Core Thesis - Array Digital Infrastructure, Inc. (AD) presents a compelling investment opportunity as it monetizes its remaining assets following the sale of its wireless business to T-Mobile, with significant expected returns for shareholders [2][4]. Group 1: Financial Performance and Valuation - As of January 30th, AD's share was trading at $48.19, with trailing and forward P/E ratios of 22.14 and 76.34 respectively [1]. - Shareholders have already received a special dividend of $23 per share from the wireless sale, with additional spectrum sales expected to generate approximately $22 per share over the next eight months [2]. - The company has a projected EBITDA of approximately $70 million by 2027, with an implied 2027 EV/EBITDA multiple of around 5.2x, significantly lower than peer transactions [3][4]. Group 2: Asset Composition and Growth Potential - AD's assets include a portfolio of 4,400 towers, passive equity interests in Verizon and AT&T markets generating around $170 million in annual cash flow, and C-band spectrum, part of which has already been sold for over $2 billion [2]. - The tower business is currently under-monetized, with tenancy ratios of approximately 1.0x compared to about 2.5x at peers, but recent initiatives are driving rapid cash flow growth [3]. - C-band spectrum monetization could yield an additional approximately $18 per share in special dividends, enhancing the overall value proposition [3]. Group 3: Strategic Consolidation and Future Outlook - TDS, which owns about 82% of AD, is expected to use proceeds from special dividends to acquire remaining public shares and consolidate assets, including towers and spectrum [4]. - The anticipated spectrum sales, C-band monetization, and minority buyouts are expected to crystallize AD's sum-of-the-parts value, with a projected upside of more than 50% to $75 per share [4].

Core Insights - Costco's FQ3 earnings report shows an 8.0% adjusted increase in comparable sales, indicating solid performance despite initial market skepticism [1][3] - The company is expected to reach new stock price highs by 2025, driven by strong cash flow and capital returns [2] Group 1: Financial Performance - Revenue grew by 8% year-over-year, surpassing consensus estimates and outperforming competitors in the retail sector [3] - U.S. comparable-store sales increased by 7.9%, while Canadian sales rose by 7.8% and Other International sales grew by 5.5% [3] - Net income increased nearly 13% to $1.9 billion, with expectations of continued strength as the year progresses [4] Group 2: Strategic Outlook - Costco plans to invest in digital and warehouse expansions, with digital sales growing by 15.7% [4][5] - The company is adjusting its supply chain to focus on localized products affected by tariffs [5] - Investments in e-commerce and warehouse automation are underway, including a buy-now-pay-later feature for members [6] Group 3: Dividend and Cash Flow - Costco has a strong history of special dividends, with cash flow increasing by 40% to $13.836 billion, potentially exceeding $15 billion by year-end [8] - The last special dividend was $15 per share, and future payments may be larger if delayed [9] Group 4: Analyst Sentiment - Analysts maintain a Moderate Buy rating, with a 12-month price target of $1,035.32, indicating a potential upside of over 10% [10][11] - Institutional investors own nearly 70% of Costco stock, providing additional support for the company's long-term trajectory [11][12] Group 5: Market Trends - Costco's stock chart appears bullish, remaining in an uptrend despite a 1% pullback after the Q3 release [13] - Key resistance levels are identified near $1,050 and $1,075, which, if surpassed, could lead to new highs [13][14]