Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Softbank has raised $2.4bn (¥300bn) from the sale of TMUS shares to DT with proceeds likely earmarked for VF2 and possibly supporting ongoing share buybacks</li>
<li>The sale price is below market but surfacing cash is the more positive takeaway and should ease concerns on leverage that have lingered as tech valuations fall</li>
<li>The impact on the discount to NAV is likely to be weaker than the reaction to the TMUS/DT monetization in August/September</li>
</ul>


Softbank has raised $2.4bn (¥300bn) from the sale of TMUS shares to DT with proceeds likely earmarked for VF2 and possibly supporting ongoing share buybacks
The sale price is below market but surfacing cash is the more positive takeaway and should ease concerns on leverage that have lingered as tech valuations fall
The impact on the discount to NAV is likely to be weaker than the reaction to the TMUS/DT monetization in August/September


Softbank Group Sale of TMUS Shares Helps Modestly With Leverage Concerns

<ul>
<li>Vision Fund's public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses</li>
<li>Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) </li>
<li>We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes</li>
</ul>


Vision Fund's public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses
Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) 
We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes


Softbank Group - Early Read on Q4 Portfolio Performance

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Shenandoah Telecommunications Company / Equity Bottom-Up

<ul>
<li>SHEN faces near-term headwinds in its business, coupled with the need to draw on its credit line to support growth, that could result in a lower near-term stock price</li>
<li>SHEN reported fourth quarter results with a balance sheet that no longer carries the cash destined for tax and dividend payments related to its wireless business sale.</li>
<li>SHEN disclosed its auditors advised the Company to changes in its accounting practice concerning expenses for repairing installed fiber lines results in lower profitability</li>
</ul>


SHEN faces near-term headwinds in its business, coupled with the need to draw on its credit line to support growth, that could result in a lower near-term stock price
SHEN reported fourth quarter results with a balance sheet that no longer carries the cash destined for tax and dividend payments related to its wireless business sale.
SHEN disclosed its auditors advised the Company to changes in its accounting practice concerning expenses for repairing installed fiber lines results in lower profitability


SHEN: Overvalued for Near-Term Headwinds, Sell

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>T-Mobile's strong results in 2021 was a result of the management’s growth initiatives and the accelerated merger integration by leveraging its 5G network.</li><li>Due to the significant investments made in their network, particularly in underserved markets, T-Mobile is experiencing strong growth momentum with customer growth as well as service revenue growth.</li><li>T-Mobile’s synergy expansion has also resulted in rapid free cash flow expansion, which nearly doubled year over year to $5.6 billion in 2021.</li></ul>

T-Mobile's strong results in 2021 was a result of the management’s growth initiatives and the accelerated merger integration by leveraging its 5G network.Due to the significant investments made in their network, particularly in underserved markets, T-Mobile is experiencing strong growth momentum with customer growth as well as service revenue growth.T-Mobile’s synergy expansion has also resulted in rapid free cash flow expansion, which nearly doubled year over year to $5.6 billion in 2021.

T-Mobile Inc.: Financial & Price Forecasts

Credit

<ul>
<li>T-Mobile's performance in 2021 was largely boosted by the accelerated merger integration of Sprint as well as the aggressive approach to building its 5G network.</li>
<li>Due to the significant investments made in their network, particularly in underserved markets, T-Mobile is experiencing strong growth momentum with customer growth as well as service revenue growth.</li>
<li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li>
</ul>


T-Mobile's performance in 2021 was largely boosted by the accelerated merger integration of Sprint as well as the aggressive approach to building its 5G network.
Due to the significant investments made in their network, particularly in underserved markets, T-Mobile is experiencing strong growth momentum with customer growth as well as service revenue growth.
Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.


T-Mobile US Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

Softbank Group Sale of TMUS Shares Helps Modestly With Leverage Concerns

Softbank has raised more funds with the sale of TMUS shares and whilst this is not as robust as the recovery in Alibaba value or securitization of...

Kirk Boodry

Softbank Group - Early Read on Q4 Portfolio Performance

Portfolio losses were steep and may very well exceed the record quarterly erosion set in Q2 as well-known public losses are matched with private...

Kirk Boodry

SHEN: Overvalued for Near-Term Headwinds, Sell

SHEN faces near-term headwinds with an accounting policy change that causes gross margin, and inherently EBITDA, to decline. Risk of T-Mobile USA...

BWS Financial Inc

T-Mobile Inc.: Financial & Price Forecasts

T-Mobile's strong results in 2021 was a result of the management’s growth initiatives and the accelerated merger integration by leveraging its 5G...

Baptista Research

T-Mobile US Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

T-Mobile's performance in 2021 was largely boosted by the accelerated merger integration of Sprint as well as the aggressive approach to building...

Baptista Research

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