Diverging narratives, converging multiples

研报英文原文证据摘录

Diverging narratives, converging multiples

Equity Research

27 July 2026

North America Cable, Satellite & Telecom Services

Diverging narratives, converging

multiples

Operators are pursuing distinct growth strategies while cable North America Cable, Satellite & Telecom

is converging on a common playbook. Yet despite widening Services NEUTRAL

Unchangeddifferences in execution and fundamentals, valuation

performance may remain driven more by external factors North America Cable, Satellite &

Telecom Services

than company-specific operating outcomes. Kannan Venkateshwar

+1 212 528 7054

kannan.venkat@barclays.com

Wireless growth remains healthy for now: All three wireless companies grew accounts for the BCI, US

first time in many years, with Verizon returning to account growth in 2Q and guiding for

continued growth in 3Q. This is despite the fact that cable companies also saw wireless growth Lauren Bonham

+1 212 526 3856accelerate (Figure 1).

lauren.bonham@barclays.com

FIGURE 1. Telco postpaid phone net adds were up over last year BCI, US

Viren Uchil

Postpaid phone net adds (000s) +1 (212) 526 7523

viren.uchil@barclays.com 3,000

BCI, US

2,500

2,000

1,500

1,000

(500)

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

T TMUS VZ CMCSA CHTR

Note: TMUS estimated based on accounts

Source: Company Reports, Barclays Research

However, growth levers varied across the operators (Figure 2) and incentives across operators

are more divergent than has been the case in recent years. TMUS has a back book pricing

advantage and is solving for margins by raising price and moving up the subscriber quality

curve. AT&T is trying to balance between broadband and wireless volume growth with

aggressive convergence offers anchored on broadband price discountson one hand, and price

Barclays Capital Inc.