United States Cellular Corp

USM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Fnygv	Mvhp

US Cellular Earnings: Continued Customer Losses Point to the Wisdom of the T-Mobile Deal

Michael Hodel

Aug 2, 2024

US Cellular’s second-quarter results were in line with our expectations and don’t alter our view of the firm’s standalone prospects. With the pending sale of the wireless business to T-Mobile, attention has shifted to the sale approval process and the tower and spectrum assets that US Cellular will retain. With little incremental information in these areas, we are maintaining our $52 fair value estimate, which balances a 75% chance of the T-Mobile deal closing against our $25 standalone US Cellular fair value estimate.

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