New Street Research - FRONTIER COMMUNICATIONS PARENT INC (FYBR) FYBR: Response to Management II

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New Street Research

Jonathan Chaplin

EUR 9599.00 For Business Accounts Only

FYBR: Response to Management II

Frontier’s management released a deck that argues for the current offer price of $38.50 and addresses countervailing arguments raised by us and others (LINK). We provide a comprehensive response in this report.

29/10/2024 1 EN

Underlying

FRONTIER COMMUNICATIONS PARENT INC

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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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Pan European Telecom Services and Cable

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Analysts

Jonathan Chaplin

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FYBR: Verizon acquisition approved!

Shareholders representing 63% of the shares voted in favor of the transaction this morning. We congratulate the Frontier and Verizon management teams for getting the deal done. While we think Frontier should have received more, we recognize that most large shareholders will lock in a very substantial gain while removing uncertainty with this transaction. This is a strong win for Verizon, who will secure a great asset at a great price.

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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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Yesterday the DOJ filed its proposed remedies in the Search antitrust case. The recommended divestiture of Chrome drew most of the headlines. And while potentially very negative for GOOGL (as are all proposed remedies), we don’t believe it is the most impactful to the market for general search services.

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SATS: DBS merger breaks

According to press reports, TPG will call off the merger today. For the merger to proceed, bondholders needed to agree to a debt exchange. Apparently, they have rejected the exchange. Our quick thoughts in this brief note.

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FYBR: Response to Management II

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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