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T-Mobile Results Credit Positive; Strong Headline Performance With Guidance Raise

COMMUNICATIONS

Rating: BBB/BBB+ EUR Spreads ~1bp tighter


Positive set of results across the board with slight beats on most headline performance metrics, strong postpaid KPIs, strong cash flows with a good FCF beat and guidance raised across most metrics.


  • Q2 revenue +6.9% YoY (+1% vs. BBG consensus) with service revenue +4.4% YoY (+0.5% vs. consensus). EBITDA +8.8% YoY (+0.5% vs, consensus) with core EBITDA +8.8% YoY.
  • KPIs strong with postpaid phone net adds 11.5% above consensus with an ARPU 0.3% ahead too.
  • OCF +26.8% YoY with FCF +54.3% YoY (+6.6% vs. consensus). Core leverage of 2.4x from 2.5x at Q1 and 2.7x at Q223.
  • Guidance raised across most metrics:

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