reports
- Jonathan Chaplin
Charter Pre-1Q25 Model Update
This report covers changes to our model to incorporate recent management commentary at investor conferences. Our broadband losses for 1Q25 remain unchanged but we lowered wireless net adds for the year. Changes to financial estimates are minor. No change to thesis. We believe repurchases resumed post Liberty Broadband vote with $4BN of repurchases this year. Our near-term price target is $426 (+15%). With broadband revaluation and M&A, stock could get to $740 (+100%).
- Jonathan Chaplin
4Q24 Wireless Trends: Expectations for net adds are too high
This report focuses on drivers of subscriber growth in 2025. Expectations for net adds are too high, though expectations for service revenue and EBTDA look fine. We also reprised our work on comparative NPS, provide a comprehensive review of 4Q24 trends, and update our long-term forecast
- Jonathan Chaplin
Comcast Pre-1Q25 Model Update
We aren’t bringing any fresh insights with this update; its overdue; we are just aligning our model with recent management commentary at investor conferences. Our broadband losses for 1Q25 remain unchanged and we don’t expect Consensus to change materially. Changes to financial estimates are minor. No change to thesis. Price target is $44 (+21%).
- Jonathan Chaplin
Verizon acelera estrategia centrada en el cliente ofreciendo garantía ...
Verizon acelera estrategia centrada en el cliente ofreciendo garantía de precio fijo por 3 años y teléfono gratis con myPlan and myHome NUEVA YORK, April 03, 2025 (GLOBE NEWSWIRE) -- Verizon anunció hoy la siguiente etapa en su transformación multi-anual de negocio con un firme compromiso de ahorro diseñado para fortalecer las relaciones a largo plazo con los clientes con servicio móvil y de internet residencial. Gracias a la ejecución exitosa de myPlan y myHome, este avance estratégico le permite a Verizon posicionarse aún más como el líder en la industria. “Hoy marca el siguiente...
Accelerating our Customer-First Strategy with Industry-Leading 3-Year ...
Accelerating our Customer-First Strategy with Industry-Leading 3-Year Price Lock and Free Phone Guarantee for Everyone NEW YORK, April 03, 2025 (GLOBE NEWSWIRE) -- Verizon today announced the next evolution of its multi-year consumer business transformation, with a strong value commitment designed to strengthen long-term customer relationships across its mobile and home portfolio. This strategic advancement builds on the company’s successful execution of myPlan and myHome, positioning Verizon to further extend its industry leadership. “Today marks the next strategic step of the...
- Philip Burnett
A Signal for 1Q25 in AT&T FirstNet Connections?
FirstNet announced this morning that it has over 7MM FirstNet Connections as of 1Q25. That is up from 6.7MM connections at the end of 2024. Because of rounding, FirstNet net adds could be 275k-325k in 1Q25; this is generally in line with quarterly FirstNet adds over the past four years. While AT&T doesn't regularly disclose the split, at 2Q23 earnings they said that just over a third of FirstNet net adds were postpaid phones (the rest are non-phone devices). We would assume that there were 90k-1...
- Blair Levin
NSR Policy: Wireless Update: Kennedy Cancer Concerns
Plus, a Round One Win for T on 4.9 GHz, TMUS modifies DEI initiative, Carr Signals Hope for Reallocating Military Spectrum as CTIA Presses on Its Spectrum Needs and Its New Leader (Pai) Signals Splits with Carr on Merger Review Approach While there have been major developments in the last week on the future of USF, BEAD, and merger reviews, there have been smaller, but still significant, developments related to the future of wireless services. In this update, we cover those developments. The on...
- Philip Burnett
- Jonathan Chaplin
Four killer insights from day one
We just wrapped up day one the Future-of-Connectivity conference that we host every year with BCG. We gleaned new insights into the risk of the broadband market getting more competitive, wireless market growth, what is driving the convergence imperative, and Lumen’s appetite for asset sales.
- Jonathan Chaplin
- Jonathan Chaplin
AT&T in talks to buy Lumen fiber assets
Bloomberg reports that AT&T is in exclusive discussions to buy the fiber business for “more than $5.5BN”. We are not at all surprised that the deal is happening or that AT&T is the buyer. We are surprised by the price – it looks too low. Our quick thoughts in this brief note.
Verizon to speak at New Street Research Conference on March 26
Verizon to speak at New Street Research Conference on March 26 NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) -- Frank Boulben, senior vice president and chief revenue officer for the Consumer Group of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the New Street Research and BCG Future of Connectivity Leaders Conference on Wednesday, March 26, at 8:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, . Boulben will discuss the unit’s progress to innovate on its mobile and broadband platforms, bringing differentiated offe...
Verizon Business announces Partner Recognition Program winners at 2025...
Verizon Business announces Partner Recognition Program winners at 2025 Channel Partners Conference & Expo In addition to its Partner Recognition Program, the company will highlight its investment in Partner Experience (PX) in its speaking and lounge engagements NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) -- Verizon Business today announced the winners of its annual Partner Recognition Program to kick off this year’s Channel Partners Conference & Expo activation in Las Vegas, where the company will have a large presence across the mainstage and event floor. This year, eleven partners ...
- Blair Levin
What Does Carr’s DEI Merger Ban Mean for TMUS, Media and Other Deals
Immediately after the election, investors were excited about the prospect of easier government approvals of transactions. However, as we have previously discussed, that is not the way the review process is working out. A further indication of the transaction barriers came up over the weekend, as multiple articles appeared stating that FCC Chair Carr would block any deal that requires FCC approval where a party has a DEI program. We have previously written about how Carr’s view on DEI would app...
Verizon to redeem debt securities on April 23, 2025
Verizon to redeem debt securities on April 23, 2025 NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on April 23, 2025 (the “Redemption Date”): I.D. NumberTitle of SecurityPrincipal AmountOutstandingCUSIP: 92343V DD3ISIN: US92343VDD38Common Code: 1466075942.625% Notes due 2026 (the “Notes”)$984,778,000 The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed, or (ii) the sum of the present values of the remain...
Comcast Accelerates Virtualization and AI Technologies Throughout the ...
PHILADELPHIA & RA’ANANA, Israel--(BUSINESS WIRE)-- and today announced that Comcast will use DriveNets’ Network Cloud solution to expand the trial of Janus, its initiative to virtualize and embed AI innovation through the core of its network to maximize performance and continue delivering superior Internet connectivity. Comcast launched the first trial of Janus in Atlanta in September 2024, making it one of the first network operators in the world to virtualize and disaggregate the core of its transport network to further enhance the flexibility, reliability, and resiliency of its connectivi...
Charter and Comcast Launch Satellite Connectivity for Mobile Devices
STAMFORD, Conn. & PHILADELPHIA--(BUSINESS WIRE)-- Charter Communications (NASDAQ: CHTR) and Comcast (NASDAQ: CMCSA) today announced that their respective mobile businesses, Spectrum Mobile and Xfinity Mobile, have launched satellite-based services through a collaboration with Skylo, a non-terrestrial network (NTN) service provider. The feature is now available on Samsung’s Galaxy S25 and Google Pixel 9 devices and will provide customers with access to emergency messaging services when their device is not connected to either a cellular or WiFi network. The ability to send and receive SMS text m...
David Novak to Chair Comcast’s “SpinCo”
NEW YORK--(BUSINESS WIRE)-- Comcast Corporation (Nasdaq: CMCSA) today announced that David Novak will become Chairman of the Board of Directors of “SpinCo,” the company’s planned spin-off of select media brands and digital businesses. Mr. Novak previously served as the Co-Founder, Chairman and CEO of YUM! Brands, Inc. and will bring nearly 40 years of experience leading and growing well-known consumer brands to the new company’s board. SpinCo will be a leading independent publicly traded media company comprised of well-known brands, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Gol...
Verizon customers are the first in the US to enjoy satellite texting t...
Verizon customers are the first in the US to enjoy satellite texting to any device with select Android smartphones NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) -- Verizon today announced a significant expansion of its satellite texting capabilities, enabling its customers to become the first in the US to send text messages to any other customer device via satellite when outside the reach of terrestrial cellular networks using select Android devices from the series of Samsung Galaxy S25 and Google Pixel 9 smartphones. Upgrades enabling this service start today and will continue over the next ...
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