Sprint Corp. (S): Sales/Leaseback Drives PT Increase But DISH May Be The Real Winner - Macquarie
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Macquarie analyst, Amy Yong, reiterated her Outperform rating on shares of Sprint (NYSE: S) after the creation of spectrum-leaseback transactions which boosted Sprint’s liquidity position.
The leaseback, increased Sprint's market value by up to US$7bn and placed a value to its spectrum portfolio for an implied value of US$117bn. This transaction supports its current ~US$60bn EV and drives the current target to US$8 from US$7 based on 6x CY17 EBITDA ex-leasing.
Sprint aside, the big winner is Dish (NASDAQ: DISH) where the spectrum value at US$1.85/MHzPoP implies upside to the US$66 TP and could bring the valuation closer to US$94.
The price target increases to $8 from $7.
Shares of Sprint closed at $6.78 yesterday.
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