TAT&T Inc.

AT&T is a telecom operator that returned to its core business after divesting media assets.

The base is mobile service and fibre internet in the United States. The business is capital-intensive: networks demand continuous investment in spectrum and equipment, and the market is saturated, so growth comes from taking subscribers from rivals and selling higher tiers rather than from expanding the audience.

The key metrics are postpaid subscriber additions and churn. Fibre is treated as the growth line: it displaces cable operators and carries higher customer lifetime value. The expensive media acquisitions of the past proved unsuccessful and were unwound at considerable loss.

The company carries significant debt left from those deals and from spectrum purchases, which makes it sensitive to borrowing costs. The dividend was cut when media was spun off and is now held at a level management considers sustainable; the yield is what draws investors to the stock.