We're Cutting Our AT&T Fair Value to $35 on the Time Warner Deal; Shares Fairly Valued
After listening to AT&T management defend the Time Warner transaction, we remain disappointed. Based on our standalone Time Warner fair value estimate, AT&T is paying about $18 billion more than Time Warner is worth. AT&T will fund half of the purchase price with its shares, which we believe the deal terms overvalue. Thus, the net loss of value to AT&T will likely be in the range of $2 per share. Thus, we are lowering our AT&T fair value estimate to $35 from $36, reflecting o...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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