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| 53 | Analysts beef up C-band auction forecast to $26B - $35.2B range (簡訳:アナリストはCバンドオークション予想を260億ドルから352億ドルに強化) | ----------- | |
| FierceWireless: Wireless | 2020-09-26 05:30 | ????0? | |
| The analysts think AT&T is motivated but hindered by financial constraints. “Wireless is AT&T’s largest business, and while they have a national 5G network, performance is limited by the lack of mid-band spectrum,” wrote analyst Simon Flannery in a report on Friday. “Their major constraint is their Balance Sheet, although they have been able to term out debt, and the Phase 2 success based payments will not come due until 2023, proving some cash flow benefits.”While T-Mobile is in an enviable position with its sub-6 GHz spectrum – more than AT&T and Verizon combined – it’s still expected to be an active participant in the C-band auction. “They may be more interested in Phase 2 spectrum available in late 2023, although from a strategic point of view, they may want to make sure that their competitors don’t get a bargain on the Phase 1 spectrum,” Flannery wrote. “Note that T-Mobile just increased the size of their revolver by $1.5Bn to $5.5Bn, giving them additional firepower if needed, while also recently pricing a $4bn notes offering.”Along with T-Mobile, the cable companies could be the biggest swing factor in the C-band auction, according to Morgan Stanley. Charter Communications and Comcast showed up to the CBRS auction with intentions to augment their MVNO agreements with facilities-based buildouts, and the same is expected in the C-band auction. However, because the license areas in the C-band are based on the larger Partial Economic Areas (PEAs) instead of counties, it may be less appealing to the cable companies. New Street Research analysts created a scenario where they believe a total of $55 billion will be spent on both CBRS and C-Band, with their latest estimates putting the C-band at $51 billion. They have more confidence that Dish will show up to the C-band since the spectrum is more valuable to Dish than CBRS. If Dish was willing to spend close to $1 billion in the CBRS auction, “we are more confident that they will be a big player in C-Band,” wrote New Street’s Jonathan Chaplin in a note earlier this month.Analyst Craig Moffett also said that AT&A has no less need for C-band spectrum than Verizon, but it has less money to keep pace with T-Mobile. “The pressures on AT&T’s balance sheet make an outlay the size of what we have modeled for Verizon highly problematic; it’s simply not likely that they could spend that much given their current leverage ratio and the pressures they are experiencing in their media-related business,” Moffett wrote. -- ???????? | |||
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