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    Nawar Cristini

    Research Analyst at Morgan Stanley

    Nawar Cristini is an Equity Research Analyst at Morgan Stanley in London, specializing in European telecommunications firms with a focus on Benelux, France, Italy, Spain, Switzerland, and the UK. She covers major telecom companies such as KPN, Telenet, and NICE Systems Ltd, and is active in publishing actionable recommendations on these names, with a recent example including a price target revision for NICE Systems in August 2025. Cristini has over a decade of experience in the sector, previously serving as a research analyst at both JP Morgan and Nomura, and auditing TMT companies during a four-year tenure at PwC before joining Morgan Stanley. She holds a master’s degree in Telecom Engineering from Telecom SudParis and has conducted telecom regulatory reviews in France and the UK, though specific performance rankings and securities licenses are not publicly listed.

    Nawar Cristini's questions to TELEFONICA S A (TEF) leadership

    Nawar Cristini's questions to TELEFONICA S A (TEF) leadership • Q1 2024

    Question

    Nawar Cristini from Morgan Stanley questioned how the final outcomes of the Orange-MásMóvil remedy package and the new Digi contract aligned with the assumptions in Telefonica's Capital Markets Day guidance. She also asked about the key factors that led to Telefonica successfully renewing the Digi contract despite intense price competition.

    Answer

    Chief Operating Officer Ángel Vilá Boix responded that the company's guidance already accounted for potential wholesale contract dilution and remains unchanged. He confirmed the new Digi deal is expected to generate revenue flow at least equivalent to the current one over a much longer term. He attributed the success of the negotiation to the deal's structure, which includes network sharing, shifting the dynamic beyond a pure price-based discussion.

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    Nawar Cristini's questions to KKPNY leadership

    Nawar Cristini's questions to KKPNY leadership • Q1 2024

    Question

    Inquired how the competitive environment and volume trends are developing against CMD targets and asked about the potential for fiber M&A to move beyond small players, including KPN's interest in inorganic growth.

    Answer

    The company is confident in its strategy, with strong fiber customer inflow and better-than-expected mobile performance. The competitive broadband market is a challenge, but the overall plan is on track. KPN is always evaluating M&A opportunities (buy vs. build) based on a strict financial framework and network quality, but remains confident in its own high-quality fiber rollout.

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