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Morningstar's AT&T Inc Stock Analysis

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AT&T Continues to Gain Wireless Customers and Build Fiber

Business Strategy and Outlook

| Michael Hodel, CFA |

With the closing of the Warner transaction, we believe AT&T is in a much stronger place in the core telecom business, with renewed management focus, a stronger balance sheet, and a rightsized dividend, as well as a clear strategy to invest in its networks. Aggressively extending fiber and 5G coverage to more locations builds on its core assets—its existing network and customer base—and should allow AT&T to gradually expand its share of telecom spending.

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AT&T Inc's Company Profile

Business Description

The wireless business contributes about two thirds of AT&T's revenue following the spinoff of WarnerMedia. The firm is the third- largest U.S. wireless carrier, connecting 67 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 20% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 10% of revenue, primarily consist of broadband internet access service. AT&T also has a sizable presence in Mexico, serving 20 million customers, but this business only accounts for 2% of revenue. The firm still holds a 70% equity stake in satellite television provider DirecTV but does not consolidate this business in its financial statements.

208 S. Akard Street
Dallas, TX, 75202
T +1 210 821-4105
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type High Yield
Employees 203,000

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