ATT is ringing loud and clear, but still, the market, with the stock at $32.97, has not yet picked up the phone. Seriously?! In an era of negative interest rates around the world and 10 year US Treasuries around 2%, please explain to me how a company with one of the largest cash flows of any company in the world, totally able to service its debt, yields 6.25%? Sure there is lots of debt, but with that cash flow, assets, and commitment to pay it down, the market is not hearing the bell.
Let's not forget the Warner portfolio, content that is irreplaceable, that will ultimately lead, in my view, to almost a Disney like rerating, once everyone gets comfortable that Att is in fact, getting their debt levels down.