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SoftBank

Sprint is the 4th-largest US wireless carrier by total customers and postpaid subs (32 mn, passed by TMUS in 4Q15). Sprint is viewed as the low-cost carrier in the US. In April 2018, TMUS & Sprint announced a merger agreement in which TMUS would acquire S in an all-stock transaction, valuing S at an EV of approximately $59.7 bn. The company will be led by TMUS CEO John Legere. DTAG will maintain a ~42% ownership stake in the combined company, while SoftBank will own ~27%. Sprint was acquired by Japanese telco, SoftBank, in July 2013; SoftBank owns an 83% stake. Also in 2013, Sprint acquired the 50% stake in Clearwire that it did not already own. In 2004, Sprint and Nextel merged in what proved to be a difficult integration; Sprint shut down Nextel in 2Q13. Former Sprint CEO, Claure, stepped down to focus efforts on receiving merger approval. Former Alcatel and Altice CEO Michele Combes was appointed as CEO. In average nationwide MHz, S owns ~150 MHz of 2.5 GHz spectrum, ~2 MHz of 2.3 GHz, ~37 MHz of 1.9 GHz and ~16 MHz of 800 MHz. (24 Aug 2018)

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November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.
Focused

HY Note: Softbank Corp IPO Still a Go

HY Note: 13 Nov 2018, 7:34 PM ET - Softbank has received approval from the Tokyo Stock Exchange to list its domestic telco business - Softbank Corp.

Altice USA 3Q18: A Strong Showing

Earnings Note: 06 Nov 2018, 9:01 AM ET - Altice USA delivered a strong set of results, underscored by mid-single-digit revenue and AEBITDA growth. The company is on track to reduce leverage with AEBITDA growth, and FCF growth may be allocated to share buybacks. 
Focused

Softbank F2Q18: The Prince and the IPO

Earnings Note: 05 Nov 2018, 7:00 PM ET - A broadly reassuring set of results for Softbank was overshadowed by questions surrounding the telco IPO and geopolitical tensions involving Saudi Arabia, given the country's public investment fund is a key investor in the Vision Fund.

S and TMUS Regulatory Analysis: Spectrum (5)

Company Analysis: 05 Nov 2018, 5:44 AM ET - We explore the FCC’s “Spectrum Screen”, its importance, and its implications for New T-Mobile’s spectrum portfolio. Included in this report is an Excel file with the spectrum holdings data of Sprint, T-Mobile, and the combined company.

Sprint & T-Mobile 3Q18: Solid Results, Some Cracks

Earnings Note: 31 Oct 2018, 10:19 PM ET - Sprint and T-Mobile have not slowed operationally since announcing their merger. However, cracks in earnings results underpin why both carriers need the deal. 

T-Mobile: Snags CenturyLink CFO

Worth Watching: 24 Sep 2018, 10:20 PM ET - T-Mobile has announced that Sunit Patel, current CFO of CenturyLink and former CFO of Level 3, will be joining the company as Executive Vice President, Merger and Integration Lead. Patel will officially resign from CenturyLink on September 28th ..

T-Mobile & Sprint: FCC Pauses Shot Clock

Worth Watching: 12 Sep 2018, 9:19 AM ET - T-Mobile & Sprint: On September 11th, the FCC paused the so called "shot clock" on the T-Mobile and Sprint merger, a 180-day informal time frame during which the Commission performs a review of assignment of or transfer of control applications. ..

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.
Focused

SoftBank: New Term Loan at SoftBank Corp.

Worth Watching: 23 Aug 2018, 9:04 PM ET - SoftBank announced today that its Japanese telco subsidiary, SoftBank Corp., has entered into a new term loan agreement for a total of ¥1.6 tn (~$14.4 bn). Proceeds from the term loan will be used to repay SoftBank Corp.'s intercompany borrowin ..

American Tower 2Q18: There’s No Place Like Home

Earnings Note: 07 Aug 2018, 7:55 PM ET - American Tower's Domestic segment was a clear highlight in 2Q18, as the towerco saw increased leasing activity from all four major carriers. However, Indian carrier churn continued to weigh heavily on results. 
Focused

Alibaba & Softbank: $3 bn Fund Raising for Ele.me

Worth Watching: 07 Aug 2018, 4:50 AM ET - Alibaba & Softbank . Softbank Group Corp.'s $100 bn fund Vision Fund plans to lead an investment of $3 - 5 bn into food delivery business Ele.me. Vision Fund is said to be in discussions with potential investors including venture capital firms. Te ..
Focused

SoftBank F1Q18: An AI for the Future?

Earnings Note: 06 Aug 2018, 11:21 PM ET - SoftBank's Masa Son spent the majority of the earnings presentation addressing the company's AI-driven future. While earnings were quiet, catalysts are on the horizon as SoftBank prepares to IPO its Domestic Telco segment. 

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.

T-Mobile 2Q18: Rockstar

Earnings Note: 02 Aug 2018, 12:02 AM ET - T-Mobile reported a stellar 2Q18, defined by higher net adds, lower churn, and relative stability in ARPU. The Uncarrier is tapping into under-penetrated markets to fuel further growth as it seeks approval for its merger with Sprint

Sprint F1Q18: Not Slowing Down

Earnings Note: 01 Aug 2018, 11:00 PM ET - Sprint has not taken its foot off the gas since the announcement of the T-Mobile merger. Quarterly earnings were not off the charts, but results are trending in the right direction.

S and TMUS Regulatory Analysis: Pros and Cons (4)

Company Analysis: 31 Jul 2018, 5:43 AM ET - We detail the key variables in favor of and against the Sprint and T-Mobile merger. 

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

Earnings Note: 22 Jul 2018, 10:00 PM ET - Crown Castle's 2Q18 results were in line with expectations. The company continues to be laser focused on its fiber and small cell strategy. Going forward, organic fiber builds will drive footprint expansion rather than M&A.

US Telecom: Pai Announces 3 more mmWave Auctions

Worth Watching: 12 Jul 2018, 2:43 PM ET - US Telecom: On August 2, 2018, the FCC will hold its monthly Commissioners' Meeting, and the agenda will focus on 5G. This week, Chairman Ajit Pai announced a plan to hold three more millimeter-wave (mmWave) spectrum auctions – the 37 GHz, 39 G ..

S and TMUS Regulatory Analysis: DOJ vs. FCC (3)

Company Analysis: 10 Jul 2018, 11:34 AM ET - The Sprint and T-Mobile merger must be approved by both the DOJ and FCC. By analyzing each agency’s approval process, we can better understand how the pros & cons of the merger may impact the distinct decision-making process of each agency.

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