Sprint’s Top-Line Growth Boosted by Installment Billings, Modest Customer Gains; Shares Overvalued
Sprint reported decent third-quarter 2016 results, tracking well within our expectations and pointing to the continuing improvement of the wireless postpaid business. However, we believe such improvement is more modest than the top-line growth rate would suggest. The firm grew wireless revenue by 7% year over year, but such growth is largely aided by a growing mix of sales in installment plans (versus leasing) that book most of the total contract value at the front end. About 37% of postpaid dev...Sprint is a holding company. Through its subsidiaries, the company is a communications company providing wireless and wireline communications products and services to consumers, businesses, government subscribers, and resellers. The company has two segments: Wireless, which provides wireless services on a postpaid and prepaid payment basis to retail subscribers and also on a wholesale basis, including the sale of wireless services that utilize the company's network but are sold under the wholesaler's brand; and Wireline, which provides a suite of wireline communication services to other communications companies and targeted business customers, as well as voice, data and internet protocol communication services.
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