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AT&T Inc T Stock Quote

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The U.S. Wireless Carriers Are Poised to Gush Cash; Verizon Shares Particularly Attractive

Analyst Note

| Michael Hodel, CFA |

Sentiment around the U.S. wireless industry, especially Verizon, has turned negative recently. We suspect industry bears hold two key contentions: First, the carriers will perpetually spend egregiously on their networks, primarily buying wireless spectrum whenever the government makes more available. Second, in an extremely mature market, these firms will beat each other up seeking whatever growth remains, punishing revenue and margins. As such, balance sheets will continually need repair and cash available for shareholders will be increasingly limited.

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Business Description

The wireless business contributes about two thirds of AT&T’s revenue following the spinoff of WarnerMedia. The firm is the third-largest U.S. wireless carrier, connecting 69 million postpaid and 18 million prepaid phone customers. Fixed-line enterprise services, which account for about 20% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 10% of revenue, primarily consist of broadband internet access service. AT&T also has a sizable presence in Mexico, serving 21 million customers, but this business only accounts for 2% of revenue. The firm still holds a 70% equity stake in satellite television provider DirecTV but does not consolidate this business in its financial statements.

208 S. Akard Street
Dallas, TX, 75202
T +1 210 821-4105
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 203,000

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