AT&T (T)

¿Nadie comenta el bajo ROIC de T vs VZ y su cuestoniable asignacion de capital comprando Warner cuando VZ ha conseguido llegar a acuerdos para ofrecer contenido con mucho menor coste por abonado?

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Economics of The Deal: Acquisition Earns a 5% ROIC

At ~$108/share, the value of this acquisition totals $109 billion, including net liabilities, and transforms AT&T from a telecom provider into a media conglomerate, especially after its acquisition of DirecTV in 2016. At this price, AT&T would be paying $109 billion to acquire $5.1 billion in NOPAT. The ROIC earned is 4.7%, which is a marginal improvement to AT&T’s current ROIC of 4.6% and equal to its weighted average cost of capital (WACC) of 4.7%. This deal would slightly improve AT&T’s overall ROIC, unlike other deals that appear to be accretive due to the high-low fallacy.

Y lo que es más importante:
AT&T Gets Ability to Produce High Quality Original Content Consistently and Profitably

Existen riesgos, naturalmente, pero más bien vendrían del regulador.

Los acuerdos (VZ) pueden ser ratificados, modificados, derogados…

El articulo de David Trainer en: https://www.forbes.com/sites/greatspeculations/2016/11/15/att-time-warner-acquisition-a-rare-deal-that-makes-economic-sense/#24069ea211fa

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Se llevan las dos y solventado :joy:

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Al menos parece que intentan ponerse las pilas, aunque con lo que arrastran ya pueden. Pero ya les vale que hayan tenido que venir de fuera a ponérselas… me reitero, los que están al volante tenían que estar ya saliendo por la puerta. Que tengan que decirles como hacerlo los de fuera solo hace ver que se lo están llevando muerto.

AT&T (T) President and COO John Stankey Updates Shareholders

John Stankey, president and chief operating officer of AT&T Inc. (NYSE: T), and CEO, Warner Media LLC, spoke today at the UBS Global TMT Conference during which he provided an update to shareholders.*

Share retirements. Stankey said that AT&T began retiring shares in the fourth quarter. The company expects these share retirements will help offset the impact to EPS in the fourth quarter from HBO Max investments. Stankey also announced that the company has entered into a $4 billion accelerated share repurchase agreement to retire about 100 million shares in the first quarter of 2020.

Cost initiatives. Stankey said that the company is focused on exceeding its recent typical annual 6% to 8% reduction in network operational costs. Stankey said the company has set a 2020 target of an additional 4% in cost reductions, or about $1.5 billion, driven primarily by lower labor-related costs and corporate overhead.

Capital allocation. In addition to retiring shares, AT&T plans to continue to invest in both capital and content while also continuing modest annual dividend growth.

By the end of 2022, AT&T expects to have retired 100% of the debt it incurred to fund the acquisition of Time Warner, with plans to reach a net debt-to-adjusted EBITDA ratio in the 2.0x to 2.25x range, which it believes should result in an upgrade to its debt ratings.

AT&T will also continue to review its portfolio to achieve its asset monetization target of $5 billion to $10 billion in 2020. Potential sales include AT&T’s regional sports networks, additional real estate transactions and additional tower sales. The company expects the previously announced monetization of its stake in Central European Media and the sale of its Puerto Rico wireless operations to close by the middle of 2020. AT&T also recently raised about $1.2 billion from a preferred equity offering.

https://www.streetinsider.com/Corporate+News/AT%26T+(T)+President+and+COO+John+Stankey+Updates+Shareholders/16231671.html

Un saludo.

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Ya podían haber hecho la recompra cuando cotizaba a menos de 30…

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Fourth-Quarter and Full-Year Results (29/01/2020)

Full-Year Consolidated Results:

  • Diluted EPS of $1.89 as reported compared to $2.85 in the prior year
  • Adjusted EPS of $3.57 compared to $3.52 in the prior year, up 1.4%
  • Record cash from operations of $48.7 billion, up nearly 12%
  • Capital expenditures of $19.6 billion
  • Consolidated revenues of $181.2 billion

Achieved or Overachieved All 2019 Goals

  • Debt: Reduced net debt by $20.3 billion and achieved ~2.5x net-debt-to-adjusted EBITDA range
  • Portfolio Review : ~$18 billion of net asset monetization vs. goal of $6-8 billion
  • Adjusted EPS growth: Grew 1.4%, achieved goal of low single-digit growth
  • Record free cash flow: $29.0 billion vs. original goal of $26 billion range, up 30% for year
  • Wireless network leadership: Nation’s best and fastest network2
  • Wireless service revenue growth: Achieved ~2% growth
  • Entertainment Group EBITDA: Achieved stable EBITDA versus prior year
  • Merger synergies: Achieved goal of $700 million in run-rate synergies, HBO Max launch set
  • Dividend payout ratio 3: 51% vs. goal in high 50’s% range
  • Gross capital investment 4: $23.7 billion, achieved goal of $23 billion range

Fourth-Quarter Consolidated Results

  • Diluted EPS of $0.33 as reported compared to $0.66 in the year-ago quarter
  • Adjusted EPS of $0.89 compared to $0.86 in the year-ago quarter, up 3.5%
  • Cash from operations of $11.9 billion
  • Capital expenditures of $3.8 billion
  • Free cash flow of $8.2 billion; dividend payout ratio 46%
  • Consolidated revenues of $46.8 billion; $48.0 billion excluding HBO Max investment
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Ahí, ahí, reduciendo deuda y payout. A ver si poco a poco se enderezan las cosas y sube algo más el dividendo.

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Y si encima la accion baja un poquito ya seria estupendo

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Muy bien @faemino , yo con mis limitados conocimientos de ver estos balances, tambien me habia parecido interpretar que los resultados tienen una tendencia positiva :slight_smile:

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Con llegar a 35$ me daría con un canto en los dientes

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To create the list, GS screened for stocks expected to raise their dividends by an annualized rate of 9% through 2021.

E incluyen a AT&T? :thinking:

AT&T: cuando el mercado se bloquea

https://seekingalpha.com/article/4324287-t-when-market-crashes

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curioso, lleva desde 2008 subiendo el dividendo anual 1 centavo trimestral

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Vaya, he echado cuentas y no encaja en una estratégia DGI :rofl:

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Pues puede parecer una tonteria o poco incremento, pero con una evolucion en bolsa relativamente estable y dentro de un rango de precios, no se si para mantener toda la vida, esa es mi intencion, pero para muchos americanos, y para mi tambien, es un buen lugar para aparcar la liquidez y con una remuneracion mas que decente, del orden del 5,5-6% entre sus maximos y minimos.

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y ya quisieran muchas españolas aumentar el dividendo durante mas de 15 o 20 años seguidos.

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Desde luego, aqui algunas empresas tienen la costumbre no de incrementar el dividendo si no los papelitos que dan como dividendo.

Creo que T como DGI puede decepcionar un poco, y eso que en todo ese tiempo no ha bajado el dividendo, pero como un “deposito”, entrecomillado, a largo plazo que te paga un 5,5% para mi es motivo suficiente para mantenerla, aunque sea nada mas para eso.

Otra cosa es que un dia se descuelgue con un recorte del dividendo

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Abri 1/5 de posicion el viernes en T a 38.40
La considero utility y tras revisar numeros vi que va bajando la deuda de la compra de Warner.
Comparada con VZ esta igual en EV/Ebitda y con mejor P/FCF, aparte de una mucho mejor evolucion del OCF.
La veo como una cash cow para siempre aunque temo haberme fijado y entrado tarde. Si sube promediare algo pero espero que tenga un resfriado y puedo ir completando a RPD algo mas altas, sobre el 6% que serian unos 35$.
Confio en que la compra de Warner revierta en aumentos de beneficio que le permitan aumentar divis a un ritmo mal alto que los ultimos años porque ese 2% es corto…

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Otra que tengo pendiente de incorporacion a la cartera familiar. Me duele pagar los precios actuales después de llevarla en mi cartera a 30$, pero viendo los últimos resultados, tal vez, no estén tan mal los 38$. Ya veré que hago, viendo el panorama actual no hay mucho donde elegir… por el momento T y Pze son candidatas para la próxima compra

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