Sin estar haciendo nada que no estuviera haciendo ya antes, si todo el empuje le viene por “pararse a escuchar” las recomendaciones que le han planteado desde fuera, Elliott Management, creo que lo que mas debería apremiar a T es pegarle la patada a la actual gerencia.
Un saludo.
AT&T’s announcement of three-year strategic and capital-allocation plans overshadowed third-quarter earnings that were broadly as we expected. Wireless results remained solid, with continued postpaid customer growth improvement and modest margin expansion, while the entertainment segment experienced sharp television customer losses but stable profitability. The general outline of AT&T’s three-year plans lines up with our expectations, with one major exception: Management believes the EBITDA margin can expand about 2 percentage points through 2022, which we view as optimistic, given the pressures facing several parts of the business. AT&T also plans to repurchase $30 billion of shares over three years, equal to more than half of expected free cash flow after dividend payments, while continuing to reduce debt leverage gradually. We were happy to hear management express sensitivity to the stock price, with plans to front-load repurchases to capitalize on the current share price.
We like the progress AT&T has made thus far in 2019, but we’re hesitant to radically change our longer-term thinking on the firm. The telecom and media landscapes are likely to change meaningfully in the coming years, forcing AT&T to adjust along the way. While we suspect the firm is capable of expanding margins in the near term, we aren’t convinced that doing so will prove to be in its long-term best interest. While the firm has incorporated HBO Max into its projections, maintaining solid competitive positions in wireless and media could require unplanned investments. In addition, future asset sales or restructurings are likely to complicate the picture over the next couple of years. We don’t expect to materially change our $37 fair value estimate, and we view narrow-moat AT&T’s shares as fairly valued
AT&T pacta con el fondo Elliott vender activos por hasta 9.000 millones
https://www.expansion.com/empresas/tecnologia/2019/10/28/5db728b7e5fdea4c268b4656.html
Parece que la reducción de deuda ha gustado al mercado:
3. Solid debt reduction and record cash flow figures
AT&T has revised its FCF and asset monetization guidance throughout the year and is currently on track to generate $28B FCF and close up to $14B in non-core asset sales.
This has fueled substantial debt reduction with the annualized net debt to adjusted EBITDA ratio down to 2.66 and on track to hit the 2019 target of 2.5.
The dividend, despite having been safe the entire time even when the stock dropped down to $28 in December 2018, is now safer than ever with a YTD cash dividend payout ratio of 53%. AT&T has not bought back any stock yet but management now confirmed that stock buybacks won’t just be in the capital allocation mix but will actually start this quarter. Given that 1/3 of the quarter is already over now it is unclear whether in fact those buybacks have already begun. That would be very positive given that the stock is now trading at 52-week highs.
Al final todo el bla bla bla se queda eclipsado por el anuncio de la recompra de acciones. Y es cierto que un anuncio de recompra de acciones vende bien. Hace tiempo que la guerra está en los contenidos mas que en hacerlos llegar, T los hacía llegar y ahora se compró contenido. De lo bien que sepan explotar el mismo y hacerlo crecer con calidad) dependerá el generar mas valor. Más allá de la burrada de efectivo que ya genera con su negocio habitual a pesar de la pésima gestión que parece venían haciendo ya un tiempo. Me reafirmo en que si lo mejor de todo, y lo que hace generar ilusión en el mercado y en los accionistas, es implementar las recomendaciones que te hacen “desde fuera” la actual gerencia debería tener ya pagados los billetes de salida.
Un saludo.
Los de Ponos se han cambiado el nombre? ATT se compra a sí misma?
Joé, cuánto listo hay por el mundo.
Yo contraatacaría y les lanzaría una oferta por las suyas a 15 USD
A mi me toca las narices que no se pueda rechazar tal propuesta, es decir, que tengamos que verla en ING en las notificaciones emergentes al entrar al broker. Te dicen basicamente que sino las quieres no hagas nada, pero tendrían que dar la opción de rechazar.
Dos días cayendo más de 4%… ¿alguna explicación?
No lo había visto, le echo un ojo
Short sellers!!!
¿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?
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: AT&T Time Warner Acquisition A Rare Deal That Makes Economic Sense
Se llevan las dos y solventado 
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.
AT&T (T) President and COO John Stankey Updates Shareholders
Un saludo.
Ya podían haber hecho la recompra cuando cotizaba a menos de 30…
Fourth-Quarter and Full-Year Results (29/01/2020)
Full-Year Consolidated Results:
Achieved or Overachieved All 2019 Goals
Fourth-Quarter Consolidated Results