AT&T Reported Weak 1Q Results, but We’re Maintaining Our FVE; Shares Undervalued
AT&T reported weak first-quarter results with revenue declining, and margins a bit light. However, the firm has often reported a weak first quarter only to rebound later, so for now we expect to maintain our $40 per share fair value estimate and narrow moat rating. We believe the shares are undervalued. The firm reported revenue fell 3.6% year over year versus our full-year projection of growth of 0.9%. However, there were several accounting changes that caused revenue to decline, including ...AT&T is a holding company. Through its subsidiaries, the company is a provider of telecommunications, media and technology services. The company's Communications segment provides wireless and wireline telecom, video and broadband services. The company's WarnerMedia segment includes media and entertainment businesses that principally develop, produce and distribute feature films, television content, and other content globally; and operate digital media properties. The company's Latin America segment provides entertainment services in Latin America and wireless services in Mexico. The company's XANDR segment relies on using data from its customer relationships, to develop digital and video advertising that is relevant to consumers.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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