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Alphabet

Alphabet is a technology company whose primary business is Google (99% of revenue in 4Q17). Advertising is 84% of sales including its own properties such as Google search and Youtube (69% of sales) and to a lesser extent selling ads on 3rd party sites (15% of sales). Google's other revenue includes selling apps and digital content in Google Play, cloud computing services, and hardware (15% of sales). Other Bets is just 1% of sales and primarily consists of Nest, Fiber, and Verily. Google has 7 core products with over 1 bn monthly active users (MAUs) including Android, Chrome, Gmail, Google Maps, Google Play, Search, and Youtube. Android is the leading smartphone operating system (OS) with >80% market share globally. Google Cloud, which includes Google Cloud Platform and G Suite, is a $1 bn per quarter business as of 4Q17. Alphabet's sales in 2017 were 47% from US, 33% from EMEA, 15% from APAC, and 5% from other Americas. (20 Apr 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
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Alphabet: 3Q18 Results

Worth Watching: 05 Nov 2018, 10:09 PM ET - Alphabet (Aa2/AA+) revenue of $33.7 bn was up 21.5% YoY in 3Q18, and up 22% YoY in constant currency. Alphabet's revenue excluding traffic acquisition costs (revenue ex-TAC) was $27.2 bn (0.6% consensus miss). GAAP gross margin of 57.7% was down ..

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.
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US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.
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Alphabet 2Q18: Solid Beat on Revenue Ex-TAC

Earnings Note: 23 Jul 2018, 10:26 PM ET - Alphabet’s 2Q18 results exceeded expectations and the company repaid its $1.3 bn commercial paper borrowings.
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Alphabet: EC Fined Google €4.34 Bn for Android

IG Note: 19 Jul 2018, 4:28 AM ET - We discuss the details and investment implications of the EC's €4.34 bn fine of Google for abusing its dominance in its Android mobile OS. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

Asia IG News: China-US Trade War,JD, Alibaba, KEXIM

Worth Watching: 18 Jun 2018, 5:34 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: Shanghai and Hong Kong stock markets are closed today for Dragon Boat Festival. In the face of tariffs imposed on $50 bn Chinese goods (effective from 6 July) announc ..

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
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Alphabet 1Q18: Another Solid Quarter

Earnings Note: 23 Apr 2018, 11:06 PM ET - We discuss Alphabet's revenue and margin trends, the implied financials for its Nest business, and our recommendation for its bonds. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

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