New Street Research - ATT Inc. (T) US broadband quick take: a preliminary forecast for ATT’s Internet Air

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New Street Research

Jonathan Chaplin

EUR 9341.00 For Business Accounts Only

US broadband quick take: a preliminary forecast for AT&T’s Internet Air

We have been late in publishing a formal forecast for AT&T’s FWA product (Internet Air). The Company has given us very little to go on, and so we have limited conviction in the forecast, at this stage. We assume Internet Air accelerates to a peak of 180k adds per quarter by late 2025. In this brief note we run through how we derived the forecast and update our forecast for total FWA subscribers.

23/02/2024 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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Analysts

Jonathan Chaplin

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US broadband quick take: a preliminary forecast for AT&T’s Internet Air

NSR Policy: The Interconnections of ACP, Spectrum, Title II, and the Second Circuit ruling

AT&T Model Update

AT&T: quick thoughts following the call

LUMN quick hit: big improvement in fiber adds

Protelindo (Buy, TP: IDR 1,900, +136%) Q1 24 Quick Take: Topline beat but margins missed slightly

GOOGL/AMZN/META: How much are they spending on AI Capex (v2.3)?

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