Financials AT&T Inc. Nyse

Equities

T.PRC

US00206R7061

Wireless Telecommunications Services

Market Closed - Nyse Other stock markets 21:00:02 27/06/2024 BST			5-day change	1st Jan Change
20.09 ^USD	+0.40%		+0.35%	+1.82%

06-27	FCC Inquires Telecom Firms for Steps to Prevent Political Fraudulent Robocalls	MT
06-27	Top US carriers say roaming customers facing connectivity issues	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	285,479	204,916	175,669	131,193	119,977	134,441	-	-
Enterprise Value (EV) ¹	436,496	352,421	331,854	263,382	250,586	255,215	245,240	236,940
P/E ratio	20.7 x	-38.3 x	8.91 x	-16.3 x	8.52 x	9.19 x	8.48 x	8.11 x
Yield	5.25%	7.23%	8.46%	6.03%	6.62%	5.97%	6.03%	6.04%
Capitalization / Revenue	1.58 x	1.19 x	1.04 x	1.09 x	0.98 x	1.1 x	1.08 x	1.07 x
EV / Revenue	2.41 x	2.05 x	1.97 x	2.18 x	2.05 x	2.08 x	1.97 x	1.89 x
EV / EBITDA	7.36 x	6.46 x	6.45 x	6.35 x	5.77 x	5.7 x	5.37 x	5.11 x
EV / FCF	15 x	12.8 x	13 x	16.3 x	12.2 x	14.5 x	13.8 x	14.3 x
FCF Yield	6.65%	7.79%	7.66%	6.15%	8.17%	6.88%	7.23%	7%
Price to Book	1.55 x	1.27 x	1.06 x	1.35 x	1.16 x	1.21 x	1.13 x	1.05 x
Nbr of stocks (in thousands)	7,305,000	7,125,045	7,141,000	7,126,188	7,150,020	7,170,165	-	-
Reference price ²	39.08	28.76	24.60	18.41	16.78	18.75	18.75	18.75
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	181,193	171,760	168,864	120,741	122,428	122,698	124,175	125,679
EBITDA ¹	59,287	54,546	51,469	41,465	43,400	44,758	45,650	46,331
EBIT ¹	27,955	6,405	23,347	-4,587	23,461	24,659	25,336	26,000
Operating Margin	15.43%	3.73%	13.83%	-3.8%	19.16%	20.1%	20.4%	20.69%
Earnings before Tax (EBT) ¹	18,468	-2,856	26,947	-3,094	19,848	20,215	20,991	21,344
Net income ¹	13,900	-5,400	19,900	-8,727	14,192	14,769	15,857	16,156
Net margin	7.67%	-3.14%	11.78%	-7.23%	11.59%	12.04%	12.77%	12.86%
EPS ²	1.890	-0.7500	2.760	-1.130	1.970	2.039	2.210	2.313
Free Cash Flow ¹	29,033	27,455	25,430	16,186	20,461	17,550	17,742	16,591
FCF margin	16.02%	15.98%	15.06%	13.41%	16.71%	14.3%	14.29%	13.2%
FCF Conversion (EBITDA)	48.97%	50.33%	49.41%	39.04%	47.15%	39.21%	38.86%	35.81%
FCF Conversion (Net income)	208.87%	-	127.79%	-	144.17%	118.83%	111.88%	102.69%
Dividend per Share ²	2.050	2.080	2.080	1.110	1.110	1.119	1.130	1.132
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	40,958	38,105	29,643	30,043	31,343	30,139	29,917	30,350	32,022	30,028	29,991	30,490	31,990	30,557	30,398
EBITDA ¹	11,301	11,638	10,330	10,714	10,231	10,589	11,053	11,203	10,555	11,046	11,280	11,464	11,032	11,299	11,469
EBIT ¹	5,308	5,641	4,956	6,012	-21,092	6,002	6,406	5,782	5,271	5,847	6,260	6,465	5,951	6,242	6,405
Operating Margin	12.96%	14.8%	16.72%	20.01%	-67.29%	19.91%	21.41%	19.05%	16.46%	19.47%	20.87%	21.2%	18.6%	20.43%	21.07%
Earnings before Tax (EBT) ¹	6,446	6,607	6,260	7,254	-23,197	5,767	6,165	4,980	2,936	4,869	5,336	5,530	4,700	5,208	5,427
Net income ¹	5,000	4,762	4,800	5,977	-23,571	4,176	4,437	3,444	2,135	3,395	3,907	3,971	3,315	3,866	4,041
Net margin	12.21%	12.5%	16.19%	19.89%	-75.2%	13.86%	14.83%	11.35%	6.67%	11.31%	13.03%	13.03%	10.36%	12.65%	13.29%
EPS ²	0.6900	0.6500	0.5900	0.7900	-3.200	0.5700	0.6100	0.4800	0.3000	0.4700	0.5314	0.5396	0.4774	0.5350	0.5600
Dividend per Share ²	0.5200	0.2800	0.2775	0.2775	0.2775	0.2775	0.2775	0.2775	0.2775	0.2775	0.2815	0.2815	0.2815	0.2819	0.2869
Announcement Date	26/01/22	21/04/22	21/07/22	20/10/22	25/01/23	20/04/23	26/07/23	19/10/23	24/01/24	24/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	151,017	147,505	156,185	132,189	130,609	120,774	110,799	102,500
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.547 x	2.704 x	3.035 x	3.188 x	3.009 x	2.698 x	2.427 x	2.212 x
Free Cash Flow ¹	29,033	27,455	25,430	16,186	20,461	17,550	17,742	16,591
ROE (net income / shareholders' equity)	14.2%	13.2%	14.9%	13.9%	18.7%	14%	13.8%	13.5%
ROA (Net income/ Total Assets)	4.84%	4.23%	4.55%	3.84%	4.64%	4.11%	4.29%	4.43%
Assets ¹	287,131	-127,536	437,767	-227,449	306,074	359,746	369,935	364,654
Book Value Per Share ²	25.20	22.70	23.30	13.70	14.40	15.50	16.60	17.90
Cash Flow per Share ²	6.620	6.000	5.830	4.720	5.280	5.130	5.160	5.150
Capex ¹	19,635	15,675	16,527	19,626	17,853	17,988	18,321	18,616
Capex / Sales	10.84%	9.13%	9.79%	16.25%	14.58%	14.66%	14.75%	14.81%
Announcement Date	29/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AT&T Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

18.75 USD

Average target price

20.27 USD

Spread / Average Target

+8.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Wireless Telecommunications Services