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Charter Communications

Following the May 2016 acquisitions of Time Warner Cable (TWC) and Bright House Networks (BHN), Charter (CHTR) is the 2nd-largest U.S. cableco with 27.5 mn customer relationships (CMCSA is #1 with 29.6 mn). Major regions include LA, NYC, FL (Orlando, Tampa Bay), and TX (Dallas, Austin, San Antonio). CHTR was founded in 1993. A levered-M&A spree drove it to file and emerge from Ch. 11 (2009). It was then controlled by PE until 2013 when Malone's LMCA bought a 27% stake (largest shareholder); that stake is now held by LBRDA. The 2013 return of Malone, '70s-'90s US cable kingpin, signaled potential for M&A. CEO Tom Rutledge led legacy CHTR through an investment cycle that included network upgrades (digital) & new packages (HD, 60 Mbps speeds). After eyeing TWC in 2013 and losing out to CMCSA in 2014, CHTR had another chance in spring 2015 when CMCSA/TWC failed. CHTR completed the TWC deal in May 2016, which valued TWC at $79 bn or 9.5x LTM 1Q15 EBITDA. CHTR raised ~$24 bn of new debt for BHN and TWC and LBRDA helped fund the deals ($5 bn of equity). (24 Aug 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

Frontier 3Q18: Higher Capex Not Bearing Fruit

Earnings Note: 07 Nov 2018, 7:48 AM ET - Frontier's 3Q18 results were disappointing. The company downgraded FY18 free cash flow guidance by $175 mn. Frontier is ramping capex, but we are not seeing investments bear fruit in subscriber or EBITDA trends.
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US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.
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Charter 3Q18: Broadband Bears Fruit

Earnings Note: 28 Oct 2018, 10:17 PM ET - Charter is making continued progress shifting its business to a broadband-first strategy. With the integration of the three legacy assets nearly complete, we see further tailwinds to revenue and EBITDA in 2019. 

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

CBS: So Long Moonves

IG Note: 10 Sep 2018, 4:39 PM ET - CBS has seen its drama-filled summer come to an end with the departure of Les Moonves and a resolution with its controlling shareholder, National Amusements.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

US Wireless: 2Q18 in Pictures

Sector Analysis: 06 Aug 2018, 4:58 AM ET - Following the end of 2Q18 earnings for the four largest US wireless carriers, we provide a summary of the industry through tables and charts.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
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Charter 2Q18: Bullish Broadband

Earnings Note: 31 Jul 2018, 4:15 PM ET - Charter turned in a strong set of 2Q18 results, with broadband net adds continuing to impress. We see further growth opportunity as Charter completes the integration of legacy TWC and Bright House. 
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US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..
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US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.
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Charter: Benchmark Secured Notes and FRNs

IG Note: 28 Jun 2018, 10:19 AM ET - Charter is in the IG market looking to price a set of 5.5-year fixed and floating rate notes. We would be comfortable with participating in the new issue. 

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.
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Five Contrarian Investment Grade Trades

Strategy Analysis: 13 Jun 2018, 10:51 AM ET - We present five contrarian trade ideas across IG sectors where we have a strong view against the consensus.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

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