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4-Traders Homepage  >  Equities  >  Tokyo  >  SoftBank Group Corp    9984   JP3436100006

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Sprint shares plunge after T-Mobile merger talks called off

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11/06/2017 | 06:04pm CET
The logo of U.S. mobile network operator Sprint Corp is seen at a Sprint store in San Marcos, California

Sprint Corp's  (>> Sprint Corp) shares fell more than 13 percent on Monday after the No. 4 U.S. wireless carrier called off merger talks with T-Mobile US Inc (>> T-Mobile US) and a wireless partnership with cable company Altice USA (>> Altice USA Inc) failed to appease investors.

Sprint Corp's  (>> Sprint Corp) shares fell more than 13 percent on Monday after the No. 4 U.S. wireless carrier called off merger talks with T-Mobile US Inc (>> T-Mobile US) and a wireless partnership with cable company Altice USA (>> Altice USA Inc) failed to appease investors.

"It will not deliver the tens of billions in synergies we had foreseen in a merger with T-Mobile," Chief Financial Officer Tarek Robbiati said of the Altice agreement on a call with analysts and reporters. "Nonetheless, it does deliver real value for Sprint."

Sprint's shares were down 12 percent at $5.84 after earlier falling as much as 13.5 percent,

Altice said it would sell mobile service on Sprint's network under a new multi-year agreement announced on Sunday, becoming the latest cable company to enter the wireless market.

A day earlier, Sprint and T-Mobile ended merger talks, raising questions over how Sprint, in the middle of a turnaround plan to cut costs and shore up cash, could increase investment in its network.

The Altice partnership was not contingent on merger talks with T-Mobile failing, Robbiati said.

He also said comments by Sprint Chairman Masayoshi Son on raising capital expenditure to $5 billion to $6 billion annually, from $3.5 billion to $4 billion, was for the medium term and not for 2017.

Asked how Sprint would pay for the increase in spending, Robbiati said the company could fund it through cash, debt and borrowing against its spectrum, or wireless airwaves.

Last year, Sprint said it would raise an initial $3.5 billion by mortgaging about 14 percent of its spectrum.

Jonathan Chaplin, an analyst at New Street Research, said $5 billion to $6 billion annually was the minimum level at which Sprint could build a credible network, but the company faced challenges in catching up with wireless carriers that are moving ahead with developing next generation networks, or 5G.

"Sprint is trying to catch up to a moving target," he said. "I think the market is going to be reasonably skeptical."

(Editing by Susan Thomas and Bernadette Baum)

By Anjali Athavaley

Stocks treated in this article : SoftBank Group Corp, Sprint Corp, T-Mobile US, Altice USA Inc
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Financials ( JPY)
Sales 2018 9 122 B
EBIT 2018 1 065 B
Net income 2018 404 B
Debt 2018 12 304 B
Yield 2018 0,46%
P/E ratio 2018 24,99
P/E ratio 2019 14,03
EV / Sales 2018 2,50x
EV / Sales 2019 2,39x
Capitalization 10 507 B
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 12 216  JPY
Spread / Average Target 28%
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Managers
NameTitle
Masayoshi Son Chairman & Chief Executive Officer
Ken Miyauchi President, Chief Operating Officer & Director
Yoshimitsu Goto Managing Executive Officer & Manager-Finance
Tadashi Yanai Independent Director
Yun Ma Director
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