-03-15 Mar 15, 2021
U.S. Wireless: Seven Takeaways from Three Analyst Days Mar 15, 2021
Communications Infrastructure Comps 2021-03-15 Mar 15, 2021
WPP: In the End, It Just Wasn’t That Bad Mar 12, 2021
3rd Annual Payments Processors IT Services Summit Agenda Mar 12, 2021
ViacomCBS: Climbing a Mountain of Worries Mar 11, 2021
Disney: ESPN Lacing Up Their Skates Again – March 11, 2021 Mar 11, 2021
Payments: That Is One Big-Ass Stimulus Bill –Implications for Our Companies 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
Telecom Cable Satellite Comps 2021-03-08 Mar 8, 2021
Roku: Is It AOL or Is It Netflix? Mar 8, 2021
Media Comps 2021-03-08 Mar 8, 2021
Communications Infrastructure 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
Communications Infrastructure Comps 2021-03-01 Mar 1, 2021
AMC Networks: Not The Walking Dead? Mar 1, 2021
Media Comps 2021-03-01 Mar 1, 2021
Telecom Cable Satellite Comps 2021-03-01 Mar 1, 2021
CryptoAsset & Blockchain Advisor Mar 1, 2021
Cinemark: Will Share Gains Be Enough? 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 - Deck Feb 25, 2021
Payments, Processors, and IT Services: 4Q20 Roundup – Updated Stock Preferences and Top Sector Themes Feb 25, 2021
American Tower Q4 2020 Earnings: Looking Out Over the Sprint Churn Hump 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
ViacomCBS: Mission Impossible? Feb 25, 2021
Cogent Q4 2020 Earnings: Searching for a Bottom Feb 25, 2021
Cable One Q4 2020 Earnings: The High Price of a High Valuation? 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
Media Comps 2021-02-22 Feb 22, 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
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
U.S. Media: Will Going OTT Burst The Sports Bubble? Deck Feb 16, 2021
Telecom Cable Satellite Comps 2021-02-16 Feb 16, 2021
QTS Q4 2020 Earnings: Blowout* Feb 16, 2021
Media Comps 2021-02-16 Feb 16, 2021
Communications Infrastructure Comps 2021-02-16 Feb 16, 2021
PYPL, MA: Is PayPal Worth More than Mastercard? Feb 12, 2021
Disney: Three Different Mice 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
Altice USA Q4 ’20 Earnings: Same Debate, Different Day Feb 10, 2021
Equinix Q4 2020 Earnings: Confidence vs. Caution Feb 10, 2021
Lumen Q4 2020 Earnings: Focus on Fundamentals 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
FIS: Model Update to Reflect Latest Macroeconomic Conditions Feb 8, 2021
Telecom Cable Satellite Comps 2021-02-08 Feb 8, 2021
U.S. Media: Will Going OTT Burst The Sports Bubble? 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
U.S. Media: Should We Worry About Sports Ratings? Feb 4, 2021
Cognizant: Pedantic, Perhaps, But Oh So Valuable – The Upside to Cognizant’s Free Cash Flow Feb 4, 2021
PayPal 4Q20: Expanding ARPU from $70 to ??? – The Next Major Growth Driver for PayPal Feb 4, 2021
CoreSite Q4 2020 Earnings: Slowly Gathering the Necessary Ingredients Feb 4, 2021
T-Mobile Q4 2020 Earnings: Balance Sheet Wars? Feb 4, 2021
Alphabet: Disclosing a Much Better Story Feb 3, 2021
Cogent: A Revenant, Not a Dead Man Walking... Upgrade to Buy, Target Price $69 Feb 3, 2021
Telecom Cable Satellite Comps 2021-02-01 Feb 1, 2021
Media Comps 2021-02-01 Feb 1, 2021
Communications Infrastructure Comps 2021-02-01 Feb 1, 2021
Visa 1Q21: Have We Mentioned How Much We Love Visa Direct? Jan 29, 2021
Mastercard 4Q20: Enormous, Yet Elusive – Mastercard’s Expansion into B2B Payments Jan 29, 2021
Charter Q4 2020 Earnings: Can Growth be Sustained? Jan 29, 2021
Facebook: Exit Velocity Jan 28, 2021
Comcast Q4 2020 Earnings: Flex versus Peacock Jan 28, 2021
ADP 2Q21: Cautious Optimism - The Promise of a Labor Recovery Jan 28, 2021
Discovery+: International Markets Are Complicated, but Represent a Vast Opportunity – January 27, 2021 Jan 27, 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
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
Dish Network: The U.S. Auction, and Lessons from Japan Jan 20, 2021
Netflix: The Residue of Design Jan 20, 2021
2021 Year Ahead Deck Jan 20, 2021
PayPal: The Boon of Bitcoin and BNPL - Deck Jan 20, 2021
Media Comps 2021-01-19 Jan 19, 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
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
Media Comps 2021-01-11 Jan 11, 2021
Communications Infrastructure Comps 2021-01-11 Jan 11, 2021
Telecom Cable Satellite 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 DECK Jan 6, 2021
Payments, Processors, and IT Services 2021: No Rest For the Weary Jan 6, 2021
U.S. Media: Our Virtual Visit to an Altered Universe Jan 5, 2021
Media Comps 2021-01-04 Jan 4, 2021
Telecom Cable Satellite Comps 2021-01-04 Jan 4, 2021