TL;DR: AlphaSense was kind enough to sponsor a free expert call with me and Tom Wheeler, the former head of the FCC. It’s a fascinating time for the telecom industry, and we discussed a whole range of issues, including fiber overbuilding, satellite internet (starlink), spectrum issues, the broadcaster cap, M&A potential, and a bunch more. If you’re interested
Totally agree with the CHTR bull case fwiw. Have you taken a look at LBRDK? Basically CHTR but cheaper, less liquid, and with some event driven angles. I wrote it up on my substack if you want to dig in.
man that would be embarassing! No, you're using the financial statement number, which doesn't include the partnership units. look at the share count supplemental; it matches my number.
You bring up Verizon, curious about your thoughts on $T (AT&T), especially since they are now embarking on a capital return journey (Share buybacks) starting H2 2025.
Totally agree with the CHTR bull case fwiw. Have you taken a look at LBRDK? Basically CHTR but cheaper, less liquid, and with some event driven angles. I wrote it up on my substack if you want to dig in.
Did you pick up the wrong share count for CHTR? I think it should be ~145 fully diluted as of 12/31/24, not ~161.
man that would be embarassing! No, you're using the financial statement number, which doesn't include the partnership units. look at the share count supplemental; it matches my number.
makes sense. love the attention to detail as well as conservative assumption in including them
You bring up Verizon, curious about your thoughts on $T (AT&T), especially since they are now embarking on a capital return journey (Share buybacks) starting H2 2025.
Think it's a very similar case! Just thought it was easier / cleaner to make with VZ!!!!
it's interesting that VZ and TMUS buying fiber is them effectively trying to recreate T's organic strategy