New Street Research - FRONTIER COMMUNICATIONS PARENT INC (FYBR) Frontier Post-4Q24 Model Update

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New Street Research

Jonathan Chaplin

EUR 9556.00 For Business Accounts Only

Frontier Post-4Q24 Model Update

This note focuses on changes to the model following 4Q24 results. Yesterday, we published a comprehensive review of results. The price at close is fixed. We don’t have a view on the current deal spread. We see no impediments to closing of the transaction. Stock is rated neutral with price target of $38.50 (same as deal price).

21/02/2025 1 EN

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FRONTIER COMMUNICATIONS PARENT INC

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US35909D1090

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Analysts

Jonathan Chaplin

Other Reports on these Companies

New Street Research

FYBR 4Q24 Quick Take: Strong financial results; adds a little soft

Fiber deployment and fiber net adds were below expectations (relatedly). Adds in base markets beat expectations but adds in new markets missed. Revenue and EBITDA beat expectations due mostly to another very strong quarter in the business segment. Fiber EBITDA margins are closing in on 50%. We see no risk to deal close; Verizon should be happy with these results. Change to rating and target reflects fact that the deal is a fait accompli, and the price is set.

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February 20, 2025 February 20, 2025 1 EN

New Street Research

FYBR: Verizon acquisition approved!

Shareholders representing 63% of the shares voted in favor of the transaction this morning. We congratulate the Frontier and Verizon management teams for getting the deal done. While we think Frontier should have received more, we recognize that most large shareholders will lock in a very substantial gain while removing uncertainty with this transaction. This is a strong win for Verizon, who will secure a great asset at a great price.

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November 13, 2024 November 13, 2024 1 EN

Megacable (Neutral, TP: MXN55, +29%) Q4 24: Decent quarter, solid KPIs

Megacable has reported a decent set of Q4 results. Revenue came in a touch below expectations while EBITDA was in line.

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Chris Hoare

Chris Hoare

Airtel Africa (Buy, TP: £2, +45%) Bharti Airtel to buy 5% of Airtel Africa in the next 5 weeks. Squeeze incoming?

Bharti Airtel has announced it intends to acquire 5% of Airtel Africa (which it already owns 57% of) and intends to complete this by March 31st2025. Airtel Africa are also currently in the process of executing a $100m share buyback in 2 tranches with the first $50m to be completed by April 24th 2025. AAF’s last RNS suggested the company has so far bought back $22m of this, leaving $38m still to be executed in the first tranche

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Frontier Post-4Q24 Model Update

FYBR 4Q24 Quick Take: Strong financial results; adds a little soft

FYBR: Verizon acquisition approved!

Megacable (Neutral, TP: MXN55, +29%) Q4 24: Decent quarter, solid KPIs

Airtel Africa (Buy, TP: £2, +45%) Bharti Airtel to buy 5% of Airtel Africa in the next 5 weeks. Squeeze incoming?

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