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Verizon Wireless Communications: a Financial Analysis

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Verizon Wireless Communications: a Financial Analysis Minnesota State University Moorhead RED: a Repository of Digital Collections Dissertations, Theses, and Projects Graduate Studies Fall 12-20-2018 Verizon Wireless Communications: A Financial Analysis MacKenzie Barry [email protected] Follow this and additional works at: https://red.mnstate.edu/thesis Recommended Citation Barry, MacKenzie, "Verizon Wireless Communications: A Financial Analysis" (2018). Dissertations, Theses, and Projects. 147. https://red.mnstate.edu/thesis/147 This Project (696 or 796 registration) is brought to you for free and open access by the Graduate Studies at RED: a Repository of Digital Collections. It has been accepted for inclusion in Dissertations, Theses, and Projects by an authorized administrator of RED: a Repository of Digital Collections. For more information, please contact [email protected]. Verizon Wireless Communications: A Financial Analysis A Project Presented to the Graduate Faculty of Minnesota State University Moorhead By MacKenzie Frances Barry In Partial Fulfillment of the Requirements for the Degree of Master of Science in Accounting and Finance December 2018 Moorhead, Minnesota EXECUTIVE SUMMARY Verizon Communications, Inc. (VZ) operates the largest wireless and second largest wireline telecom networks in the United States. These two segments focus on providing communication, information, and entertainment to consumers, businesses, and government agencies. Verizon is based out of New York, New York and was incorporated in 2000. In recent news, the company has added 603,000 postpaid wireless customers, which was well above the consensus estimate of 438,000 subscriber additions. The solid customer additions were partially due to a significant year-over-year drop in churn (percentage of consumers leaving Verizon). Verizon also announced that Marni Walden, executive vice president and president of global media, left the company in February 2018. Through both, qualitative and quantitative analysis, this report contains detailed information regarding the industry in which Verizon Communications competes, the market and sector it functions through, and the current growth structure it holds. A detailed valuation model from historical data, market statistics, and pro forma forecasts is attached. From this valuation model, the calculated stock value as of November 23, 2018 was USD 58.64. Per quantitative valuation, Verizon’s stock price is fair to undervalued. Taking into consideration all the parts of the analysis, I initiate a hold recommendation for the common stock of Verizon Communications. 2 TABLE OF CONTENTS INTRODUCTION..................................................................................................7 FIRM CHARATERISTICS ..................................................................................7 GENERAL INFORMATION ...................................................................7 FIRM HISTORY AND ACQUISITIONS ................................................8 DIVESTITURES ......................................................................................9 GENERAL OPERATIONS ......................................................................9 MAIN COMPETITORS .........................................................................11 KEY EXECUTIVES ...............................................................................13 INCENTIVES AND TRAINING ...........................................................14 SUCCESSION PLAN .............................................................................15 BOARD OF DIRECTORS .....................................................................15 RETURN ON INVESTMENT CAPITAL .............................................15 INDUSTRY CHARATERISTICS ......................................................................17 RISK FACTORS RELATED TO VERIZON WIRELESS COMMUNICATIONS .................................................................17 PORTER’S FIVE FORCES ....................................................................18 Threat of Competition: Strong Force ...........................................18 Threat of New Entrants: Weak Force ...........................................18 Threat of Substitutes: Moderate Force .........................................19 Bargaining Power of Suppliers: Moderate Force ........................19 Bargaining Power of Buyers: Moderate Force ............................19 SHAREHOLDER ANALYSIS ...........................................................................20 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .......................21 GOODWILL AND INTANGIBLE ASSETS .........................................21 INVENTORIES ......................................................................................22 PROPERTY, PLANT, AND EQUIPMENT ..........................................22 REVENUE RECOGNITION..................................................................23 FINANCIAL PERFORMANCE, ANALYSIS, AND RATIOS .......................23 PROFITABILITY, REVENUE, AND PROFIT MARGIN GROWTH .23 COST CONTROL ..................................................................................24 LIQUIDITY ............................................................................................24 TURNOVER ...........................................................................................25 LEVERAGE AND CAPITAL STRUCTURE........................................25 CASH MANAGEMENT ........................................................................25 PRICE PERFORMANCE...................................................................................26 VALUATION AND RECOMMENDATION ....................................................26 INVESTMENT THESIS .....................................................................................28 APPENDIX A: VERIZON WIRELESS COMMUNICATIONS ....................29 INCOME STATEMENT ........................................................................30 BALANCE SHEET ................................................................................31 RATIOS ..................................................................................................33 APPENDIX B: AT&T .........................................................................................35 INCOME STATEMENT ........................................................................36 BALANCE SHEET ................................................................................37 4 RATIOS ..................................................................................................39 APPENDIX C: FINANCIAL VALUATION.....................................................41 PROJECTED PARAMETERS ...............................................................42 WACC CALCULATION .......................................................................43 HISTORICAL FREE CASH FLOW ......................................................45 PROJECTED FREE CASH FLOW........................................................45 VERIZON FREE CASH FLOW VALUATION ....................................45 VERIZON RELATIVE VALUATION ..................................................45 REFERENCES .....................................................................................................46 5 TABLE OF CHARTS FIGURE 1. VERIZON BUSINESS SEGMENTS ..................................................7 FIGURE 2. VERIZON COMMUNICATIONS’ REVENUE ...............................11 FIGURE 3. U.S. WIRELESS PROVIDER MARKET SHARE ...........................12 FIGURE 4. COMMUNICATION SECTOR INFORMATION ............................13 FIGURE 5. ROIC...................................................................................................16 FIGURE 6. SHAREHOLDER INFORMATION ..................................................20 6 INTRODUCTION The communications sector is continuing to evolve and change in our everyday life. This research paper will analyze the financial performance of Verizon Communications by using a number of accounting and financial measures to determine whether the company is a quality investment to recommend to clients. The information gathered in this research paper is cited from the company’s 10-K financial statements, company documents, and quality websites. FIRM CHARACTERISTCS GENERAL INFORMATION Verizon Communications (VZ) operates the largest wireless and second-largest wireline telecom network. This company, through its subsidiaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. Headquartered in New York, New York and incorporated on October 7th, 1983, Verizon has expanded their operations and has two reportable segments – Wireless and Wireline. FIGURE 1. VERIZON BUSINESS SEGMENTS Source: Verizon Communications, Inc. 7 Verizon Wireless voice and data services offer wireless services on a postpaid and prepaid basis. Verizon offers these products and services to consumers, business, and government customers across the United States. The wireless segment offers messaging services access internet wirelessly at broadband speeds, and enhanced value-added services to support telemetry-type applications, which are characterized by machine-to-machine (M2M) wireless connections. In additional to these services, Verizon offers several categories of wireless devices, including smartphones and basic phones, tablets, and other internet access devices. The wireline segment focuses on global enterprise, consumer retail, and small businesses. FIRM HISTORY AND ACQUISITIONS “Mr.
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