Despite its improving operating performance, we still believe U.S. Cellular lacks a moat.
There was nothing to like, or to be surprised about, in US Cellular’s fourth-quarter results. Total revenue was flat year over year, but service revenue dropped 8% on continued wireless customer attrition. The firm lost 4,000 postpaid smartphone customers and added only 4,000 prepaid customers--both are at their weakest levels in two years. Management also guided for flat revenue and a decline in adjusted EBITDA in 2017, below market consensus and triggering a 7% stock price drop. We maintain ou...United States Cellular provides wireless telecommunications services. The company's customers are able to choose from a variety of national plans with voice, messaging and data usage options and pricing. The company's fourth generation Long-Term Evolution network features smartphone messaging, data and internet services that allow customers to access the internet; text, picture and video message; utilize GPS navigation; and browse and download applications to customize their wireless devices to fit their lifestyles. The company also provides wireless solutions to consumers and business and government customers, including a suite of connected machine-to-machine solutions and software applications.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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