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Frontier Communications

FTR is a wireline carrier that offers voice, data and video services to residential and business customers. Following FTR's acquisition of Verizon's wireline assets in April 2016, FTR now has 3.9 mn broadband subs and 1.1 mn video subs. Large footprints include CA, FL, TX, CT, WV and IL. In less than 2 years between 2014 and 2016, FTR nearly doubled in size. In October 2014, it acquired AT&T's wireline operations in CT for $2 bn and added ~400k broadband subs and ~200k video subs. In April 2016, FTR closed a $10.5 bn deal to buy VZ's wireline assets in TX, CA and FL (CTF). FTR acquired 2.3 mn residential customers and 250k business customers, split between 2.2 mn broadband subs and 1.2 mn video subs. Integration missteps following the CTF acquisition led to a rapid deterioration in customer metrics. High churn ensued, and brand damage from the integration has plagued FTR in the acquired footprints. Management's focus on CTF has been to the detriment of the legacy & CT footprints, which are seeing customer metrics erode. FTR's CFO, Perley McBride, resigned in June 2018. McBride had been CFO since November 2016. (24 Aug 2018)

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Frontier 3Q18: Higher Capex Not Bearing Fruit

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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.
Focused

Frontier 2Q18: The Race is Not Always to the Swift

Earnings Note: 31 Jul 2018, 11:58 PM ET - Frontier's 2Q18 results emphasized continued progress on stabilizing operations, albeit it at tortoise-like pace. Our base case remains that Frontier will be laser-focused on operations for the remainder of 2018.  

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 ..

US IG Telco/Cable: Relative Value Update

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Crown Castle 2Q18: If You Build It...

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US Telecom: Pai Announces 3 more mmWave Auctions

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Satellite C-Band: A Look Ahead of July 12 Vote (1)

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Focused

Frontier: Estimating California, Texas, & Florida

Company Analysis: 10 May 2018, 5:10 PM ET - Recent reports have indicated that Frontier is exploring the sale of the Florida assets acquired from Verizon in 2016. We explore potential valuations and the impact a sale would have on leverage.
Focused

Frontier 1Q18: Green Shoots

Earnings Note: 01 May 2018, 10:39 PM ET - While Frontier has a ways to go in its turnaround story, CTF broadband net adds turned positive in 1Q18, offering a glimmer of hope.

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

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