We believe tower stocks are in the early stages of a shift in their investor base. This means tower stocks could rise even higher. However, this could also generate some near-term volatility, as telecom investors grapple with valuation multiples that are beyond the top-end of historical ranges and free cash flow yields that are in […]

SoftBank Group reported slightly better than expected EBITDA and invested another $10 billion into the Vision Fund this quarter. Latest Sprint update On the investor call, CEO Masa Son said that the base case for their investment in Sprint was consolidation. Masa also said that if the deal was not approved by regulators, there would […]

Net debt increased $47 million largely from a $33 million payment of withholding tax on RSUs. Cash EBITDA was below our estimate by $2.0 million on gross margins that were 170bp lower than expected and higher than expected G&A. DAS reimbursable capex was $2.1 million above our estimate on higher than expected Boingo self-funded capex. […]

We have lost confidence in GTT’s ability to stem the decline in revenue. As we stated in our last note, we believe investors were willing to tolerate +/- 0.75% sequential organic growth. (Link) However, the more than 1% sequential decline in revenue this quarter was disappointing given the optimistic comments made by management over the […]

Sprint’s Cash EBITDA was $135 million better than expected on lower gross additions and device upgrade rate. As-reported EBITDA was $38 million lower than our estimate. Wireless service revenue was $25 million higher than our $5.4 billion estimate. Post-paid phone net losses of 189,00 were worse than our +0 estimate on a 18% decline in […]

Dish’s Satellite PayTV subscriber base declined another 11% in Q1. While the sub losses were less than expected, Dish is on pace to lose 11% of its satellite subscriber base in 2019. Sling was worse than expected and managed to muster just 7k net additions as the OTT market continues to crowd with new entrants […]