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    James Ratzer

    Founding Partner and Managing Director at New Street Research

    James Ratzer is a Founding Partner and Managing Director at New Street Research, specializing in European Communication Services research and leading coverage of major telecom companies such as Deutsche Telekom, Telecom Italia, Zegona Communications, Liberty Global, Cellnex, and MasOrange. Ratzer has achieved a career success rate of approximately 85%, with an average return of 15.2% per rating according to TipRanks, including multiple top analyst rankings in independent surveys. He began his career as an Equity Analyst at UBS Warburg, heading their Telecoms Research team before co-founding New Street Research in 2003, where he continues to lead the sector. Ratzer is recognized for his sector expertise and high performance, though specific FINRA or securities licensing details are not publicly available.

    James Ratzer's questions to TELEFONICA S A (TEF) leadership

    James Ratzer's questions to TELEFONICA S A (TEF) leadership • Q2 2025

    Question

    James Ratzer from New Street Research inquired about Telefónica's current investments in sovereign cloud and data spending, and whether there was a need to increase it. He also asked for a process update on the Spanish FibreCo stake sale and if it was paused.

    Answer

    COO & Executive Director Emilio Gayo Rodríguez stated that cloud is not a CapEx-heavy business and that while Telefónica has expressed interest in hosting an AI 'Gigafactory,' it is too early for details. He also confirmed that the fiber asset monetization process is ongoing and not paused as part of the strategic review.

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    James Ratzer's questions to TELEFONICA S A (TEF) leadership • Q1 2025

    Question

    James Ratzer highlighted the gap between Telefonica's free cash flow guidance and market consensus, asking for sources of the discrepancy. He also questioned the drivers behind the strong recovery in O2 contract ARPU in Germany and its sustainability.

    Answer

    Executive Laura de Baquedano addressed the free cash flow gap by pointing to growing organic operating cash flow, effective FX hedging, and a strong track record of managing all financial lines below OCF. Executive Markus Haas explained that Germany's mobile market structure remains intact and that Telefonica Germany has stabilized ARPU by focusing on a profitable mix of high-value customers, despite increased promotional activity in the market.

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    James Ratzer's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

    James Ratzer's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q1 2026

    Question

    James Ratzer from New Street Research asked about Vodafone's technology roadmap for its German cable infrastructure, including plans for speed upgrades like DOCSIS 4.0, and requested an update on the OXG fiber joint venture's progress.

    Answer

    Group CEO Margherita Della Valle explained the German tech roadmap is customer-driven, focusing on delivering gigabit speeds, which meets current demand. The strategy involves combining cable with wholesale fiber and selectively introducing iSplit technology to enhance uplink speeds. For OXG, she reported an accelerating pace, now at 230,000 homes passed with a run rate of 100,000 per quarter, with commercial launch planned for H2.

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    James Ratzer's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q2 2024

    Question

    Asked about the phasing of EBITDA growth, focusing on how the unwinding of energy cost headwinds might be offset by the negative impact from German MDU cable TV losses, and whether overall organic EBITDA growth is expected to improve.

    Answer

    Luka Mucic stated that H1 had a €300M energy drag, and H2 will see a €200M relief versus H1. This will be partially offset by the initial impact from the German MDU transition and related investments of ~€100M. For FY25, energy is expected to become a tailwind. Margherita Della Valle confirmed that FY24 EBITDA is a base to grow from in FY25, with the energy tailwind helping to offset the MDU impact.

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    James Ratzer's questions to Liberty Global (LBTYA) leadership

    James Ratzer's questions to Liberty Global (LBTYA) leadership • Q1 2025

    Question

    James Ratzer of New Street Research asked if the significant broadband losses in the U.K. might necessitate a strategic pricing shift similar to the one just implemented at VodafoneZiggo in the Netherlands.

    Answer

    Executive Chairman Michael Fries described such a move in the U.K. as 'premature.' He expressed confidence that growth from the nexfibre footprint and more effective churn management would stabilize the situation. He contrasted this with the Dutch market, where he said a price reset was 'long overdue.' The current plan for the U.K. is to continue growing fixed ARPU.

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    James Ratzer's questions to Liberty Global (LBTYA) leadership • Q3 2024

    Question

    James Ratzer from New Street Research highlighted that revenue trends worsened from Q2 to Q3 across all consumer fixed and mobile segments. He asked what the company plans to do to reverse this and specifically about the sharp decline in Virgin Media's consumer mobile service revenue.

    Answer

    Michael Fries, Executive, attributed the trend partly to smaller price increases compared to the prior year. Lutz Schüler, Executive, clarified the VMO2 mobile figure included a one-off item and the underlying result was better, while noting fixed revenue growth was strong. André Krause, Executive, explained the Swiss decline was due to the annualization of a price rise, migration effects, and higher roaming inclusion in tariffs.

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    James Ratzer's questions to Liberty Global (LBTYA) leadership • Q2 2024

    Question

    James Ratzer followed up on the TalkTalk situation, asking if there were any scenarios where Liberty Global might be interested in its assets, or if its declining customer base makes it too risky.

    Answer

    Executive Michael Fries reiterated that he could not comment on TalkTalk specifically. He stated that the company monitors all competitors with interest and would evaluate any opportunities that might arise, but offered no further details.

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