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Analyst Research Report Snapshot


Sprint Nextel - Company Profile - Not out of the woods




Indigo Equity Research


16 Feb 2013





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Company Profile - Still not out of the woods yet Investment Thesis Sprint is finally recovering from its 2005 Nextel merger but remains a turnaround case. Since 2009, revenues have grown again with higher & subscribers & ARPU. OIBDA will improve with iDen network closure mid 2013, and the absence of the related c. $1.4 bn operating costs. Softbank's investment will solve funding issues and halve gearing & interest payments. .... However, Sprint's fundamental problem is its weak market position as the third operator. Sprint struggles to compete with AT&T and Verizon; lacking brand, scale & LTE coverage. ..... Also, earnings growth has been limited by continued losses at Clearwire and ……… 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). This 43 page report includes: SWOT analysis, investment thesis, fundamental & DCF valuation, significant recent events, operations analysis, ten year financial analysis, business model, strategy, industry overview, analysis of latest Q results, …. Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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