reports
- Blair Levin
A Versant/WBD deal: Prospects for Government Approval
News reports suggest that CMSCA or its cable channel spin-off (Versant) is considering making a bid for WBD. In this note we analyze the prospects for a government review of such a transaction as well as the potential upsides of attempting such a deal even with the odds of DOJ approval being low.
- 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...
Crown Castle Announces Third Quarter 2025 Earnings Conference Call Det...
Crown Castle Announces Third Quarter 2025 Earnings Conference Call Details HOUSTON, Oct. 08, 2025 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") plans to release its third quarter 2025 results on Wednesday, October 22, 2025, after the market closes. In conjunction with the release, Crown Castle has scheduled a conference call for Wednesday, October 22, 2025, at 4:30 p.m. eastern time. A listen only live audio webcast of the conference call, along with any supplemental materials, can be accessed on the Crown Castle website at . Participants may join the conference c...
- 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.
Moody's Ratings assigns Baa1 ratings to T-Mobile's proposed backed sen...
Moody's Ratings (Moody's) assigned Baa1 ratings to T-Mobile USA, Inc.'s (T-Mobile) proposed backed senior unsecured notes, which will be comprised of various maturities. T-Mobile intends to use the net proceeds from the proposed offering for refinancing existing indebtedness and general corporate pu...
Moody's Ratings corrects its website display for certain notes issued ...
Moody's Ratings (Moody's) has corrected the display on its websites for Comcast Corporation's Guaranteed Senior Notes due 2047, 2049 and 2052 (CUSIPs 20030NCC3, 20030NCE9 and 20030NCG4) to reflect these notes are senior unsecured. Due to an internal administrative error, an incorrect seniority was d...
- 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.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- 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
ATUS 3Q25 Preview
This report covers changes to our model to incorporate recent management commentary at investor conferences. We increased broadband losses and lowered EBITDA for the quarter (full year EBITDA remains unchanged). We expect consensus estimates to come closer to our estimates. No change to thesis.
- Vikash Harlalka
CMCSA Quick Hit: Versant Spin Accretive to Comcast Valuation
Comcast filed Form 10 for Versant late last week. Versant includes most of Comcast’s cable networks and some digital media assets. In this short note, we analyze the financials of Versant, the impact of the spin-off on Comcast’s growth, valuation of Versant, and the potential upside to Comcast’s stock following the spin-off.
- 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
- 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
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