T-Mobile US (TMUS), mcap=$180bn, price $144 vs $134

– Dominant wireless growth position with the best network and best value in 5G.
– Two years ahead of $VZ and $T in deployment.
– From ’24 onwards set to generate $15-20/share in FCF taking into account synergies from the Sprint merger.
– A massive $60bn+ capital return program (70% of free float) will materially shrink the share count.

– Set to generate $15-20/share in FCF beginning in 2024.
– At a reasonable multiple this translates into $150-$200 stock.

Exp. gain: +50% to $200/share in 18 months.

Full $TMUS write-up (free guest account required):

Leave a Comment