USM sells spectrum to AT&T

US Cellular has sold its 3.45GHz licenses and 700MHz licenses to AT&T for $1.0BN. The transaction isn’t a surprise. It follows closely on the heels of the sale of Cellular licenses to Verizon for $1.0BN. USM and TDS have been our favorite small ideas, and this transaction supports the thesis. We run through the implications of the transactions for the parties involved and for spectrum valuations generally in this brief note.

Autumn for Broadband 3Q24

In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Adjusted for ACP, trends have improved quite significantly. We continue to expect further recovery next year, once the ACP headwind has passed.

TMT 3Q24 results: Verizon, T-Mobile USA, AT&T and IBM

Four US companies issuing Euro notes recently reported 3Q24 results: Verizon, T-Mobile USA[de], AT&T and IBM. There were no large surprises, although the weaker outlook for IBM's revenue growth was a disappointment, as well as Verizon's new policy guiding for somewhat higher financial leverage.

Telefonica (Neutral, €4.5, +7%) Q3 24 – Revenue, EBITDA and FCF beat

Telefonica’s Q3 results are solid, being marginally ahead of consensus across the board. In particular, strong KPIs in Spain and high organic growth in Brazil stands out, and with all guidance reiterated, we believe there could be some upside to consensus estimates.

ADYEN US (BUY, TP: EUR1,700, +28%) Adyen - Q3 and a volatile day; call feedback / our take

After a rollercoaster day, the stock seems to have landed in a sensible place: small miss, small down. We thought the earnings call was solid, as good as we were likely to get, management sounding confident on accelerating growth into FY 25.

Arm 2FQ25: industrial recovery pushed out. Overall momentum strong. Maintain Neutral; $115.