New Street Research - Odido (formerly T-Mobile NL) (TMOBNL) T-Mobile 4Q24 Model Update

Report

New Street Research

Jonathan Chaplin

EUR 9597.00 For Business Accounts Only

T-Mobile 4Q24 Model Update

We have updated the model following results. See slide 11 for a discussion of guidance in historical context. We increased 2025 phone net adds, EBITDA and FCF. Consensus is all but certain to
follow. For quick thoughts following the call, click here. For a review of results, click here. Target price $276 (+19%).

29/01/2025 1 EN

Underlying

Odido (formerly T-Mobile NL)

See profile

Provider

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Jonathan Chaplin

Other Reports on these Companies

New Street Research

TMUS: Quick thoughts following the 4Q24 call

In this note we focus on trade-offs the company is making between growth and margin, buybacks in 2025, cash available for M&A and what they may buy, FWA results, the outlook for mobile and broadband market growth, and the implications of the management change.

EUR 9597.00

January 29, 2025 January 29, 2025 1 EN

New Street Research

T-Mobile 4Q24 Quick Take: Financials & KPIs beat consensus

We were very close to the mark on financials and most KPIs. We were well ahead of consensus, and so results beat the rest of the sell-side.

EUR 9597.00

January 29, 2025 January 29, 2025 1 EN

Comcast Post-4Q24 Model Update

In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. The most significant change was higher broadband losses in 2025. We expect Consensus to increase broadband losses also. No change to thesis. Price target is $40 (+22%).

EUR 9597.00

1h / 6m 1h / 6m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CMCSA: Quick thoughts following the call 4Q24

In this brief note we cover our thoughts on the stock reaction, what we learned about broadband market growth and Cable’s share, management’s refocusing on convergence revenue growth, our expectations for FCF and share repurchases, and the implications for the mobile market of Comcast pushing more aggressively into mobile.

EUR 9597.00

5h / 51m 5h / 51m 1 EN

Chris Hoare

Chris Hoare

Liquid Intelligent Technologies (High Yield) – Q3 25: Deleveraging appears on track

Liquid faced a tougher comparable this quarter but is still growing on an underlying basis. Net debt/Adj. EBITDA was 3.25x as of end November 2024 but if we consider the $90m equity raise and assumed $50m as bond relief, we estimate today’s leverage at 3.08x. This is important because the company needs to step down its leverage to the term loan covenant of 3.0x by February 2025.

EUR 9597.00

7h / 54m 7h / 54m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

T-Mobile 4Q24 Model Update

TMUS: Quick thoughts following the 4Q24 call

T-Mobile 4Q24 Quick Take: Financials & KPIs beat consensus

Comcast Post-4Q24 Model Update

CMCSA: Quick thoughts following the call 4Q24

Liquid Intelligent Technologies (High Yield) – Q3 25: Deleveraging appears on track

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe