Sprint - Company Profile - Not out of the Woods Yet: 2013
Feb 22, 2013 (M2 PRESSWIRE via COMTEX) --
Research and Markets (http://www.researchandmarkets.com/research/93md7j/sprint_company) has announced the addition of the "Sprint - Company Profile - Not out of the Woods Yet" report to their offering.
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).
Sprint has lost subscribers for three quarters now with the Nextel network closure. In particular, it has lost lucrative post-paid subscribers as it re-captures only about half of Nextel subscribers when they churn; but just 2.1m Nextel subscribers remain. Excluding Nextel, Sprint-only subscriber growth slowed to 10%, driven by pre-paid & affiliates; this falls to 6% growth if re-captured Nextel subscribers are excluded.
- Q4 Total Revenue rose $283 m ( 3%) to $9.0 bn. Growth slowed from 5% last Q. (See Page 29) Bear Base Bull
In turn, this is due to a slowing Wireless growth and continued decline in Long Distance. Valuation ($) 4.78 6.01 7.24
- Q4 adjusted OIBDA* rose $18 m ( 2%) to $0.9 bn. Adjusted OIBDA margin was flat. Potential Return -18% 3% 24%
- Q4 EBIT* improved to -$0.3 bn. Margin rose 1.6% to -3.4%. Capital Structure Per Share Total
- Net loss* improved $0.4 bn to -$0.8 bn. ($) ($ Bn)
- Other Income (Clearwire) and fewer taxes, offset higher interest payments. Share Price 5 .86
- But accelerated depreciation of $0.4 bn meant that the Net Loss worsened by 1%. Number of Shares (bn) 3 .0
- EPS (loss) increased slightly, by 1%, to -$0.44. Market Capitalization 1 7.6
- FCF deteriorated, by -$1.3 bn, with worsening working capital & CAPEX. Net Cash / (Debt) -5.4 -16.1
* = Excludes Unusual Items (accelerated depreciation for the closure of the Nextel platform) Enterprise Value (EV) 11.2 3 3.8
Comparisons (e.g. margins changes & growth rates) are stated on a Year-on-Year (YoY) basis.
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