AT&T’s Entertainment Margins Jump in 1Q; Shares Remain Undervalued
We view AT&T’s start to 2019 somewhat more optimistically than the market seems to. While the wireless business and WarnerMedia performed about as we’d expected, the entertainment segment put up surprisingly strong margins. On a consolidated basis, cash flow was solid and the firm made nice progress in its effort to repay debt. Our view of AT&T is unchanged, and we don’t expect to materially alter our $37 fair value estimate. With the market’s negative reaction to earnings, we continue t...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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