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Sprint - Company Profile - Not out of the Woods Yet Product Image

Sprint - Company Profile - Not out of the Woods Yet

  • Published: February 2013
  • Region: Global
  • 22 Pages
  • Indigo Equity Research

Weak 2012 Q4 results - slowing revenue & subscriber growth; continued losses

In Q4 revenue growth slowed with continued subscriber erosion; adjusted OIBDA & net losses were roughly static with the on-going transition to LTE and one network. A key concern is that Wireless CAPEX has doubled with Network Vision (LTE build).

Sprint has lost subscribers for three quarters now with the Nextel network closure. In particular, it has lost lucrative post-paid subscribers as it re-captures only about half of Nextel subscribers when they churn; but just 2.1m Nextel subscribers remain. Excluding Nextel, Sprint-only subscriber growth slowed to 10%, driven by pre-paid & affiliates; this falls to 6% growth if re-captured Nextel subscribers are excluded.

- Q4 Total Revenue rose $283 m (+3%) to $9.0 bn. Growth slowed from 5% last Q. (See Page 29) Bear Base Bull
In turn, this is due to a slowing Wireless growth and continued decline in Long Distance. Valuation ($) 4.78 6.01 7.24
- Q4 adjusted OIBDA* rose $18 m (+2%) to $0.9 bn. Adjusted OIBDA margin was flat. Potential Return -18% 3% 24%
- Q4 EBIT* improved to -$0.3 bn. Margin rose 1.6% to -3.4%. Capital Structure READ MORE >

Investment Thesis & SWOT Analysis
News Flow - Significant Recent Company Events
Significant Recent US Telecoms Events

Company Analysis
US Telecoms Industry
Company Overview
Key Divisions
Balance Sheet
Management, Executive Compensation & Board
Clearwire & Softbank
Business Model - Snapshot of the last 12 Months
SWOT Analysis
Key Investment Issues

Analysis of Financial Results - Quarterly Since 20
Profit & Loss Summary
Revenue Analysis
Wireless Operational Data
USA Wireless - Competitor Analysis
Adjusted OIBDA Analysis
EBIT Analysis
Expenses Analysis
Cash Flow Analysis
Balance Sheet Analysis
Return Analysis
Unusual Items

Valuation
Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Sprint Nextel
DCF Valuation & Sensitivity Analysis

Industry Analysis
Key US Telecoms Trends & Drivers
A brief history of the US Telecoms Industry
Recent USA Regulatory Issues
Description of Telecoms Services
Telecoms Glossary

Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Operational Data
OIBDA & EBIT Data

Explanations and Definitions
Legal and Important Information

List of Tables
Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Operational Data
OIBDA & EBIT Data

List of Figures
Analysis of Financial Results - Quarterly Since 2002
Profit & Loss Summary
Revenue Analysis
Wireless Operational Data
USA Wireless - Competitor Analysis
Adjusted OIBDA Analysis
EBIT Analysis
Expenses & Additional Analysis
Net Debt & Gearing Analysis
Balance Sheet Analysis
Return Analysis
Unusual Items

Valuation
Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Sprint Nextel
DCF Valuation & Sensitivity Analysis

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