New Street Research - FRONTIER COMMUNICATIONS PARENT INC (FYBR) FYBR: “You Don’t Have the Votes”

Report

New Street Research

Jonathan Chaplin

EUR 9253.00 For Business Accounts Only

FYBR: “You Don’t Have the Votes”

We have spoken to almost all the large, active holders of Frontier. The Company’s management do not have the votes to get the Verizon acquisition approved at this stage. We run through our analysis in this brief note.

27/10/2024 1 EN

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FRONTIER COMMUNICATIONS PARENT INC

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US35909D1090

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Analysts

Jonathan Chaplin

Other Reports on these Companies

New Street Research

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.

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New Street Research

FYBR: Company worth at least $63 / share, based on mgmt. forecast

We are grateful for management’s most recent arguments in favor of the current deal price. Management asserts that a DCF is the best approach to value the Company, given a dearth of good comps. We will focus this response on management’s approach to the DCF. We show that, based on management’s own forecasts, a DCF yields a standalone value of at least $63 / share. We show that the Company is worth at least $131 / share to Verizon. We will respond to management’s thoughts on comps in the next report.

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13h / 56m 13h / 56m 1 EN

Reddit (RDDT, Neutral, $68 target) First Take: Surprise upside in ad monetization

What’s New: In this first take following tonight’s results, we focus on: 1. Topline surprise: ad monetization much better, user growth largely inline 2. Conversations ads lead the way for Search ads to come 3. Not much new on data licensing, MSFT partnership seems unlikely 4. Operating leverage much stronger than expected

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Snap Inc. (SNAP, Buy, $17 target) First Take: Direct Response still humming, brand still lagging

What's New: In this first take following tonight’s results, we focus on: 1. Solid, not yet spectacular advertising trends, with DR and advertiser growth leading 2. Very careful rollout of Simple Snapchat progressing 3. Very early days for Promoted Places and Sponsored Snaps

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Alphabet (GOOGL, Buy, $210 target) First Take: Solid all around, especially Cloud and Margins

What’s New: In this first take following tonight’s results, we touch on: 1. Search and Other growth continues to show broad-based strength 2. Cloud revenue growth well ahead on generative AI and core 3. Margins significantly outpace estimates 4. 4Q Capex guide inline but wide 2025 comments leave substantial room for more spend

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FYBR: “You Don’t Have the Votes”

FYBR: Response to Management II

FYBR: Company worth at least $63 / share, based on mgmt. forecast

Reddit (RDDT, Neutral, $68 target) First Take: Surprise upside in ad monetization

Snap Inc. (SNAP, Buy, $17 target) First Take: Direct Response still humming, brand still lagging

Alphabet (GOOGL, Buy, $210 target) First Take: Solid all around, especially Cloud and Margins

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