reports
- David Barden
- Vikash Harlalka
Broadband Spring 2026 – A fine time for FWA
In this Broadband Spring report, we share a quick update on broadband industry trends from 4Q25 heading into 2026E. Industry net adds improved meaningfully in 4Q25 from a year ago but remained slightly below last year when we adjust for the loss of ACP. Net adds for the quarter were in line with the pre-pandemic norm but trailing twelve-month net adds remain below pre-pandemic levels. We take a deep-dive here into FWA’s continued strong momentum, by carrier, and how it fits into the overall broa...
- David Barden
SATS: Raising PT to $147 on adjusted SpaceX assumptions and Echostar u...
We are updating our SATS valuation to reflect 1) an updated SpaceX valuation, and 2) updated SATS’ share of SpaceX following the merger between SpaceX and xAI. We now value SpaceX at $1.25Tn for the purpose of SATS valuation. In Elon we trust. We are raising our SATS price target to $147, up from $125 previously.
- David Barden
SATS 4Q25 Quick Take: It’s all about the call
SATS reported 4Q with a few surprises both positive and negative. On the plus side SlingTV losses were better than expected and wireless EBITDA loss was much better than expected. We will discuss more on the call, but Sling was likely a function of 4Q promo pricing and wireless was a function of not paying tower companies. The negative was that after several quarters of positive wireless net adds, SATS swung to a loss in 4Q, reflecting the competitive nature of the quarter. As always, the market...
- Blair Levin
C-Band Update: What Does the El Paso Airport Shutdown and Broadcaster ...
The El Paso Airport Shutdown does not on the surface reference FCC spectrum policy. But what happened is a tale of two agencies, that both rhymes with past conflicts between the FCC and FAA and raises questions about the wireless industry’s hope for access to the Upper C-Band. In this note, we address those questions and others raised by broadcasters seeking to limit the amount of spectrum that wireless can bid on in the upcoming C-Band auction.
- David Barden
Lumen investor day takeaways…all better now?
Mission accomplished! Lumen’s turnaround is complete. This was the message at the 2/25 Lumen analyst day we attended in NYC, its first since CEO Kate Johnson joined 11/22. The 3 pillars supporting this claim include 1) the balance sheet is finally fixed. No small feat, but achieved at the cost of selling hard won FTTH assets at a discount to AT&T and mortgaging future services revenue in exchange for up-front construction PCF cash. 2) and 3) are changing out people and fixing on a strategy to be...
Verizon Communications Inc: 1 director
A director at Verizon Communications Inc sold/sold after exercising options 225,000 shares at 49.614USD and the significance rating of the trade was 75/100. 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...
- Vikash Harlalka
CHTR Quick Hit: Nick Jeffery joins as Chief Operating Officer
Charter just announced that Nick Jeffery, former Frontier CEO, will join the company as Chief Operating Officer (COO). We think this is a good move by Charter and it should help them improve their operations meaningfully. We provide quick thoughts in this short note.
Verizon to speak at Morgan Stanley Technology, Media & Telecom Confere...
Verizon to speak at Morgan Stanley Technology, Media & Telecom Conference on March 2 NEW YORK, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Dan Schulman, CEO of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Morgan Stanley Technology, Media & Telecom Conference on Monday, March 2, at 12:20 p.m. PT / 3:20 p.m. ET. The session will be webcast, with access instructions available on Verizon’s Investor Relations website, . Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable netwo...
- David Barden
- David Barden
Takeaways from Metro Connect 2026 Day One
Greetings from sunny, if chilly Fort Lauderdale where we are attending Metro Connect which one of our companies described as one of the two most important infrastructure conferences of the year. We are soooo lucky not to have gotten snowed in. If you are in the northeast, please stay warm! We just wrapped Day One where we had meetings and run-ins with many, primarily, small to mid-size private fiber operators. In this short note, we present our key takeaways from our conversations at the event.
Moody's Ratings assigns Baa2 ratings to Verizon's proposed junior subo...
Moody's Ratings (Moody's) assigned Baa2 ratings to Verizon Communications Inc.'s (Verizon) proposed Euro and Sterling junior subordinated notes. All other ratings, including the company's Baa1 long term issuer rating, Baa1 senior unsecured notes ratings, (P)Baa1 senior unsecured MTN program ratings,...
Verizon to speak at Barclays Communications and Content Symposium on F...
Verizon to speak at Barclays Communications and Content Symposium on February 24 NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Tony Skiadas, executive vice president and chief financial officer at Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Barclays Communications and Content Symposium on Tuesday, February 24, at 8:00 a.m. ET. The session will be webcast, with access instructions available on Verizon’s Investor Relations website, . Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand fo...
- David Barden
TMUS: Model update post CMD
TMUS recently held their Capital Markets Day (CMD) in conjunction with 4Q results. We covered key highlights from the CMD in our note published last week. Long story short, TMUS met or exceeded most of our expectations with their guidance. In this note, we cover changes to our financial estimates and compare them with consensus and guidance. We also share our trend charts for key metrics to put the current quarter in context.
- Vikash Harlalka
- Vikash Harlalka
OPTU: Model update post 4Q results
Earlier today, we published our quick take on Optimum’s 4Q results and our thoughts following the call note. The big story from today’s results and call is that management hasn’t provided guidance for 2026 EBITDA. Our EBITDA estimate is relatively unchanged, but we expect consensus EBITDA estimate to head lower and land closer to our estimate. In this note, we cover changes to our estimates, and comparisons with guidance and consensus. We also look at Optimum’s relative valuation in comparison w...
- Vikash Harlalka
OPTU: Missed Opportunities
We were looking forward to Optimum management sharing healthy guidance for 2026 EBITDA on the call but were disappointed. A lack of guidance stokes investor uncertainty. We hope more color emerges on the next earnings call (it would be even better if Dennis provided guidance at our Conference on March 26th). Management has also been reluctant to reveal accounting and cash flow details around Lightpath AI hyperscaler contracts. We see this as a missed opportunity. In this note, we discuss broadba...
- Vikash Harlalka
OPTU 4Q25 Quick Take: Strong Financials
Optimum’s broadband losses were higher than stale consensus estimates. Management had said at an industry conference late last year that broadband losses will be elevated in 4Q and the losses came in slightly better than we expected. Revenue was quite strong, driven mainly by higher broadband and business services revenue. Broadband ARPU growth of 2.8% was much higher than expected. EBITDA was just above consensus estimates. We expect the stock to trade up on results, but where it winds up for t...
- David Barden
TMUS: Seems pretty much ok after all
Following weak relative performance on a host of concerns heading into its 4Q results and CMD, we believe the company successfully, but not totally, soothed the market. What were these concerns? Weak sub growth in the face of an ascendant Verizon, falling ARPU in an intensifying competitive climate, mediocre EBITDA growth as a result of both, and cautious capital returns as a result. By and large TMUS met or exceeded, in our view, on most of these issues. The one thing people did not like? The N...
- David Barden
T-Mobile 4Q25 Quick Take: Stay tuned
T-Mobile posted 4Q results and guidance this morning ahead of their capital markets day featuring new CEO Srini Gopalan. We are sitting in the cold lobby waiting for the doors to open crunching through the numbers. TMUS is no longer guiding to subscriber growth, but rather accounts. The guidance for 900k-1MM new accounts for 2026E x 2.5 postpaid phones per account at the end of 2025 implies 2.25-2.5MM postpaid phone nets which is a bit below where the Street was thinking. This being said, TMUS h...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.