New Street Research - ATT Inc. (T) ATT 4Q23 Quick Take

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New Street Research

Jonathan Chaplin

EUR 8536.00 For Business Accounts Only

AT&T 4Q23 Quick Take

Wireless adds preannounced, so as expected. Service revenue and EBITDA a little light. FCF for the quarter in-line. Service revenue light due to wireline; EBITDA light due to both wireless and wireline. Guidance in-line for revenues, better than expected for EBITDA, worse for EPS, and right in-line for FCF. Expectations for 2024 EBITDA will likely inch up, but FCF won’t change. Our quick thoughts on implications for AT&T and for the group in this note.

24/01/2024 1 EN

Underlying

AT&T Inc.

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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US00206R1023 New York Stock Exchange United States

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Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Jonathan Chaplin

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AT&T 4Q23 Quick Take

TMT 1Q25 results: Verizon, T-Mobile US, AT&T and IBM/Most value in 4-year duration segment

Rethinking BEAD 2.0 as States Rethink Their Options

Mobile and broadband pair trades to consider this summer

Thai Telcos Auction concludes, no major surprises

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

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