Financials AT&T Inc.

Equities

T

US00206R1023

Wireless Telecommunications Services

Market Closed - Nyse Other stock markets 04:00:31 2024-05-09 pm EDT			5-day change	1st Jan Change
17.18 ^USD	+0.41%		+2.14%	+2.38%

May. 02	Powell did it again
May. 02	ANALYST RECOMMENDATIONS : AT&T, IBM, Meta Platforms, Starbucks, Netflix...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	285,479	204,916	175,669	131,193	119,977	122,682	-	-
Enterprise Value (EV) ¹	436,496	352,421	331,854	263,382	250,586	243,192	234,034	226,608
P/E ratio	20.7 x	-38.3 x	8.91 x	-16.3 x	8.52 x	8.46 x	7.83 x	7.62 x
Yield	5.25%	7.23%	8.46%	6.03%	6.62%	6.51%	6.58%	6.59%
Capitalization / Revenue	1.58 x	1.19 x	1.04 x	1.09 x	0.98 x	1 x	0.99 x	0.98 x
EV / Revenue	2.41 x	2.05 x	1.97 x	2.18 x	2.05 x	1.98 x	1.89 x	1.81 x
EV / EBITDA	7.36 x	6.46 x	6.45 x	6.35 x	5.77 x	5.44 x	5.14 x	4.92 x
EV / FCF	15 x	12.8 x	13 x	16.3 x	12.2 x	13.7 x	12.9 x	12.7 x
FCF Yield	6.65%	7.79%	7.66%	6.15%	8.17%	7.28%	7.75%	7.86%
Price to Book	1.55 x	1.27 x	1.06 x	1.35 x	1.16 x	1.11 x	1.03 x	0.96 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	17.18	17.18	17.18
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

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	122,746	124,126	125,506
EBITDA ¹	59,287	54,546	51,469	41,465	43,400	44,702	45,553	46,100
EBIT ¹	27,955	6,405	23,347	-4,587	23,461	24,737	25,383	26,023
Operating Margin	15.43%	3.73%	13.83%	-3.8%	19.16%	20.15%	20.45%	20.73%
Earnings before Tax (EBT) ¹	18,468	-2,856	26,947	-3,094	19,848	20,401	21,365	21,846
Net income ¹	13,900	-5,400	19,900	-8,727	14,192	14,651	15,704	15,666
Net margin	7.67%	-3.14%	11.78%	-7.23%	11.59%	11.94%	12.65%	12.48%
EPS ²	1.890	-0.7500	2.760	-1.130	1.970	2.031	2.194	2.254
Free Cash Flow ¹	29,033	27,455	25,430	16,186	20,461	17,713	18,143	17,813
FCF margin	16.02%	15.98%	15.06%	13.41%	16.71%	14.43%	14.62%	14.19%
FCF Conversion (EBITDA)	48.97%	50.33%	49.41%	39.04%	47.15%	39.62%	39.83%	38.64%
FCF Conversion (Net income)	208.87%	-	127.79%	-	144.17%	120.9%	115.53%	113.7%
Dividend per Share ²	2.050	2.080	2.080	1.110	1.110	1.119	1.130	1.132
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

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	30,027	30,482	31,960	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	11,270	11,461	11,019	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	6,261	6,471	5,944	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%	20.85%	21.23%	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	5,351	5,529	4,759	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	3,806	3,919	3,444	3,886	4,041
Net margin	12.21%	12.5%	16.19%	19.89%	-75.2%	13.86%	14.83%	11.35%	6.67%	11.31%	12.67%	12.86%	10.78%	12.72%	13.29%
EPS ²	0.6900	0.6500	0.5900	0.7900	-3.200	0.5700	0.6100	0.4800	0.3000	0.4700	0.5148	0.5311	0.4993	0.5400	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	1/26/22	4/21/22	7/21/22	10/20/22	1/25/23	4/20/23	7/26/23	10/19/23	1/24/24	4/24/24	-	-	-	-	-

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	120,510	111,352	103,927
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.547 x	2.704 x	3.035 x	3.188 x	3.009 x	2.696 x	2.444 x	2.254 x
Free Cash Flow ¹	29,033	27,455	25,430	16,186	20,461	17,713	18,143	17,813
ROE (net income / shareholders' equity)	14.2%	13.2%	14.9%	13.9%	18.7%	14%	13.7%	13.2%
ROA (Net income/ Total Assets)	4.84%	4.23%	4.55%	3.84%	4.64%	4.1%	4.29%	4.43%
Assets ¹	287,131	-127,536	437,767	-227,449	306,074	356,918	366,418	353,639
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	5.120	5.180	5.120
Capex ¹	19,635	15,675	16,527	19,626	17,853	18,027	18,317	18,587
Capex / Sales	10.84%	9.13%	9.79%	16.25%	14.58%	14.69%	14.76%	14.81%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/24/24	-	-	-

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

17.11 USD

Average target price

20.08 USD

Spread / Average Target

+17.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

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ADVANCED INFO SERVICE	-5.07%	16.66B
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VODACOM GROUP LIMITED	-12.79%	9.68B

Other Wireless Telecommunications Services