reports
- David Barden
- Jan Frederik Slijkerman
- Timothy Rahill
Euro debt markets in favour with tech firms in 2025/Foreign tech compa...
Euro-denominated issuance by TMT companies has been ahead of expectations in FY25. American companies issued far more Euro debt than expected. This is driven by attractive funding costs in Euro markets, because the risk premium required by investors for European credit markets is lower. Some of the large issuers of Euro-denominated debt are active in the technology sector. This was contrary to our earlier expectations because these companies fund their capital expenditures from cash flow. Finall...
- Jan Frederik Slijkerman
- Timothy Rahill
Euro debt markets in favour with tech firms in 2025/Foreign tech compa...
Euro-denominated issuance by TMT companies has been ahead of expectations in FY25. American companies issued far more Euro debt than expected. This is driven by attractive funding costs in Euro markets, because the risk premium required by investors for European credit markets is lower. Some of the large issuers of Euro-denominated debt are active in the technology sector. This was contrary to our earlier expectations because these companies fund their capital expenditures from cash flow. Finall...
- David Barden
3Q25 Broadband Estimate Deep Dive
If you are one of those eager contrarians looking for the quarter where a combination of discount valuations and even a modest turnaround in cable KPI trends could boost the stocks, this probably ain’t it. The cable industry continues to lose subscribers at an elevated pace with Comcast doing worse than Charter thanks to the 1-2 punch of fiber and FWA.
- Vikash Harlalka
BEAD: Update for 3 More States
In this latest update, we now include BEAD proposals from 51 states & territories. We have updated our analysis for Alaska, Florida and Utah. Comcast, Brightspeed and AT&T remain at the top of the list among wireline operators. Fiber remains the dominant technology both in terms of locations as well as funding.
- Blair Levin
SATS’ Spectrum Deals with T and now VZ: How Will the DOJ React?
SATS, already having announced deals to sell spectrum to T and SpaceX, is reportedly close to a deal to sell its AWS-3 band to VZ. We expect easy approval from the FCC but given the DOJ Antitrust Division’s comments recently about the risks of leaving “the market vulnerable to increased coordination among the remaining three carriers” how will it react to the new deals? In this note we analyze the DOJ language and what it means for reviews of the spectrum sales to incumbent wireless carriers.
- Vikash Harlalka
BEAD: Impact of Price caps on funding
Based on a leaked internal NTIA memo related to BEAD, it seems like the final proposals by the states may not be final and the NTIA may force them to make changes to their plans. We have analyzed all the proposals so far and estimate that Comcast, AT&T and Frontier may be most impacted by these rules. However, the overall impact isn’t material.
- Vikash Harlalka
BEAD: Another Major Update
We are almost in the home stretch of the BEAD proposal process. In this latest update, we now include BEAD proposals from 48 states & territories. We also incorporate the revisions in some state proposals. Comcast and Brightspeed are at the top of the list among wireline operators. Fiber’s share of locations remained unchanged from our last update. Satellite and FWA together account for close to a third of the locations awarded.
- Philip Burnett
TMUS Quick Take: Srini replacing Mike as CEO
T-Mobile announced that Srini Gopalan will replace Mike Sievert as CEO of T-Mobile on November 1st. Mike will remain as Vice Chairman of the company, a new role that they say will have Mike continue as an operator at the company (rather than purely a figurehead). Srini's new contract runs through November 2030, while Mike's renews annually. The company has also amended the contracts of the existing CFO and President of Marketing, which seems meant to signal that Srini won't replace the entire C-...
- Vikash Harlalka
BEAD: Update for 7 more proposals
In this latest update, we now include BEAD proposals from 39 states & territories. Comcast and AT&T remain at the top of the list among wireline operators. Fiber’s share of locations has stabilized with small share shifts in either direction with each update (fiber’s share increased slightly after this update). Satellite and FWA together account for close to a third of the locations awarded.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Vikash Harlalka
BEAD: Funding wins and investments by operator
In this note on BEAD, we summarize the funding wins so far for each operator along with the matching investment they are expected to make based on the cost estimates of each state. Based on the state estimates, they are contributing 63% of the estimated build costs and the operators are expected to invest 37% of the cost. The share of investments needed varies depending on the operator, and in some cases may be lower than estimated.
- Pierre FerraguÊ
Bible 2Q25 – Telecom Infrastructure: Fixed and semis recover; mobile s...
Today, we are publishing the Telecom Infrastructure section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, PCs, Enterprise IT, Foundry and Semicap Equipment. Fixed equipment revenues are rebounding from the inventory correction, ...
- Vikash Harlalka
BEAD: NTIA Deadline is here
Today is the deadline for all states to submit their final proposals. We now include proposals from 32 states in this latest update on BEAD. Fiber’s share of locations has nearly stabilized with small share shifts in either direction with each update (fiber’s share declined slightly after this update). Satellite and FWA together account for a third of the locations awarded.
- Philip Burnett
EchoStar Spectrum Sales: Implications for Industry FWA Capacity
In the wake of EchoStar selling spectrum to AT&T, we have updated our FWA capacity model on the assumption that all of the company’s spectrum eventually ends up with the big three carriers. We now expect the industry to have capacity for almost 22MM residential FWA subscribers, up from 19.5MM before.
- Blair Levin
SATS Spectrum Deals Raise Hopes for DBS Deal
With the announcement of SATS’ deal with T and prospects for further spectrum sales, investors are once again hopeful that the long-anticipated merger of the DBS companies can happen. In this note, we update our thoughts on the government review of that deal if it happens.
- Vikash Harlalka
BEAD: Half-time report
Our latest BEAD update includes proposals from 25 states. Fiber remains the preferred technology with its share improving slightly from our last update. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
- Vikash Harlalka
BEAD: More state proposals; Fiber share nearly stable
24 states have now reported their BEAD proposals. Fiber remains the preferred technology, and their share of locations slipped only slightly in this latest round of updates. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
SATS, The DOJ, and Further Policy Considerations
The deal between SATS and T has raised numerous policy related questions. In this note, we expand our policy analysis to address the questions we have most often received this week and clear up some misconceptions we have noticed about how policy process will proceed from here on out.
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