United States Cellular Corp

USM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Zsm	Zxdvn

US Cellular Earnings: Weak Results Point to a Weak Competitive Position

Michael Hodel

May 3, 2024

The steady drip of market share losses at US Cellular continued in the first quarter, a trend we expect to persist. Management reiterated that the strategic review initiated nine months ago continues and that it won’t comment on the effort until a conclusion is reached. We still believe US Cellular should sell all or most of its assets to other carriers or tower firms, and our stand-alone fair value estimate remains $25.

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