智通财经APP获悉，美银近日发布研报，恢复对Verizon(VZ.US)的覆盖，给予中性评级，目标价45美 元。该行认为，公司在高端无线用户基础、资本回报和光纤战略上实现平衡，有线电视MVNO业务可 对冲无线竞争财务风险，促销力度或小于同行。预计于2026年上半年完成的Frontier通信收购将增近千 万光纤用户，但会稀释自由现金流。 该行在报告中写道，Verizon在高端无线用户基础、资本回报和光纤战略方面实现了平衡组合。该公司 的有线电视移动虚拟网络运营商(MVNO)业务形成了一道财务对冲，以应对有线电视无线业务的竞争强 度。 该行认为，公司无线业务将有所改善，但后付费用户净增长存在风险。Verizon重新聚焦网络质量，通 过增加附加服务来提升其无线业务的价值主张，同时采取审慎的促销策略，这些举措从中长期来看应该 会获得投资者的认可。然而，该行认为，短期内由于有线电视公司加大无线业务竞争力度，且T-Mobile 可能会跟进以捍卫其净新增用户指引，Verizon的后付费用户净增长存在风险。 该行提到，对Frontier的收购将是公司长期增长的关键因素。这笔价值200亿美元的Frontier收购案预计将 在2 ...

美银补充称，AT&T在"Effective Connectivity"战略上的持续执行正在降低公司杠杆，并为提高股东回报 铺平道路。在2.5倍杠杆率目标可见的情况下，AT&T已于2025年第二季度启动股票回购计划，并计划在 2027年底前回购总额达200亿美元的股票。 美银表示，其对AT&T的32美元的目标价是基于2026年预估自由现金流的13倍估值倍数。该行认为，考 虑到AT&T自由现金流的增长、股票回购计划以及可观的股息收益率，这一估值倍数是合理的。 美银表示，AT&T拥有一项均衡的战略，旨在通过自有的无线和光纤资产推动增长加速，同时通过无线 和有线网络的效率提升，实现利润率和自由现金流(FCF)的增长。此外，该公司还承诺强力的资本回 报，目标为400亿美元。 美银预计，AT&T将在"即时抵扣(bonus depreciation)"政策重新引入时最为受益，估算该政策将在2026年 和2027年分别使该公司自由现金流增加21%和26%。以2026年预估企业价值倍数(EV/EBITDA)来看， AT&T当前交易价格较T-Mobile US(TMUS.US)折让30%，较Verizon(VZ.US)溢价9%。 ...

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [6] Core Insights - The global telecommunications industry is experiencing steady demand growth, driven by emerging markets and increasing ARPU in regions like North America. AI is expected to bring transformative opportunities to the industry by enhancing operational efficiency and customer insights [1][4][12] Summary by Sections Global Telecommunications Development - The global telecommunications industry achieved a total revenue of 8.8 trillion RMB in 2024, with a year-on-year growth of 3.0%. The net profit attributable to shareholders was 834.2 billion RMB, reflecting a decline of 8.4% [12] - Revenue by region includes: Europe (2.2 trillion RMB, +4.9%), North America (2.4 trillion RMB, +2.7%), China (1.95 trillion RMB, +3.4%), Asia-Pacific (1.6 trillion RMB, -0.2%), Africa and Middle East (0.7 trillion RMB, +4.9%) [12] Market Observations - In North America and Europe, leading telecom operators are seeing steady user growth, while mobile penetration rates are high, resulting in low single-digit growth rates. In contrast, regions like India and Africa are experiencing rapid growth [2][17] - Fiber business is a significant growth driver, with AT&T's fiber revenue growing by 19% year-on-year in Q1 2025 [2] Profitability Trends - Profitability varies across regions, with Middle Eastern and North American operators showing strong profitability. The average ROE for major global telecom operators in 2024 was 15.66% [3][17] - Domestic operators in China have slightly lower ROE compared to the global average, but as 5G investments enter the recovery phase, profitability is expected to improve [3][17] AI Impact on the Industry - AI is transforming the telecommunications sector by reducing operational costs and enhancing customer service capabilities. For instance, Deutsche Telekom uses AI to monitor network performance and improve fiber deployment efficiency [4][22] - Companies like T-Mobile are leveraging AI to predict customer needs and enhance service offerings, improving customer satisfaction [4][22] Domestic Telecommunications Dynamics - In China, the telecommunications business revenue for the first five months of 2025 reached 748.8 billion RMB, a year-on-year increase of 1.4%. The average mobile internet access traffic per user reached a record high of 21.3 GB/month, up 14.9% year-on-year [5][57] - The three major operators in China are expanding their intelligent computing capabilities, with China Mobile achieving a computing power scale of 43 EFLOPS [5] Key Recommendations - The report recommends focusing on major Chinese telecom operators: China Mobile, China Telecom, and China Unicom, all rated as "Buy" or "Overweight" [9]

美国银行对于AT&T的评级恢复至"买入"，目标价予以32美元。截至周一美股收盘，AT&T股价收于 28.410美元。 美国银行分析师芬克表示，AT&T通过均衡战略实现业绩增长。凭借业务经营动能、无线与光纤资产的 强强结合，以及未来数年有针对性的资本回馈计划，预计AT&T的估值将更接近甚至超过TMUS而非 VZ。 "光纤业务是AT&T长期增长战略的关键。我们认为，其处于行业绝对领先的光纤覆盖与无线业务资产 组合，使该公司在愈发激烈的竞争环境中占据优势。"分析师芬克表示。 美国银行恢复对于Verizon的"中性"评级，目标价予以45美元。截至周一美股收盘，Verizon股价收于 42.800美元。 华尔街大行美国银行在美东时间周一重新启动对于美国三大电信巨头——AT&T(T.US)、Verizon(VZ.US) 以及T-Mobile US(TMUS.US)的股票评级与目标股价深度覆盖。 美国银行分析师迈克尔.芬克在研究报告中指出，电信板块常被视为同质化，机构投资者持股长期不 足，也被市场忽略为"沉闷、成熟"的行业。但在他看来，美国三大电信运营商在业务战略、并购、业绩 指标优先级、资本回报、股票回购与股息率以及盈利 ...

据报道，AT&T(T.US)同意以57.5亿美元收购Lumen Technologies(LUMN.US)的消费者光纤业务，扩大其 在丹佛和拉斯维加斯等主要城市的快速宽带服务。根据周三的一份声明，AT&T将为Lumen支付现金。 这笔交易还有待监管部门的批准，预计将于明年上半年完成。 瑞银指出，该交易将巩固AT&T"作为美国最大融合光纤供应商的地位"，其目标是在2030年前实现覆盖 6000万个家庭，而Verizon(VZ.US)的目标为3500万至4000万个，T-Mobile US(TMUS.US)则为1200万至 1500万个。瑞银维持AT&T"买入"评级。 瑞银补充称，这笔交易对Lumen来说也是利好，关键在于其能否实现收入和EBITDA表现的稳定，这对 于提振投资者信心和实现公司长期价值增长至关重要。 美国银行表示，该交易符合AT&T专注于连接性的战略重点、拓展光纤覆盖范围的目标以及通过捆绑产 品提升市场份额的战略方向。美国银行在报告中指出："AT&T现有业务正在实现稳健的无线和消费者 宽带增长，我们预计此次宣布的交易将进一步加强和延伸这一增长趋势。AT&T已为此次交易预留足够 的财务灵活性，纳入其 ...

智通财经5月22日电，Lumen Technologies美股盘前上涨16%，此前AT&T同意以57.5亿美元收购该公司 的消费者光纤业务。 ...

AT&T表示，这种结构将有助于支持AT&T Fiber在其传统固定电话业务之外的扩张。该公司还重申了 2025年的财务指引。2022年，AT&T宣布与贝莱德公司建立类似的合作伙伴关系，名为Gigapower LLC。 智通财经APP获悉，AT&T(T.US)同意以57.5亿美元收购Lumen Technologies(LUMN.US)的消费者光纤业 务，扩大其在丹佛和拉斯维加斯等主要城市的快速宽带服务。根据周三的一份声明，AT&T将为Lumen 支付现金。这笔交易还有待监管部门的批准，预计将于明年上半年完成。消息公布后，在盘后交易中， Lumen一度上涨25%，至4.77美元;截至发稿，涨幅收窄至11%。 这笔交易有助于AT&T实现其长期目标，即让更多的家庭和企业可以接触到其光纤线路。这家总部位于 达拉斯的无线和宽带公司现在表示，AT&T的目标是到2030年达到6000万个地点，大约是AT&T光纤目 前可用地点的两倍。Lumen此前曾表示，消费者光纤业务与其服务企业客户的重点不相符。AT&T表 示，Lumen拥有100万光纤用户，覆盖了美国11个州的400多万个地点。 作为交易的一部分，AT&T将成立一家新的 ...

AT&T以57.5亿美元收购Lumen的大众市场光纤业务。 ...

智通财经5月22日电，AT&T以57.5亿美元收购Lumen的大众市场光纤业务。 ...

Financial Data and Key Metrics Changes - The company reported strong first quarter results, with site rental revenues showing 5.1% organic growth, excluding the impact of Sprint cancellations [20] - Adjusted EBITDA for the first quarter was positively impacted by lower repair and maintenance costs, sustaining capital expenditures, and other non-worker costs [21] - The full year 2025 outlook remains unchanged, with expectations of 4.5% organic growth, adjusted EBITDA of approximately $2.8 billion, and AFFO of approximately $1.8 billion [22][23] Business Line Data and Key Metrics Changes - The company is in the process of separating its fiber solutions and small cell businesses, which will be reported as discontinued operations [18] - Site rental revenues included a $3 million contribution from other billings, primarily related to intercompany back billings, which is not expected to recur [20] - The company expects straight-line revenues to turn negative, consistent with the full year 2025 outlook of zero [21] Market Data and Key Metrics Changes - Mobile data demand in the U.S. has grown substantially, with customers investing over $35 billion annually in their networks, resulting in more than 5% average annual organic growth in the tower business from 2020 to 2024 [9] - The U.S. tower business model has shown resilience across market cycles, with cash site rental revenues growing consistently despite economic fluctuations [10] Company Strategy and Development Direction - The company aims to become a pure play U.S. tower company, focusing exclusively on the U.S. market, which is viewed as the best market for tower ownership [8] - The capital allocation framework balances predictable returns to shareholders with financial flexibility and balance sheet strength, with plans to return capital via a quarterly dividend and share repurchase program [12][14] - The company intends to reduce its annualized dividend per share to $4.25 beginning in the second quarter of 2025 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full year 2025 outlook, citing strong first quarter results and progress in separating the fiber solutions and small cell businesses [14] - The company believes that being a pure play tower company will enhance value by focusing on customer service, operational excellence, and improved profitability [11] - Management noted that regulatory approvals for the sale of the fiber and small cell businesses are time-consuming but not expected to pose significant difficulties [40] Other Important Information - The company ended the quarter with significant liquidity and flexibility, maintaining an investment-grade credit rating [23] - The board intends to use approximately $6 billion of cash proceeds from the sale to repay debt, balancing this with share repurchases [14] Q&A Session Summary Question: Can you shed light on the executive changes and the strategy going forward? - Management acknowledged the recent executive changes and emphasized the focus on separating the fiber and small cell businesses while creating value in the U.S. tower market [28][30] Question: What is the current status of the fiber and small cell business sale? - Management stated that the transaction is expected to close in the first half of 2026, pending regulatory approvals [40][42] Question: How is the company managing costs and what is the outlook for new leasing activity? - Management indicated that cost control measures are in place and that new leasing activity is expected to remain consistent throughout 2025 [46][49] Question: What are the strategic priorities for the new CFO? - The new CFO highlighted the importance of closing the fiber business sale and positioning the tower business for operational improvements [66] Question: Can you provide insights on the services side of the business? - Management noted good demand for services, although they have exited the construction services business [70] Question: What is the expected impact of the Sprint merger on churn? - Management acknowledged the ongoing churn from the Sprint merger but indicated that overall churn rates are expected to remain within normal ranges [57] Question: How will the share repurchase program be structured? - Management stated that the share repurchase program will depend on market conditions at the time of the transaction close [99]