AT&T Inc. (T)

Executive Summary

AT&T Inc. at $24.89 per share is, in our view at T&T Capital Management, the deep-value connectivity-focused telecom name that has emerged from the 2022 WarnerMedia spin as a simpler, more focused franchise. At approximately 11.3x forward earnings + a 4.5 percent dividend yield (well above the S&P 500 average but below the pre-2022-cut $2.08 level), AT&T represents a value-with-yield play in U.S. telecom. The post-WarnerMedia franchise is centered on three businesses: Mobility (wireless service), Consumer Wireline (AT&T Fiber + residential broadband), and Business Wireline. The remaining 70 percent equity stake in DirecTV (post-2021 partial sale to TPG) provides monetization optionality.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers