reports
- 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.
- 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
Cable’s win share among movers
There has been an ongoing debate among investors whether low moves actually hurt the Cable companies. Until now, it wasn’t possible to answer this question due to lack of data. We now have data from Opensignal that helps us answer this question. In this report, we show that the large Cable operators have been winning more than 50% share among movers who are new to their footprint. The win share has declined over time, especially as competitive intensity has increased. Cable operators can reduce ...
- 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.
- Vikash Harlalka
Charter Pre-3Q25 Model Update
We updated our model for recent management commentary at investor conferences. We lowered 3Q EBITDA slightly but kept full year estimate unchanged. We expect consensus EBITDA estimates for the quarter to come closer to our estimates. Our near-term price target is $479 (+79%).
- 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.
- 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.
- 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.
- 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.
- 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.
- Vikash Harlalka
BEAD: Fiber slips further; FWA gains some ground
Georgia, New Mexico and Oklahoma have reported their BEAD proposals. We are also including the numbers released by Washington yesterday. While fiber remains the dominant technology, its share slipped further. FWA and satellite increased their share of locations. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Vikash Harlalka
BEAD: More state proposals; Fiber still dominant but Satellite gaining...
We now have BEAD proposals from 12 states. While fiber still remains the dominant technology, its share of locations has decreased as Satellite gains more ground. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Vikash Harlalka
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.
- Vikash Harlalka
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.
- Vikash Harlalka
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...
- Jonathan Moreland
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TFX TELEFLEX INCORPORATED
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
OPK OPKO HEALTH INC.
NSP INSPERITY INC.
NPO ENPRO INDUSTRIES INC.
MTDR MATADOR RESOURCES COMPANY
MMLP MARTIN MIDSTREAM PARTNERS L.P.
LLY ELI LILLY AND COMPANY
KMPR KEMPER CORPORATION
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
EIG EMPLOYERS HOLDINGS INC.
CNOB CONNECTONE BANCORP INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CHD CHURCH & DWIGHT CO. INC.
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
AMH AMERICAN HOMES 4 RENT CLASS A
CIVB CIVISTA BANCSHARES
OLN OLIN CORPORATION
ASUR ASURE SOFTWARE INC
BRO BROWN & BROWN INC.
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CLAR CLARUS CORPORATION
A2H9KJ NEO PERFORMANCE MATERIAL
OSPN ONESPAN
FXNC FIRST NATIONAL CORP. OF VIRGINIA
TROX TRONOX HOLDINGS PLC
MEC MAYVILLE ENGINEERING
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
XRX XEROX HOLDINGS CORPORATION
PINE ALPINE INCOME PROPERTY TRUST
WSC WILLSCOT MOBILE MINI HOLDINGS CORP
LRMR LARIMAR THERAPEUTICS INC
THRY THRYV HOLDINGS
DLHC DALEIGH HOLDINGS CORP
INTA INTAPP INC
PTLO PORTILLOS INC
BRBR BELLRING BRANDS INC
AUB ATLANTIC UNION BANKSHARES CORP
AURX NUO THERAPEUTICS
OI INC.
SIRI OWENS ILLINOIS INC.
XELB SIRIUS XM HLDGS INC NEW
MUSA XCEL BRANDS INC.
LNW METALS USA HOLDINGS CORP.
LIGHT & WONDER INC.
- Vikash Harlalka
Charter Communications Inc: 1 director
A director at Charter Communications Inc sold 162,694 shares at 378.500USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Jonathan Moreland
SNV SYNOVUS FINANCIAL CORP.
SIGI SELECTIVE INSURANCE GROUP INC.
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
PETS PETMED EXPRESS INC.
PLBC PLUMAS BANCORP
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CMTV COMMUNITY BANCORP INC. VT
LRMR LARIMAR THERAPEUTICS INC
AURX NUO THERAPEUTICS
SIRI INC.
SIRIUS XM HLDGS INC NEW
- Vikash Harlalka
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.
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