AT&T WKN: A0HL9Z ISIN: US00206R1023 Kürzel: T Forum: Aktien Thema: Hauptdiskussion

Bevor der Gewinn auch wieder Weg ist. 😅🤣😂

30% in einem Monat war genug. 😁

Jetzt wird wieder gewartet. Cash ist genug da. 😁 Commerzbank zu Geld gemacht. 😁

Bisher war mir das Unternehmen zu verschuldet. Jetzt wird es gerade interessant.

Aber hey... hätte mir das ganze dramatischer vorgestellt.

EK schon gesenkt. 😁👍

Bald wird mein EK unterschritten🤣

Ich habe bei 24..5 aufgegeben. Warte bis es ruhiger wird, um wieder neu einzusteigen. Man mus ja nicht jeden verlust mitnehmen

Alles verschlafen

naja wird eine pro7 sat1 Media Aktie, shit

Bin auch ein bisschen im Minus um nachzukaufen müsste es für mich mindestens unter 22€ fallen

Was für eine Enttäuschung . Manno Mann . Dachte mit At&t eine Aktie mal über Jahre halten kann

Bin jetzt echt im Minus...

Aber schon krass summiert sich jetzt auf minus 15% seit gestern Vormittag. Zum kotzen…

Ich habe mir den Artikel den Steff0987 eingestellt hat durch gelesen das überzeugt mich noch mehr zu halten. Nach gekauft wird wenn es sich für meinen EK lohnt. Verkauft wird nur im Plus. Sollte es noch mal Richtung 28€ gehen bin ich raus sonst nicht.

The glance at the deal Now let's move on to the deal itself. The deal will be carried out in the form of the Reverse Morris Trust, which implies spinning off WarnerMedia into a separate company, let's call it NewCo (no official name yet), which will then merge with Discovery. As a result of the transaction, the share of the current AT&T shareholders in the new company will be 71%, and 29% of NewCo will be held by the current shareholders of Discovery. AT&T will receive $ 43 billion from the NewCo in return for the transfer of media assets (WarnerMedia) to NewCo. The structure of the transaction (Reverse Morris Trust) will eliminate the need for AT&T to pay income tax on the transfer of assets. Thus, the new company will own WarnerMedia, Discovery's current business, but it will immediately have $ 58 billion in debt ($ 43 billion from AT&T and $ 15 billion from Discovery). Discovery's revenue for 2020 is $ 10.4 billion, WarnerMedia's revenue was $ 30.4 billion. Total revenue for 2020 for the two companies is $ 40.8 billion. In my opinion, in the future, they will combine the content on the HBO Max service. It's important to note the complementarity of the content, as WarnerMedia has mostly entertainment content, while Discovery has non-fiction TV and sports content. WarnerMedia and Discovery's combined EBITDA in 2020 was $ 12 billion (expected to grow to $ 14 billion by 2023). I would like to point out a negative point right away. At the close of the deal, the leverage of the new company will be 4.83x. However, the company plans to cut it to 3x by 2023. High leverage of NewCo, as well as uncertainty about NewCo's valuation, caused a correction in Discovery shares on this news. Management also expects operating synergies of $ 3 billion per year from the merger. As for AT&T itself, $ 43 billion from the deal will go towards debt repayment, which will reduce the debt burden (Net Debt / EBITDA) to 2.6. The company plans to maintain high dividend payments of 40-45% of free cash flow, which is approximately equal to $ 9 billion per year and implies a reduction in current dividend payments (the company is now spending $ 15 billion on dividends). By my calculations, the dividend yield will be 4.8% (at AT&T's valuation of $185 billion), which is below the current yield of 6.45%, but slightly higher than the dividend yield of its closest competitor - Verizon (4.3%). The deal will not only help pay off the high debt burden but also give AT&T the opportunity to focus on the development of 5G and high-speed internet. If Net Debt / EBITDA falls below 2.5x, the company plans to channel excess liquidity to buy back shares. Thus, as a result of the deal, there will be two pure players in their sectors - AT&T in the telecommunications business and NewCo in the media sector.