New Street Research - FRONTIER COMMUNICATIONS PARENT INC (FYBR) FYBR quick hit: BCE acquires Ziply at healthy multiple – implications

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New Street Research

Jonathan Chaplin

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FYBR quick hit: BCE acquires Ziply at healthy multiple – implications

BCE is acquiring Ziply for a multiple at the upper end of the range we considered in our note over the weekend. We provide quick thoughts in this (very) brief note. We will be back with further thoughts after their call at 8:30.

04/11/2024 1 EN

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FRONTIER COMMUNICATIONS PARENT INC

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US35909D1090

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New Street Research

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.

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Analysts

Jonathan Chaplin

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Frontier vs Ziply – did BCE overpay

When examining the very significant premium that Ziply is receiving from BCE over what Frontier has been offered by Verizon, investors have asked two further questions: first, why was BCE willing to pay a higher price for Ziply than they were willing to pay for Frontier (they bid on both assets); second, how do we know they aren’t just overpaying for Ziply. We cover both questions in this brief note.

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Frontier vs Ziply – accounting for future opportunities

Investors are inevitably comparing the price that Verizon has offered for Frontier to the price that BCE has offered for Ziply. We have been asked whether buyers would give the operators credit for locations they haven’t deployed fiber to yet. If so, the price for Ziply isn’t so compelling, given their plans to more than double their fiber footprint. The answer: absolutely not! We walk through our thought process in this brief note.

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FYBR quick hit: BCE acquires Ziply at healthy multiple – implications

FYBR: Verizon acquisition approved!

Frontier vs Ziply – did BCE overpay

Frontier vs Ziply – accounting for future opportunities

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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