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

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

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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.

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.

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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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