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AT&T

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AT&T : Enhances Spectrum Position Following Winning FCC Auction Investing $980 Million

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06/17/2019 | 04:55pm EDT

By Stephen Nakrosis

AT&T Inc. (T) said Monday it was the winning bidder at a Federal Communications Commission auction for spectrum licenses that cover over 98% of the U.S. population.

It plans to use the spectrum to enhance its mobile 5G services, the company said. AT&T was the first U.S. wireless carrier to introduce mobile 5G service, which is available in parts of 19 cities. The company plans to have its 5G service reach parts of 29 cities by the end of 2019, it said.

AT&T spent $980 million in the auction, and the purchase doesn't change 2019 guidance for free cash flow, net asset monetization or debt-leverage ratio. It continues to expect $6 billion to $8 billion in proceeds from asset monetization, net of spectrum purchases and other asset acquisitions.

"After reaching the 2.5x range for net-debt-to-adjusted-EBITDA, the company will also look at using a portion of its free cash flow after dividends to evaluate share buybacks and retire shares it issued in conjunction with the Time Warner acquisition," AT&T said.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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Financials (USD)
Sales 2019 183 B
EBIT 2019 30 568 M
Net income 2019 19 358 M
Debt 2019 157 B
Yield 2019 6,09%
P/E ratio 2019 12,9x
P/E ratio 2020 11,9x
EV / Sales2019 2,20x
EV / Sales2020 2,14x
Capitalization 245 B
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 34,79  $
Last Close Price 33,58  $
Spread / Highest target 42,9%
Spread / Average Target 3,61%
Spread / Lowest Target -37,5%
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Managers
NameTitle
Randall L. Stephenson Chairman, President & Chief Executive Officer
John J. Stephens CFO, Principal Accounting Officer & Senior EVP
Joyce M. Roché Independent Director
Laura D'Andrea Tyson Independent Director
Matthew K. Rose Lead Independent Director
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