AT&T Reported Weak 4Q Results, but Maintaining Our FVE Due to Lower Tax Rate
AT&T reported fourth-quarter results that were light in both revenue and EBITDA margins. However, due to the lower tax rate, we expect to maintain our fair value estimate. Our narrow moat rating is intact and we believe the shares are fairly valued. While the firm’s revenue held up better in the fourth quarter--only declining 0.4%--it fell 2% for the year versus our projection of a drop of 1.1%. While AT&T did much better growing its postpaid wireless telephone base by 329,000, versus a ...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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