智通财经APP获悉，KeyBanc表示，AT&T(T.US)股价从五年多来的高位回落，这为投资者提供了极具吸 引力的买入机会，因为该公司计划为 6000 万户家庭和企业提供光纤服务，以及近期从回声星通信 (SATS.US)收购频谱，这使该公司成为"融合领域的明显领导者"。该行分析师Brandon Nispel和Matt Sbriglio将AT&T的评级从"与行业一致"上调至"增持"。鉴于该公司颇具吸引力的增长前景和资本回报， 他们将目标价定为 30 美元。 分析师在报告中称："我们认为，到 2025 年底，AT&T 的融合用户数约为 620 万，到 2030 年，这一数 字应会近乎翻倍，达到约 1200 万，而其最接近的竞争对手的用户数还不到 1000 万。" 关于这种"根本性增长"的前景，KeyBanc分析师预计，AT&T的调整后EBITDA增长将从 2025 年的约 3% 到 2027/2028 年的近 5%，这得益于移动业务和宽带业务的增长以及成本的节省。他们补充道："鉴于稳 健的资本回报和合理的估值，我们认为这一风险/回报比颇具吸引力。" KeyBanc分析师认为，到 2026 年每股股东资本回报 2 ...

Financial Data and Key Metrics Changes - The company reported a consolidated pro forma revenue decline of approximately 6% year over year, primarily due to the decline in legacy TDM services and Uniti Solutions [17] - Fiber revenue grew by 13%, with the highest number of fiber gross adds ever and the highest net adds in two years at Kinetic [7][14] - Adjusted EBITDA is expected to reach $1.1 billion at the midpoint of the 2025 outlook, with consolidated revenue projected at $2.2 billion [20] Business Line Data and Key Metrics Changes - Kinetic consumer fiber revenue grew 26% year over year, driven by strong adoption of the fiber-to-the-home product [14] - Fiber penetration at Kinetic reached almost 29%, up 50 basis points sequentially and 130 basis points year over year [15] - The fiber infrastructure segment recorded consolidated pro forma bookings MRR of approximately $1.6 million, the second highest level in over two years [14] Market Data and Key Metrics Changes - The total addressable market for AI and hyperscalers for fiber providers is now estimated to be approximately 50% higher than earlier estimates [12] - Hyperscaler activity as a percentage of the total funnel has improved materially year over year to around 30% of MRR [11] - The company has seen a 13% growth in its hyperscaler funnel since the second quarter [11] Company Strategy and Development Direction - The company aims to continue building fiber into unique locations and overbuilding legacy networks while aggressively managing out of legacy products [4] - The strategy includes a focus on operational excellence and a customer-centric approach, which has led to industry-leading churn and NPS scores [5] - The company is well-positioned to capture share in the wholesale fiber market, particularly in dark fiber and waves, with a strong national footprint [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the fiber business, expecting fiber revenue to overtake legacy services by the end of 2026 [18] - The company anticipates strong visibility into at least three years of value-accretive deal flow, particularly in the hyperscaler segment [12] - Management acknowledged ongoing headwinds from legacy services but emphasized the strong cash flow generation from the core fiber business [60] Other Important Information - The company has successfully closed its merger with Windstream, enhancing its position as a premier fiber provider [4] - The integration process is progressing smoothly, with no significant disruptions reported [25] - The company is focused on maintaining a healthy mix of ABS and non-ABS debt in its capital structure [24] Q&A Session Summary Question: What is the outlook for the hyperscale opportunity? - Management noted that the total addressable market for fiber is expanding, with strong demand outpacing supply, particularly in AI infrastructure [31][32] Question: What is the plan to reduce churn in Kinetic's fiber business? - The company is implementing several strategies, including targeted pricing adjustments and improving customer experience to reduce churn rates [70][72]

Key Points AT&T reported mixed results relative to expectations, but the news was generally positive. AT&T added subscribers across wireless, fiber, and Internet Air, and its converged strategy made progress. With the stock trading in bargain territory, it looks like a solid value. 10 stocks we like better than AT&T › Telecom giant AT&T (NYSE: T) has a simple growth strategy: Win high-value customers who use its wireless and fiber services together. The company picked up plenty of those so-called ...

Summary of AT&T (T) 2025 Conference Call Company Overview - **Company**: AT&T Inc. (T) - **Event**: 2025 Conference Call - **Date**: September 04, 2025 Key Points Acquisition of EchoStar Spectrum - AT&T announced an agreement to acquire EchoStar Spectrum, including both 600 MHz and mid-band spectrum, which was unexpected at the start of the year due to the next major auction not occurring until 2027 [3][5] - The acquisition was driven by a unique opportunity presented by the FCC's desire for EchoStar to deploy its spectrum for consumer benefit [5][6] - The mid-band spectrum aligns well with AT&T's existing holdings across over 400 markets, allowing for deployment with minimal costs [6][7] - The low-band spectrum acquisition is rare and expected to provide attractive returns to shareholders [7][11] Financial Implications - The cost of deploying the acquired spectrum is expected to fit within AT&T's capital spending plan, which has been increased to between $23 billion and $24 billion annually [13][14] - The acquisition is anticipated to accelerate revenue and EBITDA growth, with a positive outlook for shareholders [11][30] - The EchoStar transaction is expected to close around mid-2026, with higher revenues anticipated from fixed wireless and MVNO agreements, although there will be some short-term dilution to EPS [29][31] Wireless Market Dynamics - The wireless market has seen increased promotional activity and churn rates, with expectations of a similar environment continuing into the second half of the year [16][18] - AT&T has performed well in the first half of the year despite headwinds from immigration and device promotional cycles [20][21] - The company is focused on maintaining low churn rates and improving customer migration to higher-value plans [50][51] Fiber Expansion Strategy - AT&T has increased its fiber passing target to over 60 million locations, with a focus on efficiency in deployment and cost management [51][52] - The integration of fiber and wireless services is expected to enhance returns, with wireless share being significantly higher within fiber footprints [55][56] - The company is confident in its ability to manage costs effectively while continuing to expand its fiber network [60][61] Fixed Wireless Access (FWA) - The addition of EchoStar's spectrum is expected to enhance AT&T's fixed wireless capabilities, allowing for service expansion in previously under-penetrated areas [62][63] - A strong marketing push is planned to promote fixed wireless services, capitalizing on the current competitive landscape [66] Future Outlook - By the end of the decade, AT&T aims to be largely out of its copper footprint, having completed its wireless modernization and expanded its fiber network significantly [70][71] - The anticipated margin profile for the combined wireless and fiber business is expected to be highly attractive, positioning AT&T favorably in the market [72] Additional Insights - The company is committed to returning value to shareholders through dividends and buybacks while pursuing growth opportunities [27][28] - AT&T's strategic focus remains on organic investments in spectrum and fiber, with a clear plan to leverage new acquisitions for accelerated growth [25][26]

Financial Data and Key Metrics Changes - Total revenue increased by 7.1% year over year, reaching BRL 14.6 billion, driven by high single-digit growth in both mobile and fixed revenues [7][9] - EBITDA grew by 8.8% year over year, with a margin of 40.5%, reflecting disciplined cost management and operational efficiency [7][22] - Operating cash flow reached BRL 7.3 billion, up 12.5% year over year, highlighting strong free cash flow generation [8][24] - Net income rose by 13.5% year over year, reaching BRL 2.4 billion, driven by solid operational execution [25] Business Line Data and Key Metrics Changes - The mobile segment saw postpaid growth of 7% year over year, now comprising 67% of the total mobile customer base [6] - Fiber access expanded by 12.6% year over year, reaching 7.4 million connected homes, with FTTH revenues growing by 10.4% [6][12] - New businesses represented 11.2% of total revenues, up 1.7 percentage points year over year, with OTT subscriptions increasing by 34.5% [10][14] - B2B revenues grew by 13.3% year over year, with digital B2B services increasing by 31.3% [15] Market Data and Key Metrics Changes - The company reported a strong competitive position in the mobile market, with a focus on upselling data and digital services [48] - The fiber market remains competitive, with the company holding a significant share of the addressable market [80] Company Strategy and Development Direction - The company is focused on sustainable growth through strategic initiatives in connectivity and digital services, emphasizing service convergence and high-value offerings [6][9] - The acquisition of CDPQ's stake in Fyre Brazil is expected to consolidate leadership in fiber and unlock significant synergies [13] - The company aims to continue expanding its fiber footprint and exploring M&A opportunities to enhance growth [34][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the competitive landscape and maintain strong operational performance [48][96] - The company anticipates continued growth in net income and EBITDA, supported by disciplined cost management and strategic investments [25][60] Other Important Information - The company has paid over BRL 5 billion to shareholders so far in 2025, reaffirming its commitment to shareholder remuneration [26] - The company has implemented a reverse stock split followed by a forward stock split, which increased average daily trading volumes by 77% [26] Q&A Session Summary Question: What can be expected regarding leases optimization? - Management indicated that initiatives to optimize leases are ongoing, with a focus on reducing unit costs and improving coverage [28][39] Question: What synergies are being captured from the FiBrazil integration? - Management noted that while synergies are not yet fully realized, the integration is expected to enhance operational efficiency and revenue generation [30][32] Question: How is the competitive environment in mobile? - Management acknowledged strong competition but emphasized their strategy of upselling and maintaining low churn rates [48][49] Question: What is the outlook for financial expenses and OpEx? - Management explained that financial expenses were impacted by seasonality and that OpEx growth is being managed effectively [54][60] Question: How is the integration of acquired operations progressing? - Management confirmed that the integration of IPNET and VITIT is on track, contributing positively to overall performance [72] Question: What steps are being taken to improve mobile net adds? - Management highlighted a focus on migrating prepaid customers to hybrid plans and enhancing customer loyalty through service convergence [78]

Financial Data and Key Metrics Changes - Total revenues and adjusted EBITDA each grew by 3.5% year over year during the second quarter [16] - Adjusted EPS was $0.54, up approximately 6% from $0.51 the prior year [16] - Second quarter free cash flow was $4.4 billion, an increase from $4.0 billion the prior year [16] - Capital investment was $5.1 billion, showing modest year-over-year growth [16] Business Line Data and Key Metrics Changes - Mobility service revenue grew by 3.5% with EBITDA growth of 3.2% year over year [18] - The company added 401,000 postpaid phone customers in the second quarter, exceeding expectations [18] - Consumer Wireline revenue grew by 5.8% year over year, driven by approximately 19% growth in fiber revenue [22] - Fiber customer additions were 243,000 in the second quarter, with a convergence rate of 40.9% for fiber and 5G services [23] Market Data and Key Metrics Changes - The company added 243,000 fiber subscribers and over 200,000 Internet Air subscribers, marking a significant increase in broadband service adoption [7][24] - The mobility subscriber growth is increasingly driven by customers taking both wireless and broadband services [19] - The company expects higher Internet Air net additions in the second half of the year compared to the first half [24] Company Strategy and Development Direction - The company aims to invest in next-generation networks, planning to accelerate fiber deployment to 4 million new locations per year by the end of 2026 [10] - The strategy focuses on becoming the best connectivity provider in America, emphasizing customer-first initiatives and advanced technology investments [4][5] - The company is transitioning away from legacy copper infrastructure, with plans to discontinue service across approximately 10% of wire centers [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year consolidated financial guidance for 2025, citing steady growth in service revenues and free cash flow [5] - The operating environment is expected to remain competitive, with management planning for a more active second half of the year [40][72] - Management highlighted strong policy tailwinds for investment, noting unprecedented support for organic growth in the telecommunications sector [88] Other Important Information - The company plans to contribute $1.5 billion to its pension plan by the end of next year, enhancing the plan's funded status [12] - The company expects to realize between $6.5 billion and $8 billion in cash tax savings from 2025 through 2027 due to recent tax legislation [31] - The company is evaluating options for allocating capital, including strategic investments and share repurchases [34] Q&A Session Summary Question: Wireless churn and its impact - Management acknowledged the 17 basis point increase in phone churn and discussed expectations for a competitive environment in the second half of the year [38][40] Question: Pricing strategy and spectrum acquisitions - Management indicated that pricing is not the primary issue affecting churn and discussed the potential for spectrum acquisitions in the future [46][51] Question: Fiber build returns and mobility customer quality - Management expressed confidence in the profitability of new fiber builds and the quality of incremental mobility customers, emphasizing the importance of converged services [58][64] Question: EBITDA growth guidance and cost efficiencies - Management noted that while growth-related spending is expected to be lumpy, they anticipate continued operating leverage and margin performance in mobility [70][87] Question: Consumer wireline subscriber expectations - Management expects typical seasonality in fiber net additions and noted strong performance against cable competitors [78][80]