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2021-03-10

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Verizon, AT&T, and T-Mobile All Host Investor Days This Week. Here’s What To Expect.<blockquote>威瑞森、美国电话电报公司和T-Mobile本周都举办了投资者日。以下是可以期待的。</blockquote>

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Here’s What To Expect.<blockquote>威瑞森、美国电话电报公司和T-Mobile本周都举办了投资者日。以下是可以期待的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135675667","media":"Barrons","summary":"With a record-breaking wireless spectrum auction completed and 5G rollouts underway, the three large","content":"With a record-breaking&nbsp;wireless spectrum auction&nbsp;completed and&nbsp;5G rollouts underway, the three largest U.S. telecom companies will all speak with investors this week to lay out their future strategies and capital allocation priorities.Expect plenty of 5G&nbsp;network-related hyperbole, big spending plans, and some new financial guidance and operating targets.<blockquote>随着破纪录的无线频谱拍卖的完成和5G部署的进行，美国三大电信公司都将在本周与投资者交谈，阐述他们的未来战略和资本配置优先事项。预计会有大量与 5G 网络相关的夸张言论、巨额支出计划以及一些新的财务指导和运营目标。</blockquote> Verizon Communications’ (ticker: VZ) investor day is on Wednesday evening, followed byT-Mobile US’ (TMUS) on Thursday afternoon. AT&amp;T (T) management will get the last word on Friday morning. Here’s whatWall Street will be looking forfrom each of the events.<blockquote>Verizon Communications（股票代码：VZ）的投资者日将于周三晚上举行，byT-Mobile US（TMUS）将于周四下午举行。美国电话电报公司（T）管理层将在周五上午获得最终决定权。以下是华尔街对每场活动的期待。</blockquote> Verizon (Wednesday at 6 p.m. ET)<blockquote>Verizon（美国东部时间周三下午 6 点）</blockquote> Verizonwas the biggest spenderin the recently completed C-Band wireless spectrum auction, dropping $53 billion after clearing costs. The licenses up for auction count as mid-band spectrum, which offers an attractive trade-off betweencapacity and range for 5G networks. Management will likely make its expanded portfolio thecenterpiece of their pitchto investors on Wednesday, as a step toward its future network goals.<blockquote>在最近完成的C波段无线频谱拍卖中，威瑞森是最大的支出者，在清算成本后下降了530亿美元。拍卖的许可证被视为中频段频谱，为5G网络在容量和范围之间提供了有吸引力的权衡。管理层可能会将其扩大的投资组合作为周三向投资者宣传的核心，作为迈向未来网络目标的一步。</blockquote> “Verizon needs to help investors draw a line from where they were last year to where they say they’re heading over the next five and 10 years,” says Bernstein analyst Peter Supino. “The stock has remained more of a function of what Verizon is today than what it might be tomorrow.”<blockquote>“伯恩斯坦分析师彼得-苏皮诺（Peter Supino）说：”Verizon 需要帮助投资者从去年的情况到他们所说的未来 5 年和 10 年的发展方向划清界限。“Verizon 的股票仍然更多地取决于 Verizon 今天的情况，而不是明天的情况。”</blockquote> That long-term visionincludes an integrated wireless and wired footprint that serves all of Verizon’s customers on one seamless network. Expect to hear the terms “network-as-a-service” and “Intelligent Edge Network” many times at the investor day.<blockquote>这一长期愿景包括一个集成的无线和有线网络，通过一个无缝网络为 Verizon 的所有客户提供服务。在投资者日，预计会多次听到 “网络即服务 ”和 “智能边缘网络 ”这两个词。</blockquote> Supino would like to see some tangible operating metrics or milestones that investors can use to judge Verizon’s network progress in the coming years, and shift attention fromits slow-growth present—although with industry-leading margins—in a saturated U.S. wireless market. He sees the biggest opportunities in 5G home broadband and business mobile. Sales growth at Verizon lately has comemore from nudging consumer subscribersto more expensive monthly plans than from growing its subscriber base.<blockquote>Supino 希望看到一些切实的运营指标或里程碑，投资者可以利用这些指标来判断 Verizon 未来几年的网络进展，并将注意力从饱和的美国无线市场中缓慢增长的现状（尽管利润率处于行业领先地位）转移开来。他看到了5G家庭宽带和商务移动的最大机会。Verizon 最近的销售增长更多地归功于推动消费者订阅更昂贵的月度计划，而不是扩大用户群。</blockquote> Verizon management will also likely detail theirplans to reduce debtafter the C-Band splurge, which will likely keep buybacks off the table through 2023. Options prices imply about a 2% move in Verizon stock this week, according to data from Bloomberg. The shares have lost about 3% since the start of 2020, versus a 21% return for theS&amp;P 500and 14% for theDow Jones Industrial Average.<blockquote>Verizon 管理层也可能会详细说明他们在 C 波段挥霍后减少债务的计划，这可能会在 2023 年之前阻止回购。根据彭博社的数据，期权价格意味着本周 Verizon 股价将上涨约 2%。自 2020 年初以来，该股已下跌约 3%，而标准普尔 500 指数的回报率为 21%，道琼斯工业平均指数的回报率为 14%。</blockquote> T-Mobile (Thursday at 2 p.m. ET)<blockquote>T-Mobile（美国东部时间周四下午 2 点）</blockquote> T-Mobile’s investor day will likely be more of an update on its Sprint merger integration progress. T-Mobile spent about $11 billion in the C-Band auction, but got the bulk of its mid-band spectrum portfolio from Sprint. It has been almost a year since the companiescombined last April, but T-Mobile’s management hasn’t updatedmerger-related financial targetssince the spring of 2018, when the deal was first announced.<blockquote>T-Mobile 的投资者日可能更多的是关于其Sprint合并整合进展的最新消息。T-Mobile 在 C 频段拍卖中花费了约 110 亿美元，但从Sprint获得了大部分中频段频谱组合。自去年 4 月两家公司合并以来，已经过去了近一年，但自 2018 年春季首次宣布交易以来，T-Mobile 的管理层一直没有更新与合并相关的财务目标。</blockquote> Back then, they expected to achieve more than $6 billion of annual cost savings within four years of the merger—thanks to combining the two networks, economies of scale, and eliminating redundant marketing, sales, and back office functions and expenses. At the end of 2020, T-Mobile had already achieved $1.3 billion in annual cost savings and last month the companyguided to $2.7 billion to $3 billionin annual synergies in 2021.<blockquote>当时，他们预计在合并后的四年内每年可节省超过 60 亿美元的成本——这要归功于合并两个网络、规模经济以及消除多余的营销、销售和后台职能和费用。截至 2020 年底，T-Mobile 的年度成本节约已达到 13 亿美元，上个月该公司预计 2021 年的年度协同效应将达到 27 亿至 30 亿美元。</blockquote> Other 2018 targets includedgrowing its service revenuesby 2% to 4% annually and an adjusted Ebitda—or earnings before interest, taxes, depreciation, and amortization—margin of 54% to 57% over time, from about 41% at the time of the announcement. And in 2018, T-Mobile management also guided to $16 billion to $18 billion in annual free cash flow (FCF) over the long term, up from about $11.5 billion combined before the merger.<blockquote>2018 年的其他目标包括服务收入每年增长 2% 至 4%，调整后的 Ebitda（或息税折旧摊销前利润）利润率从公告发布时的约 41% 提高到 54% 至 57%。2018 年，T-Mobile management 还将长期年度自由现金流 (FCF) 设定为 160 亿至 180 亿美元，高于合并前的约 115 亿美元。</blockquote> “FCF is the key bogey and how the sausage gets made (subscribers, ARPU, margins, capex) is generally less important and there is no hard and fast consensus that has gelled around these numbers that we can detect,” wrote BofA Securities analyst David Barden on Tuesday. “The FCF outlook will also speak to deleveraging and when TMUS might re-launch its buyback program.”<blockquote>“美国银行证券（BofA Securities）分析师大卫-巴登（David Barden）周二写道：”自由现金流是关键的瓶颈，而香肠的制作方式（订户、ARPU、利润率、资本支出）通常不太重要，我们可以检测到的围绕这些数字形成的硬而快速的共识。“自由现金流前景还将涉及去杠杆化以及 TMUS 何时重新启动其回购计划”。</blockquote> The Wall Street consensus estimate is for T-Mobile to hit $17 billion in free cash flow in 2025, up from $3 billion in 2020 and guidance from February of $4.9 billion to $5.4 billion this year.<blockquote>华尔街一致估计，T-Mobile 到 2025 年的自由现金流将达到 170 亿美元，高于 2020 年的 30 亿美元，以及 2 月份的 49 亿美元至今年的 54 亿美元。</blockquote> Also expect to see plenty of T-Mobile’s characteristic magenta-hued marketing materials on Thursday, and pronouncements from management aboutleaving competitors weeping, or the like. The company recently announced an expanded enterprise and business service,called T-Mobile WFX, targeted at companies’ work-from-home employees. T-Mobile lags far behind Verizon and AT&amp;T in market share among business customers, so management is likely to point to that as a key new avenue for growth.<blockquote>预计周四还将看到大量 T-Mobile 标志性的洋红色营销材料，以及管理层关于让竞争对手哭泣的声明等。该公司最近宣布推出一项名为 T-Mobile WFX 的扩展企业和商务服务，目标客户是公司在家工作的员工。T-Mobile 在商业客户中的市场份额远远落后于 Verizon 和 AT&amp;T，因此管理层可能会将其视为一个关键的新增长途径。</blockquote> Options pricing implies the largest move in T-Mobile stock this week, at about 4.5% in either direction. Theshares have climbed61% since the start of 2020.<blockquote>期权定价意味着本周 T-Mobile 股票的最大波动，两个方向均约为 4.5%。自 2020 年初以来，股价已上涨 61%。</blockquote> AT&amp;T (Friday at 10 a.m.)<blockquote>AT&amp;T（周五上午 10 点）</blockquote> AT&amp;T’s latest move was a spinoff of DirecTV and its other pay-TV assets, which will bring inclose to $8 billion in cashbut also take that business’ profits off of AT&amp;T’s income statement.Perhaps ironically, the result is a higher net-debt-to-Ebitda ratio than before the deal. AT&amp;T’s leverage and dividend demandshave been contentious topicsamong investors and analysts since the company’s blockbuster acquisition of Time Warner in 2018.<blockquote>AT&amp;T 的最新举措是剥离 DirecTV 及其其他付费电视资产，这将带来近 80 亿美元的现金，但也会将该业务的利润从 AT&amp;T 的损益表中剔除。也许具有讽刺意味的是，结果是净债务与 Ebitda 的比率比交易前更高。自 AT&amp;T 于 2018 年一鸣惊人地收购时代华纳以来，AT&amp;T 的杠杆率和股息需求一直是投资者和分析师争论的话题。</blockquote> AT&amp;T management is likely to underline theircommitment to the dividend, which currently yields about 7% annually, and may give an update on their debt-reduction plans or long-term leverage target. AT&amp;T’s C-Band bill is about $28 billion including clearing costs.<blockquote>AT&amp;T 管理层可能会强调他们对股息的承诺，目前股息的年收益率约为 7%，并可能会提供有关其债务削减计划或长期杠杆目标的最新信息。包括清算费用在内，AT&amp;T 的 C 波段账单约为 280 亿美元。</blockquote> The company hasno shortage of investment prioritieseither: CEO John Stankey has identified fiber-optic cable spending, 5G network upgrades, and content for HBO Max as key investment areas in recent remarks.<blockquote>该公司也不乏投资重点：首席执行官约翰·斯坦基（John Stankey）在最近的讲话中将光纤电缆支出、5G网络升级和HBO Max内容确定为关键投资领域。</blockquote> “We expect management focus to be on 1) Customer growth (Wireless, Broadband, HBO Max—with revised subscriber targets), 2) Connectivity (capex plans for fiber and spectrum deployment) and 3) Content (investment to support HBO Max growth),” wrote UBS analyst John Hodulik in a recent report.<blockquote>“瑞银分析师约翰-霍杜利克（John Hodulik）在最近的一份报告中写道：”我们预计管理层的重点将放在 1) 客户增长（无线、宽带、HBO Max--修改了用户目标）、2) 连接性（光纤和频谱部署的资本支出计划）和 3) 内容（支持 HBO Max 增长的投资）上。</blockquote> Speaking at an investor conference last week, WarnerMedia CEO Jason Kilar suggested that there would be a new subscriber target for HBO Max on Friday as well. The company ended 2020 with more than 41 million subscribers on HBO and HBO Max, versus a goal of 50 million by 2025 (offered in late 2019). Recent ambitious streaming subscriber targets fromViacomCBS(VIAC) andDiscovery(DISCA) havesent those stocks soaring, but investors might not give AT&amp;T as much credit for such a move, given its conglomerate structure.<blockquote>华纳媒体首席执行官杰森·基拉尔在上周的投资者会议上表示，周五HBO Max也将有一个新的订户目标。截至2020年底，该公司在HBO和HBO Max上拥有超过4100万订户，而到2025年的目标是5000万订户（2019年底提供）。ViacomCBS (VIAC) 和 Discovery (DISCA) 最近雄心勃勃的流媒体用户目标导致这些股票飙升，但考虑到 AT&amp;T 的企业集团结构，投资者可能不会对其此举给予太多信任。</blockquote> Options pricing implies a move of about 2.5% in either direction for AT&amp;T stock this week, according to Bloomberg data. AT&amp;T stock has lost 17% after dividends since the start of 2020.<blockquote>根据彭博社的数据，期权定价意味着本周 AT&amp;T 股票将朝两个方向波动约 2.5%。自 2020 年初以来，AT&amp;T 股价在派息后已下跌 17%。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Verizon, AT&T, and T-Mobile All Host Investor Days This Week. Here’s What To Expect.<blockquote>威瑞森、美国电话电报公司和T-Mobile本周都举办了投资者日。以下是可以期待的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVerizon, AT&T, and T-Mobile All Host Investor Days This Week. Here’s What To Expect.<blockquote>威瑞森、美国电话电报公司和T-Mobile本周都举办了投资者日。以下是可以期待的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-10 19:11\n\n</h4>\n</header>\n<article>\nWith a record-breaking&nbsp;wireless spectrum auction&nbsp;completed and&nbsp;5G rollouts underway, the three largest U.S. telecom companies will all speak with investors this week to lay out their future strategies and capital allocation priorities.Expect plenty of 5G&nbsp;network-related hyperbole, big spending plans, and some new financial guidance and operating targets.<blockquote>随着破纪录的无线频谱拍卖的完成和5G部署的进行，美国三大电信公司都将在本周与投资者交谈，阐述他们的未来战略和资本配置优先事项。预计会有大量与 5G 网络相关的夸张言论、巨额支出计划以及一些新的财务指导和运营目标。</blockquote> Verizon Communications’ (ticker: VZ) investor day is on Wednesday evening, followed byT-Mobile US’ (TMUS) on Thursday afternoon. AT&amp;T (T) management will get the last word on Friday morning. Here’s whatWall Street will be looking forfrom each of the events.<blockquote>Verizon Communications（股票代码：VZ）的投资者日将于周三晚上举行，byT-Mobile US（TMUS）将于周四下午举行。美国电话电报公司（T）管理层将在周五上午获得最终决定权。以下是华尔街对每场活动的期待。</blockquote> Verizon (Wednesday at 6 p.m. ET)<blockquote>Verizon（美国东部时间周三下午 6 点）</blockquote> Verizonwas the biggest spenderin the recently completed C-Band wireless spectrum auction, dropping $53 billion after clearing costs. The licenses up for auction count as mid-band spectrum, which offers an attractive trade-off betweencapacity and range for 5G networks. Management will likely make its expanded portfolio thecenterpiece of their pitchto investors on Wednesday, as a step toward its future network goals.<blockquote>在最近完成的C波段无线频谱拍卖中，威瑞森是最大的支出者，在清算成本后下降了530亿美元。拍卖的许可证被视为中频段频谱，为5G网络在容量和范围之间提供了有吸引力的权衡。管理层可能会将其扩大的投资组合作为周三向投资者宣传的核心，作为迈向未来网络目标的一步。</blockquote> “Verizon needs to help investors draw a line from where they were last year to where they say they’re heading over the next five and 10 years,” says Bernstein analyst Peter Supino. “The stock has remained more of a function of what Verizon is today than what it might be tomorrow.”<blockquote>“伯恩斯坦分析师彼得-苏皮诺（Peter Supino）说：”Verizon 需要帮助投资者从去年的情况到他们所说的未来 5 年和 10 年的发展方向划清界限。“Verizon 的股票仍然更多地取决于 Verizon 今天的情况，而不是明天的情况。”</blockquote> That long-term visionincludes an integrated wireless and wired footprint that serves all of Verizon’s customers on one seamless network. Expect to hear the terms “network-as-a-service” and “Intelligent Edge Network” many times at the investor day.<blockquote>这一长期愿景包括一个集成的无线和有线网络，通过一个无缝网络为 Verizon 的所有客户提供服务。在投资者日，预计会多次听到 “网络即服务 ”和 “智能边缘网络 ”这两个词。</blockquote> Supino would like to see some tangible operating metrics or milestones that investors can use to judge Verizon’s network progress in the coming years, and shift attention fromits slow-growth present—although with industry-leading margins—in a saturated U.S. wireless market. He sees the biggest opportunities in 5G home broadband and business mobile. Sales growth at Verizon lately has comemore from nudging consumer subscribersto more expensive monthly plans than from growing its subscriber base.<blockquote>Supino 希望看到一些切实的运营指标或里程碑，投资者可以利用这些指标来判断 Verizon 未来几年的网络进展，并将注意力从饱和的美国无线市场中缓慢增长的现状（尽管利润率处于行业领先地位）转移开来。他看到了5G家庭宽带和商务移动的最大机会。Verizon 最近的销售增长更多地归功于推动消费者订阅更昂贵的月度计划，而不是扩大用户群。</blockquote> Verizon management will also likely detail theirplans to reduce debtafter the C-Band splurge, which will likely keep buybacks off the table through 2023. Options prices imply about a 2% move in Verizon stock this week, according to data from Bloomberg. The shares have lost about 3% since the start of 2020, versus a 21% return for theS&amp;P 500and 14% for theDow Jones Industrial Average.<blockquote>Verizon 管理层也可能会详细说明他们在 C 波段挥霍后减少债务的计划，这可能会在 2023 年之前阻止回购。根据彭博社的数据，期权价格意味着本周 Verizon 股价将上涨约 2%。自 2020 年初以来，该股已下跌约 3%，而标准普尔 500 指数的回报率为 21%，道琼斯工业平均指数的回报率为 14%。</blockquote> T-Mobile (Thursday at 2 p.m. ET)<blockquote>T-Mobile（美国东部时间周四下午 2 点）</blockquote> T-Mobile’s investor day will likely be more of an update on its Sprint merger integration progress. T-Mobile spent about $11 billion in the C-Band auction, but got the bulk of its mid-band spectrum portfolio from Sprint. It has been almost a year since the companiescombined last April, but T-Mobile’s management hasn’t updatedmerger-related financial targetssince the spring of 2018, when the deal was first announced.<blockquote>T-Mobile 的投资者日可能更多的是关于其Sprint合并整合进展的最新消息。T-Mobile 在 C 频段拍卖中花费了约 110 亿美元，但从Sprint获得了大部分中频段频谱组合。自去年 4 月两家公司合并以来，已经过去了近一年，但自 2018 年春季首次宣布交易以来，T-Mobile 的管理层一直没有更新与合并相关的财务目标。</blockquote> Back then, they expected to achieve more than $6 billion of annual cost savings within four years of the merger—thanks to combining the two networks, economies of scale, and eliminating redundant marketing, sales, and back office functions and expenses. At the end of 2020, T-Mobile had already achieved $1.3 billion in annual cost savings and last month the companyguided to $2.7 billion to $3 billionin annual synergies in 2021.<blockquote>当时，他们预计在合并后的四年内每年可节省超过 60 亿美元的成本——这要归功于合并两个网络、规模经济以及消除多余的营销、销售和后台职能和费用。截至 2020 年底，T-Mobile 的年度成本节约已达到 13 亿美元，上个月该公司预计 2021 年的年度协同效应将达到 27 亿至 30 亿美元。</blockquote> Other 2018 targets includedgrowing its service revenuesby 2% to 4% annually and an adjusted Ebitda—or earnings before interest, taxes, depreciation, and amortization—margin of 54% to 57% over time, from about 41% at the time of the announcement. And in 2018, T-Mobile management also guided to $16 billion to $18 billion in annual free cash flow (FCF) over the long term, up from about $11.5 billion combined before the merger.<blockquote>2018 年的其他目标包括服务收入每年增长 2% 至 4%，调整后的 Ebitda（或息税折旧摊销前利润）利润率从公告发布时的约 41% 提高到 54% 至 57%。2018 年，T-Mobile management 还将长期年度自由现金流 (FCF) 设定为 160 亿至 180 亿美元，高于合并前的约 115 亿美元。</blockquote> “FCF is the key bogey and how the sausage gets made (subscribers, ARPU, margins, capex) is generally less important and there is no hard and fast consensus that has gelled around these numbers that we can detect,” wrote BofA Securities analyst David Barden on Tuesday. “The FCF outlook will also speak to deleveraging and when TMUS might re-launch its buyback program.”<blockquote>“美国银行证券（BofA Securities）分析师大卫-巴登（David Barden）周二写道：”自由现金流是关键的瓶颈，而香肠的制作方式（订户、ARPU、利润率、资本支出）通常不太重要，我们可以检测到的围绕这些数字形成的硬而快速的共识。“自由现金流前景还将涉及去杠杆化以及 TMUS 何时重新启动其回购计划”。</blockquote> The Wall Street consensus estimate is for T-Mobile to hit $17 billion in free cash flow in 2025, up from $3 billion in 2020 and guidance from February of $4.9 billion to $5.4 billion this year.<blockquote>华尔街一致估计，T-Mobile 到 2025 年的自由现金流将达到 170 亿美元，高于 2020 年的 30 亿美元，以及 2 月份的 49 亿美元至今年的 54 亿美元。</blockquote> Also expect to see plenty of T-Mobile’s characteristic magenta-hued marketing materials on Thursday, and pronouncements from management aboutleaving competitors weeping, or the like. The company recently announced an expanded enterprise and business service,called T-Mobile WFX, targeted at companies’ work-from-home employees. T-Mobile lags far behind Verizon and AT&amp;T in market share among business customers, so management is likely to point to that as a key new avenue for growth.<blockquote>预计周四还将看到大量 T-Mobile 标志性的洋红色营销材料，以及管理层关于让竞争对手哭泣的声明等。该公司最近宣布推出一项名为 T-Mobile WFX 的扩展企业和商务服务，目标客户是公司在家工作的员工。T-Mobile 在商业客户中的市场份额远远落后于 Verizon 和 AT&amp;T，因此管理层可能会将其视为一个关键的新增长途径。</blockquote> Options pricing implies the largest move in T-Mobile stock this week, at about 4.5% in either direction. Theshares have climbed61% since the start of 2020.<blockquote>期权定价意味着本周 T-Mobile 股票的最大波动，两个方向均约为 4.5%。自 2020 年初以来，股价已上涨 61%。</blockquote> AT&amp;T (Friday at 10 a.m.)<blockquote>AT&amp;T（周五上午 10 点）</blockquote> AT&amp;T’s latest move was a spinoff of DirecTV and its other pay-TV assets, which will bring inclose to $8 billion in cashbut also take that business’ profits off of AT&amp;T’s income statement.Perhaps ironically, the result is a higher net-debt-to-Ebitda ratio than before the deal. AT&amp;T’s leverage and dividend demandshave been contentious topicsamong investors and analysts since the company’s blockbuster acquisition of Time Warner in 2018.<blockquote>AT&amp;T 的最新举措是剥离 DirecTV 及其其他付费电视资产，这将带来近 80 亿美元的现金，但也会将该业务的利润从 AT&amp;T 的损益表中剔除。也许具有讽刺意味的是，结果是净债务与 Ebitda 的比率比交易前更高。自 AT&amp;T 于 2018 年一鸣惊人地收购时代华纳以来，AT&amp;T 的杠杆率和股息需求一直是投资者和分析师争论的话题。</blockquote> AT&amp;T management is likely to underline theircommitment to the dividend, which currently yields about 7% annually, and may give an update on their debt-reduction plans or long-term leverage target. AT&amp;T’s C-Band bill is about $28 billion including clearing costs.<blockquote>AT&amp;T 管理层可能会强调他们对股息的承诺，目前股息的年收益率约为 7%，并可能会提供有关其债务削减计划或长期杠杆目标的最新信息。包括清算费用在内，AT&amp;T 的 C 波段账单约为 280 亿美元。</blockquote> The company hasno shortage of investment prioritieseither: CEO John Stankey has identified fiber-optic cable spending, 5G network upgrades, and content for HBO Max as key investment areas in recent remarks.<blockquote>该公司也不乏投资重点：首席执行官约翰·斯坦基（John Stankey）在最近的讲话中将光纤电缆支出、5G网络升级和HBO Max内容确定为关键投资领域。</blockquote> “We expect management focus to be on 1) Customer growth (Wireless, Broadband, HBO Max—with revised subscriber targets), 2) Connectivity (capex plans for fiber and spectrum deployment) and 3) Content (investment to support HBO Max growth),” wrote UBS analyst John Hodulik in a recent report.<blockquote>“瑞银分析师约翰-霍杜利克（John Hodulik）在最近的一份报告中写道：”我们预计管理层的重点将放在 1) 客户增长（无线、宽带、HBO Max--修改了用户目标）、2) 连接性（光纤和频谱部署的资本支出计划）和 3) 内容（支持 HBO Max 增长的投资）上。</blockquote> Speaking at an investor conference last week, WarnerMedia CEO Jason Kilar suggested that there would be a new subscriber target for HBO Max on Friday as well. The company ended 2020 with more than 41 million subscribers on HBO and HBO Max, versus a goal of 50 million by 2025 (offered in late 2019). Recent ambitious streaming subscriber targets fromViacomCBS(VIAC) andDiscovery(DISCA) havesent those stocks soaring, but investors might not give AT&amp;T as much credit for such a move, given its conglomerate structure.<blockquote>华纳媒体首席执行官杰森·基拉尔在上周的投资者会议上表示，周五HBO Max也将有一个新的订户目标。截至2020年底，该公司在HBO和HBO Max上拥有超过4100万订户，而到2025年的目标是5000万订户（2019年底提供）。ViacomCBS (VIAC) 和 Discovery (DISCA) 最近雄心勃勃的流媒体用户目标导致这些股票飙升，但考虑到 AT&amp;T 的企业集团结构，投资者可能不会对其此举给予太多信任。</blockquote> Options pricing implies a move of about 2.5% in either direction for AT&amp;T stock this week, according to Bloomberg data. AT&amp;T stock has lost 17% after dividends since the start of 2020.<blockquote>根据彭博社的数据，期权定价意味着本周 AT&amp;T 股票将朝两个方向波动约 2.5%。自 2020 年初以来，AT&amp;T 股价在派息后已下跌 17%。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/verizon-att-tmobile-stock-investor-days-51615327751?mod=hp_LEAD_4\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TMUS":"T-Mobile US Inc","T":"At&T","VZ":"Verizon Comms"},"source_url":"https://www.barrons.com/articles/verizon-att-tmobile-stock-investor-days-51615327751?mod=hp_LEAD_4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135675667","content_text":"With a record-breaking wireless spectrum auction completed and 5G rollouts underway, the three largest U.S. telecom companies will all speak with investors this week to lay out their future strategies and capital allocation priorities.Expect plenty of 5G network-related hyperbole, big spending plans, and some new financial guidance and operating targets.\nVerizon Communications’ (ticker: VZ) investor day is on Wednesday evening, followed byT-Mobile US’ (TMUS) on Thursday afternoon. AT&T (T) management will get the last word on Friday morning. Here’s whatWall Street will be looking forfrom each of the events.\nVerizon (Wednesday at 6 p.m. ET)\nVerizonwas the biggest spenderin the recently completed C-Band wireless spectrum auction, dropping $53 billion after clearing costs. The licenses up for auction count as mid-band spectrum, which offers an attractive trade-off betweencapacity and range for 5G networks. Management will likely make its expanded portfolio thecenterpiece of their pitchto investors on Wednesday, as a step toward its future network goals.\n“Verizon needs to help investors draw a line from where they were last year to where they say they’re heading over the next five and 10 years,” says Bernstein analyst Peter Supino. “The stock has remained more of a function of what Verizon is today than what it might be tomorrow.”\nThat long-term visionincludes an integrated wireless and wired footprint that serves all of Verizon’s customers on one seamless network. Expect to hear the terms “network-as-a-service” and “Intelligent Edge Network” many times at the investor day.\nSupino would like to see some tangible operating metrics or milestones that investors can use to judge Verizon’s network progress in the coming years, and shift attention fromits slow-growth present—although with industry-leading margins—in a saturated U.S. wireless market. He sees the biggest opportunities in 5G home broadband and business mobile. Sales growth at Verizon lately has comemore from nudging consumer subscribersto more expensive monthly plans than from growing its subscriber base.\nVerizon management will also likely detail theirplans to reduce debtafter the C-Band splurge, which will likely keep buybacks off the table through 2023. Options prices imply about a 2% move in Verizon stock this week, according to data from Bloomberg. The shares have lost about 3% since the start of 2020, versus a 21% return for theS&P 500and 14% for theDow Jones Industrial Average.\nT-Mobile (Thursday at 2 p.m. ET)\nT-Mobile’s investor day will likely be more of an update on its Sprint merger integration progress. T-Mobile spent about $11 billion in the C-Band auction, but got the bulk of its mid-band spectrum portfolio from Sprint. It has been almost a year since the companiescombined last April, but T-Mobile’s management hasn’t updatedmerger-related financial targetssince the spring of 2018, when the deal was first announced.\nBack then, they expected to achieve more than $6 billion of annual cost savings within four years of the merger—thanks to combining the two networks, economies of scale, and eliminating redundant marketing, sales, and back office functions and expenses. At the end of 2020, T-Mobile had already achieved $1.3 billion in annual cost savings and last month the companyguided to $2.7 billion to $3 billionin annual synergies in 2021.\nOther 2018 targets includedgrowing its service revenuesby 2% to 4% annually and an adjusted Ebitda—or earnings before interest, taxes, depreciation, and amortization—margin of 54% to 57% over time, from about 41% at the time of the announcement. And in 2018, T-Mobile management also guided to $16 billion to $18 billion in annual free cash flow (FCF) over the long term, up from about $11.5 billion combined before the merger.\n“FCF is the key bogey and how the sausage gets made (subscribers, ARPU, margins, capex) is generally less important and there is no hard and fast consensus that has gelled around these numbers that we can detect,” wrote BofA Securities analyst David Barden on Tuesday. “The FCF outlook will also speak to deleveraging and when TMUS might re-launch its buyback program.”\nThe Wall Street consensus estimate is for T-Mobile to hit $17 billion in free cash flow in 2025, up from $3 billion in 2020 and guidance from February of $4.9 billion to $5.4 billion this year.\nAlso expect to see plenty of T-Mobile’s characteristic magenta-hued marketing materials on Thursday, and pronouncements from management aboutleaving competitors weeping, or the like. The company recently announced an expanded enterprise and business service,called T-Mobile WFX, targeted at companies’ work-from-home employees. T-Mobile lags far behind Verizon and AT&T in market share among business customers, so management is likely to point to that as a key new avenue for growth.\nOptions pricing implies the largest move in T-Mobile stock this week, at about 4.5% in either direction. Theshares have climbed61% since the start of 2020.\nAT&T (Friday at 10 a.m.)\nAT&T’s latest move was a spinoff of DirecTV and its other pay-TV assets, which will bring inclose to $8 billion in cashbut also take that business’ profits off of AT&T’s income statement.Perhaps ironically, the result is a higher net-debt-to-Ebitda ratio than before the deal. AT&T’s leverage and dividend demandshave been contentious topicsamong investors and analysts since the company’s blockbuster acquisition of Time Warner in 2018.\nAT&T management is likely to underline theircommitment to the dividend, which currently yields about 7% annually, and may give an update on their debt-reduction plans or long-term leverage target. AT&T’s C-Band bill is about $28 billion including clearing costs.\nThe company hasno shortage of investment prioritieseither: CEO John Stankey has identified fiber-optic cable spending, 5G network upgrades, and content for HBO Max as key investment areas in recent remarks.\n“We expect management focus to be on 1) Customer growth (Wireless, Broadband, HBO Max—with revised subscriber targets), 2) Connectivity (capex plans for fiber and spectrum deployment) and 3) Content (investment to support HBO Max growth),” wrote UBS analyst John Hodulik in a recent report.\nSpeaking at an investor conference last week, WarnerMedia CEO Jason Kilar suggested that there would be a new subscriber target for HBO Max on Friday as well. The company ended 2020 with more than 41 million subscribers on HBO and HBO Max, versus a goal of 50 million by 2025 (offered in late 2019). Recent ambitious streaming subscriber targets fromViacomCBS(VIAC) andDiscovery(DISCA) havesent those stocks soaring, but investors might not give AT&T as much credit for such a move, given its conglomerate structure.\nOptions pricing implies a move of about 2.5% in either direction for AT&T stock this week, according to Bloomberg data. AT&T stock has lost 17% after dividends since the start of 2020.","news_type":1,"symbols_score_info":{"TMUS":0.9,"VZ":0.9,"T":0.9}},"isVote":1,"tweetType":1,"viewCount":1532,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/323785008"}