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Verizon Business, TriMet delivering advanced mass transit capabilities...
Verizon Business, TriMet delivering advanced mass transit capabilities to Portland region PORTLAND, Ore., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Verizon Business today announced the activation of more than 740 new Fixed Wireless Access (FWA) lines with the Tri-County Metropolitan Transportation District of Oregon (TriMet), a transit agency providing bus, light rail, commuter rail, and paratransit service in the Portland metro region. delivers fast, reliable, and scalable wireless network connectivity. The ample bandwidth provided by FWA enables TriMet to leverage data-rich and mission-cr...
- Jonathan Chaplin
USM sells spectrum to AT&T
US Cellular has sold its 3.45GHz licenses and 700MHz licenses to AT&T for $1.0BN. The transaction isn’t a surprise. It follows closely on the heels of the sale of Cellular licenses to Verizon for $1.0BN. USM and TDS have been our favorite small ideas, and this transaction supports the thesis. We run through the implications of the transactions for the parties involved and for spectrum valuations generally in this brief note.
The Samsung Galaxy S24 Enterprise Edition: Your business’ new workhors...
The Samsung Galaxy S24 Enterprise Edition: Your business’ new workhorse What you need to know: Introducing the new Samsung Galaxy S24 Enterprise Edition, including a three-year Knox Suite license1.Switch and get a Galaxy S24 Enterprise Edition on us with a new line of service, device payment agreement and select Business Unlimited plan.2Or, new or existing customers can get a Galaxy S24 Enterprise Edition for $49.99 with a two-year agreement3. NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Today, Verizon Business is offering the new Samsung Galaxy S24 Enterprise Edition with a three-ye...
- Jonathan Chaplin
Autumn for Broadband 3Q24
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. Adjusted for ACP, trends have improved quite significantly. We continue to expect further recovery next year, once the ACP headwind has passed.
- Jonathan Chaplin
Frontier Post-3Q24 Model Update
This note focuses on changes to the model following 3Q24 results. Earlier today, we published a comprehensive review of results. Our view of the company remains unchanged, whether as a standalone company or as an acquisition target. Intrinsic value is $64 (but they may only get $48.50 in a deal now).
- Jonathan Chaplin
- Jonathan Chaplin
FYBR 3Q24 Quick Take: Subscribers beat; EBITDA in line; all eyes on th...
Fiber deployment and fiber net adds were both exceptional. EBITDA was in-line, despite the strong growth (higher SAC from higher growth will have been a drag on EBITDA). If Frontier remains independent after November 13th, these results will provide strong support for management’s strategy and execution prowess.
- Jonathan Chaplin
LUMN Quick Hit: Lumen and Google sign PCF contract
The companies announced reciprocal contracts today. Lumen will use Google Cloud, the Google Vertex AI platform, and the Google Gemini model to provide network insights and AI support for customer care. At the same time, Lumen will give Google access to existing fiber and build new fiber on new routes for Google.
- Jonathan Chaplin
ATUS 3Q24 Results Review and Model Update
This note focuses on the review of results and estimate changes. We provided our comprehensive thoughts on the company in our thoughts following note. We lowered broadband losses and increased revenue and EBITDA for 4Q24. We also lowered capex and increased FCF.
- Jonathan Chaplin
ATUS: quick thoughts following the 3Q24 call
In this note we cover updated capex guidance for 2024 and 2025, FCF expectations for 2025, new targets that could pave the way to stability in 2026, an update on broadband market growth, an update on ACP, an update on progress on the turn-around, balance sheet and liability management, prospects for M&A, and our thoughts on the equity. We will follow up with a model update note in due course.
- Jonathan Chaplin
BCE + Ziply: quick thoughts following the call
In this note we run through a full analysis of BCE’s acquisition of Ziply, and the implications for Frontier. BCE is paying a 55-117% premium to what Verizon is paying for Frontier, for an asset that is very similar. The Ziply transaction will make it harder to Frontier investors to accept $38.50, and easier for Verizon to offer more.
Xumo Teams up With Target to Offer Hisense Xumo TVs
PHILADELPHIA--(BUSINESS WIRE)-- Xumo, a streaming platform joint venture between Comcast and Charter, today announced it has teamed up with Target to offer Hisense Xumo TVs, a budget-friendly, content-forward 4K UHD smart TV. This press release features multimedia. View the full release here: Target Now Offering Hisense Xumo TVs (Photo: Business Wire) Hisense Xumo TVs will launch in stores nationwide and on Target.com starting next week. They will be available in 55” and 65” models and be priced at $249.99 and $359.99 respectively. “The growing fragmentation of content on streaming services c...
- Jonathan Chaplin
- Jonathan Chaplin
- Jonathan Chaplin
Charter Post-3Q24 Model Update
This note focuses on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband losses slightly. We also lowered capex and increased FCF estimate for the year. We expect consensus to increase their EBITDA and FCF estimate for the year. Price target is $488 (+33%).
- Jonathan Chaplin
CHTR: quick thoughts following the 3Q24 call
In this note we cover updated thought on ACP; updated thoughts on broadband market growth (it is improving!); broadband adds for 4Q24; EBITDA growth in 4Q24 and 2025; lowered BEAD expectations; lowered capex expectations; and comments management made on the competitiveness of HFC with fiber.
- Jonathan Chaplin
FYBR Quick Hit: ISS recommends that voters abstain
ISS has delivered a detailed analysis of the deal. They conclude that the board and management managed the deal process well, but that given the long time to close, investors will benefit from more time to assess it. They recommend that investors abstain from the vote. This has the same effect as voting against the deal.
- Blair Levin
Potential Comcast Media Moves: Antitrust and Regulatory Prospects
In yesterday’s discussion of Comcast’s 3Q earnings, Comcast President Michael Cavanagh said that Comcast was studying two potential media moves: 1) a spin-off to shareholders of the cable networks (which would not include NBC or Peacock); and 2) a partnership for Peacock with other streamers, but not an acquisition. Our New Street colleagues offered their view on the financial ramifications in a note yesterday. Here, we offer our analysis of potential government reactions.
- Jonathan Chaplin
CHTR 3Q24 Quick Take: Broadband adds, EBITDA, and FCF beat
Charter reported a strong set of results, building on trends we saw from Comcast yesterday. Cable is clearly doing better competitively in a tough market. This may be partly driven by FWA starting to slow in the consumer market. In Charter’s case it is also likely driven by an important shift in strategy.
- Jonathan Chaplin
Comcast Post-3Q24 Model Update
In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. The most significant change was lower broadband losses in 4Q. We expect Consensus to lower broadband losses a touch also, but remain where they are on EBITDA. No change to thesis. Price target is $50 (+15%).
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