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    Andrew Lee

    Research Analyst at Goldman Sachs

    Andrew Lee is an Investment Banking Analyst at Goldman Sachs, specializing in the financial analysis of clients within the hospitality and related sectors. He began his Goldman Sachs career as a Summer Analyst before joining the firm full-time and previously served as president of the Cornell Hedge Fund and contributed to campus financial research organizations. While he has demonstrated leadership and analytical excellence during his undergraduate tenure, detailed professional performance metrics or official success rates are not publicly available. Lee graduated from Cornell University with a major in Hotel Administration and a finance concentration, and is expected to hold standard securities licenses required of investment banking analysts at major firms.

    Andrew Lee's questions to TELEFONICA S A (TEF) leadership

    Andrew Lee's questions to TELEFONICA S A (TEF) leadership • Q2 2025

    Question

    Andrew Lee of Goldman Sachs questioned the low revenue and EBITDA growth in Spain despite strong KPIs, asking if it would accelerate or if the unit still required fixing. He also inquired if Virgin Media O2 is financially positioned for fiber consolidation in the UK.

    Answer

    COO & Executive Director Emilio Gayo Rodríguez stated that Telefónica Spain's 2025 revenue and EBITDA growth is expected to surpass 2024 levels, driven by B2C and B2B momentum, but deferred on 2026 targets pending a strategic review. Chairman & CEO Marc Murtra Millar acknowledged UK market opportunities but declined to comment on specific M&A plans to maintain strategic flexibility.

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    Andrew Lee's questions to TELEFONICA S A (TEF) leadership • Q1 2025

    Question

    Andrew Lee asked about the decision to pause the Virgin Media O2 NetCo process, its impact on the U.K. fiber expansion and altnet acquisition strategy, and the potential for inorganic consolidation in Spain.

    Answer

    COO Emilio Rodríguez stated that Telefonica's priority in Spain is organic growth but acknowledged that in-market consolidation is a necessary precursor to any broader European consolidation. Executive Lutz Schüler confirmed the U.K. NetCo process is paused pending Telefonica's strategic review, but clarified that fiber network expansion and conversations with altnets for potential consolidation are proceeding independently. Mr. Rodríguez reiterated the strategic value of fiber development in the U.K.

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    Andrew Lee's questions to TELEFONICA S A (TEF) leadership • Q1 2024

    Question

    Andrew Lee from Goldman Sachs inquired about the significant increase in lease costs in Spain during the quarter and their expected future trend. He also asked about the persistent negative fixed broadband net additions at VMO2 in the U.K. and whether this trend poses a risk to the joint venture's dividend.

    Answer

    Chief Operating Officer Ángel Vilá Boix and Chief Financial Officer Laura de Baquedano addressed the Spanish lease costs, attributing the Q1 increase to seasonal factors, 5G site additions, and inflation, while reassuring that trends should normalize and that full-year guidance remains firm. Regarding VMO2, CEO Lutz Schüler explained that while net adds were impacted by a smaller market and the ramp-up of new fiber sales, the fixed-line P&L is performing better than budget due to ARPU stabilization and growth, expressing confidence in the dividend.

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    Andrew Lee's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

    Andrew Lee's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q1 2026

    Question

    Andrew Lee from Goldman Sachs inquired about the potential for in-market consolidation in Germany, asking if Vodafone could actively lead such a move or would be an indirect beneficiary, and clarified if German growth is dependent on the 1&1 deal.

    Answer

    Group CEO Margherita Della Valle stated that Vodafone's primary focus in Germany is on completing its operational turnaround and driving organic growth through improved customer experience, not leading consolidation. She emphasized that while underlying growth depends on market conditions, the immediate priority is executing the 1&1 wholesale transition and improving operational excellence across the board.

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    Andrew Lee's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q2 2024

    Question

    Sought clarification that plans to smooth working capital would not involve new vendor financing or factoring arrangements. He also asked about the lack of operational gearing, where service revenue growth is not translating into proportional EBITDA growth.

    Answer

    Margherita Della Valle confirmed they are not planning the types of financing that investors are wary of. Luka Mucic explained the current lack of operational gearing is due to a conscious decision to reinvest OpEx savings into customer experience initiatives this year. He stated this is not a structural issue and expects more savings to translate to EBITDA growth in the future.

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    Andrew Lee's questions to Sunrise Communications (SNRE) leadership

    Andrew Lee's questions to Sunrise Communications (SNRE) leadership • Q1 2025

    Question

    Andrew Lee of Goldman Sachs inquired about the competitive landscape in residential mobile and fixed, and the rationale behind reduced Q1 promotional spending.

    Answer

    Executive André Krause noted a fragile but rationalizing mobile market where competitors followed price hikes, while fixed remains stable. He emphasized a strategic shift towards innovation over price. Executive Jany Fruytier explained that the Q1 promotional reduction was a deliberate commercial choice to support the price increase, with about half of the related OpEx savings expected to reverse in subsequent quarters.

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    Andrew Lee's questions to TELENOR (TELNY) leadership

    Andrew Lee's questions to TELENOR (TELNY) leadership • Q1 2025

    Question

    Andrew Lee questioned the decision to reiterate Nordic EBITDA growth guidance despite a strong Q1, asking about cost balancing between Nordics and corporate. He also inquired about the confidence to pursue consolidation under the current EU competition regime.

    Answer

    CFO Torbjorn Wist stated it was too early in theyear to raise guidance and explained the higher corporate costs were due to a persistent reallocation from business areas. CEO Benedicte Fasmer expressed confidence in pursuing consolidation in Denmark and Sweden, citing a more positive regulatory climate and favorable signals from recent deals in Spain and the U.K.

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    Andrew Lee's questions to TELENOR (TELNY) leadership • Q4 2024

    Question

    Andrew Lee followed up on M&A strategy, asking if management would actively pursue simplification in Asia to address the valuation discount and if they see scope for in-market consolidation in Europe.

    Answer

    CFO Torbjorn Wist stated the focus in Asia is on value creation through active ownership rather than pursuing simplification at any cost. CEO Benedicte Fasmer added that recent mergers have created #1 positions in key Asian markets. She also expressed hope for a more favorable regulatory environment to allow for in-market consolidation, particularly in Sweden and Denmark.

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    Andrew Lee's questions to TELENOR (TELNY) leadership • Q3 2024

    Question

    Andrew Lee asked for CEO Sigve Brekke's reflections on the sustainability of the strong 5-6% EBITDA growth in the Nordics, given historical performance. He also questioned if the raised free cash flow guidance was primarily due to the non-materialization of anticipated late payment fees in Bangladesh.

    Answer

    CEO Sigve Brekke expressed high confidence in the sustainability of Nordic growth, citing well-controlled transformation programs driving structural cost reductions and a rational pricing environment across the industry. He believes the Nordics are structurally different from the rest of Europe. Acting CFO Kasper Kaarboe clarified that the free cash flow guidance update was independent of the Bangladesh payment fees, which were already excluded from the initial guidance. The upgrade was driven by strong Q3 performance and momentum into Q4.

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    Andrew Lee's questions to KKPNY leadership

    Andrew Lee's questions to KKPNY leadership • Q1 2025

    Question

    Inquired about the shift in the expected timing of consumer growth recovery from Q2 to the second half, and the level of confidence that inflation-based price rises are sufficient to support this recovery amidst competitive pressures from Ziggo and Odido.

    Answer

    The mobile recovery occurred earlier than expected in Q1, while fixed-line growth is stable. The overall consumer market is projected to grow 1% to 1.5% for the year. Price increases have been well-absorbed, supported by the new 'CombiVoordeel' proposition. Competitive intensity is viewed as stable, with competitors' pricing actions remaining within a normal range, and improving order balances at the end of Q1 provide a supportive outlook.

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    Andrew Lee's questions to KKPNY leadership • Q2 2024

    Question

    Questioned the underlying EBITDA growth for Q2, asking why it appeared lower than previously guided when stripping out Youfone and asset sales. He also sought clarity on the expected EBITDA growth for the second half of the year and requested details on the nature and future recurrence of the asset monetizations.

    Answer

    The underlying EBITDA growth is around 3-3.5%, with Youfone now being a structural part of growth. The asset monetization, primarily from selling IP addresses, was larger and earlier than planned but is considered a recurring income stream for 2025 and 2026. For Q3, EBITDA growth is expected at 1-1.5%, with the combined Q2/Q3 growth averaging around 3.5%. Youfone is included in these figures as it's part of the strategic plan.

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    Andrew Lee's questions to KKPNY leadership • Q1 2024

    Question

    Inquired about the reasons for the decline in the wholesale broadband base and questioned why KPN isn't taking a more aggressive leadership role in consumer fixed pricing, similar to competitors like Ziggo.

    Answer

    The wholesale broadband base decline is attributed to smaller resellers struggling with intense market competition, though overall network penetration is still increasing. On pricing, KPN aims to balance maximizing increases with maintaining customer trust, noting they already implemented significant hikes last year and will announce this year's decision soon.

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    Andrew Lee's questions to ORANGE (FNCTF) leadership

    Andrew Lee's questions to ORANGE (FNCTF) leadership • Q1 2025

    Question

    Andrew Lee inquired about French market consolidation, asking if there have been any incremental moves by players suggesting a push towards consolidation, and whether Orange would ever consider acquiring XpFibre.

    Answer

    CEO Christel Heydemann reiterated her belief in the need for market consolidation across Europe. While noting that Orange is carefully monitoring the situation in France as the #1 player, she did not comment on specific moves. Regarding XpFibre, she stated that Orange does not plan or need to invest in it, as the company already owns a majority of its own fiber infrastructure, but it will carefully review any valuation of XpFibre given Orange's own significant fiber assets.

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