Spectrum Might Represent as Much as 52% of AT&T’s Value

Posted April 26, 2015

In all, AT&T now holds spectrum licenses worth more than $91 billion, estimates Goldman Sachs analyst Brett Feldman. He also estimates the value of Verizon’s spectrum at $79.4 billion.

The current equity value of all AT&T stock is $176.5 billion, implying that spectrum alone represents 51.6 percent of AT&T’s total equity value.

Verizon’s market value is $207.9 billion, implying that Verizon’s spectrum represents 38 percent of total valuation.

Feldman estimates that the U.S. mobile industry, plus Dish Network’s spectrum represents $368 billion in value.

Gary Kim

Gary Kim is a communications industry analyst of 30 years, ranked second globally among power influencers in mobile and among the top 10 telecom thought leaders. He currently works as a telecom/Internet conference content developer and speaker. He recently founded the Spectrum Futures conference for the Pacific Telecommunications Council, and acts as a conference advisor for PTC. He is a member of Mensa, the international organization for people with IQs in the top 2 percent.