BEAD: West Virginia releases final proposal

What’s new: West Virginia released their final proposal last night. Among large broadband operators, Frontier was the big winner. Comcast continues to feature in the list of proposed providers. Fiber continues to be the preferred technology. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights database, provide a quick summary of BEAD proposals so far, and discuss the implications for broadband companies.

2Q25 Broadband Trends

What’s new: in this report we discuss one of the drivers of slower broadband growth – a rise in mobileonly households. While we do not have the data to support it, we discuss the reasons why we find it a plausible explanation for the slower industry growth. We also update our industry forecast and reprise our work on competitive positioning of the operators based on relative cNPS scores.

BEAD: Louisiana releases final proposal

Louisiana was the second state to release their final proposal at the end of last week. Virginia just beat Louisiana and was the first. Louisiana Local Fiber Consortium, which includes T-Mobile, was the big winner again. Surprisingly, Comcast was the only large Cable operator among the winners. The ILECs won less than we expected. Fiber continues to be the technology of choice for BEAD. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights da...

Could the Trump/Carr Gambits Against CMSCA (and DIS) Backfire?

Recently, we published a note in which we laid out why we thought the FCC Chair’s investigation of CMSCA’s treatment of its network affiliates, like his prior investigation of DIS, was unlikely to lead to a judicially supported resolution; rather, the investigation was designed to provide Carr leverage in any FCC transaction involving CMSCA. We also just published a note discussing how the FCC and DOJ are likely to provide greater consolidation among broadcasters and cable channels, putting econ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/07/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/07/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/08/2025

ODDO : Q2 earnings recap for Swisscom, IONOS, 1&1 and United Internet

ODDO : Q2 earnings recap for Swisscom, IONOS, 1&1 and United Internet

Swisscom (Neutral, TP: CHF575, -1%) Q2 25: Good EBITDA beat, but SR m...

Swisscom has reported a good set of numbers vs consensus, with a strong EBITDA beat, but SR trends have deteriorated slightly in Switzerland and guidance has not been lifted for FY25, suggesting a pull forward of cost out, rather than a more material fundamental improvement.

Autumn for Broadband 2Q25

In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds remained nearly flat compared to a year ago (when adjusted for ACP impact) but were within the pre-pandemic norm. Industry subscriber trends have mostly stabilized over the past 3 quarters, but y/y growth remains below pre-pandemic levels.

Comcast Post-2Q25 Model Update

In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results (here) and thoughts following the earnings call. The most significant changes are slightly lower broadband losses and higher FCF in 2025. No change to thesis. Price target is $37 (+12%).

CMCSA: Thoughts following the 2Q25 call

In this note we provide our thoughts on connectivity revenue and EBITDA, the changes in pricing strategy, broadband ARPU growth and wireless net adds in back half of the year, fiber overbuilds, savings from tax reforms and usage of the proceeds. Finally, we touch on what to do with the stock.

CMCSA 2Q25 Quick Take Strong results; Broadband losses lower; EBITDA b...

The key focus going into today’s results were the magnitude of broadband losses and whether C&P EBITDA would grow. Comcast reported lower-than-expected broadband losses and C&P EBITDA grew slightly.

AT&T Model Update

We have updated the model following results. Changes to the segments are not material, but changes to capex, cash taxes and free cash flow in light of the OBBBA are. For thoughts following the call, click here. For a review of results, click here. (Rating: Buy; TP: $32; Total Return: +20%).

AT&T quick thoughts following the call 2Q25

In this note we cover evolving thoughts on the implications of the new Cable MVNO, the implications of AT&T’s revised capital allocation decisions, new insights on the pace of fiber deployment, a shift in the FWA strategy, the implications of both for cable, comments on spectrum purchases, the implications for EchoStar, and an early take on mobile and broadband market growth.

AT&T 2Q25 Quick Take: Results strong; FCF guide increased, but less th...

Postpaid phone adds beat estimates, which will come as a relief following Verizon’s results. Service revenue, EBITDA, EPS, and FCF were all slightly better than expected. The Company increased FCF guidance following OBBBA, but by less than some had hoped. In addition, the Company did not commit to increasing share repurchases with the increased FCF.

New Cable MVNO – implications for Cable and Mobile operators

Charter and Comcast announced that they have signed an MVNO with T-Mobile that will target new business customers (here). In this quick note we provide thoughts on implications for Verizon, T-Mobile, Charter, Comcast, and the industry more broadly.

Media Consolidation: Will FOX (Like CMSCA and DIS) Be in a Trump Trans...

As the Skydance/Paramount deal has demonstrated, the Trump FCC will address media transactions through a political lens. In this note, we discuss the implications for the sector of FOX potentially finding itself in the same position as CSMCA and DIS when it comes to the upcoming media consolidation, as well as other implications of the Colbert Affair and the federal defunding of PBS.