August 10, 2017

TMUS – Market expectations are for increasing Adjusted ROA, and management’s excitement about the firm’s future and confidence about its potential imply this may be warranted


  • T-Mobile US, Inc. (TMUS) currently trades near recent highs relative to Adjusted Assets, with a 2.0x Adjusted P/B, implying bullish expectations for the firm. Given management’s excitement about the firm’s future, as well as their confidence about their growth opportunities, value proposition, and competitive edge, this may be warranted
  • Specifically, management is excited about the future of T-Mobile. Additionally, they are confident about growth opportunities in rural America, their competitive edge in pricing and unlimited offerings, and service value proposition. As such, expectations for a continued recovery in both Adjusted Margins and Adjusted Turns appear warranted, and equity is likely fairly valued

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