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T-Mobile US

DT is the German incumbent telecom operator. As of YE17, the German state still owns approximately 32% of the company. The group reports 168 mn mobile subs and 27.9 mn fixed-network lines at YE17. DT is well diversified but the majority of revenue is focused in mature and well developed markets of Europe and the US. The group reports through 5 main segments: Germany (28% of FY16 net revenue), United States (47%), comprising its 65% owned publicly traded subsidiary T-Mobile US; and (other) Europe (15%) representing operations across a range of Central and Eastern European states; Systems Solutions (7%), its IT and communications solutions business for multinational corporations and public sector institutions; and the new Group Development segment (2%), comprising selected subsidiaries and/or equity investments of the group for more active management. DT is generally #1 or #2 in its markets, with the notable exception of T-Mobile US where it is the 3rd largest mobile operator. Since January 2014, Tim Hoettges has been CEO, and Thomas Dannenfeldt has been CFO. (20 Sep 2018)

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T-Mobile NL: EU Gives Nod for Tele2 Deal

Worth Watching: 27 Nov 2018, 2:16 PM ET - T-Mobile NL (DT) has received unconditional approval from the European Commission for its acquisition of Tele2 in the Netherlands. This is a rare example of the EC giving the green-light for 4-to-3 mobile consolidation. As we have discussed prev ..

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.

Deutsche Telekom 3Q18: A Rosy Performance

Earnings Note: 08 Nov 2018, 9:59 PM ET - DT delivered strong operating results in 3Q18, with continued tailwinds from the US, combined with solid growth in the core domestic market. While near term looks solid, we continue to see elevated investment needs weighing on the credit.

Euro IG TMT Weekly: IBM Drives Weak Tech Returns

Sector Analysis: 05 Nov 2018, 7:19 AM ET - A mixed week for IG TMT, with the hybrids benefiting broadly as market sentiment turned at the start of November. Nonetheless, all sub-sectors underperformed the index, with a mixture of earnings newsflow and macro drivers.

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. 

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.

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. 

Euro IG TMT Weekly: October Starts Strong

Sector Analysis: 08 Oct 2018, 4:52 AM ET - The EUR IG TMT sector posted 0.08% in excess returns in the week to 05 October. Results were bolstered by a return to positive performance by TMT IG hybrids as well as outperformance by Tech as a whole. 

DT: Value in GBP 7yr, But Secondaries Rich

IG Note: 04 Oct 2018, 5:21 AM ET - DT is in the GBP market with a new 7yr with IPT set at UKT +125-130 bp. While we see value at IPT, we are concerned that secondaries trade rich to higher quality peer Orange.

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

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. ..

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.

Euro TMT RV: Telecoms Sector Update

Euro TMT RV: 03 Sep 2018, 11:53 PM ET - We provide an update of the European Telecom sector, looking at the key trends and events that have impacted results so far in 2018, before taking a look at sector bond performance and reviewing our issuer level recommendations.

Deutsche Telekom 2Q18: Just in the Comfort Range

Earnings Note: 09 Aug 2018, 9:50 PM ET - DT delivered a solid 2Q with continued organic revenue and EBITDA growth in both Europe and the US. While operations are solid we continue to highlight a more aggressive capital allocation strategy.

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. 

Euro IG TMT Weekly: Summer Slowdown

Sector Analysis: 06 Aug 2018, 6:30 AM ET - The performance of euro IG TMT sector slowed down as we entered August. Nonetheless, it continued to outperform the ex-Financials index with excess return of 0.13% in the week to 3 Aug.

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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