SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>Elon Musk's Starlink recently <a href="https://techcrunch.com/2022/08/25/t-mobile-phones-will-connect-to-starlink-for-free-starting-next-year/" target="_blank" rel="noopener">announced plans</a> to enter the global carrier market, spooking shareholders of space-based cellular operator AST SpaceMobile.</li><li>AST, which went public through a SPAC in 2021, has plans to commercialise global space based telecommunications, but has notably struggled due to technical challenges.</li><li>AST Shareholders have feared that the Starlink announcement risked overshadowing the company’s upcoming launch and also possibly beat the company to market, despite the latter having a significant head start.</li></ul>

Elon Musk's Starlink recently announced plans to enter the global carrier market, spooking shareholders of space-based cellular operator AST SpaceMobile.AST, which went public through a SPAC in 2021, has plans to commercialise global space based telecommunications, but has notably struggled due to technical challenges.AST Shareholders have feared that the Starlink announcement risked overshadowing the company’s upcoming launch and also possibly beat the company to market, despite the latter having a significant head start.

AST SpaceMobile Vs Starlink: The Race for Global Connectivity

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>T-Mobile has striven to provide the best pricing and network while operating in a cutthroat market and a macroeconomic situation that is rapidly changing.</li><li>They also expanded the availability of T-Mobile Business Internet, making T-Mobile the first and only countrywide provider of the Internet for businesses.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

T-Mobile has striven to provide the best pricing and network while operating in a cutthroat market and a macroeconomic situation that is rapidly changing.They also expanded the availability of T-Mobile Business Internet, making T-Mobile the first and only countrywide provider of the Internet for businesses.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

T-Mobile US Inc: First VoNR Deployment & Other Drivers

Equity Capital Markets

<ul><li>T-Mobile delivered a fairly good performance in the first quarter of 2022, so much so that the management raised its full-year guidance based on the positive momentum in its business.</li><li>The company added 348,000 net postpaid account net adds in the first quarter, their best and the highest reported in the industry.</li><li>The management claims that T-Mobile is focusing on growing the number of customer relationships and then deepening them over time across their products and services.</li></ul>

T-Mobile delivered a fairly good performance in the first quarter of 2022, so much so that the management raised its full-year guidance based on the positive momentum in its business.The company added 348,000 net postpaid account net adds in the first quarter, their best and the highest reported in the industry.The management claims that T-Mobile is focusing on growing the number of customer relationships and then deepening them over time across their products and services.

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>Softbank has raised $2.4bn (¥300bn) from the sale of TMUS shares to DT with proceeds likely earmarked for VF2 and possibly supporting ongoing share buybacks</li>
<li>The sale price is below market but surfacing cash is the more positive takeaway and should ease concerns on leverage that have lingered as tech valuations fall</li>
<li>The impact on the discount to NAV is likely to be weaker than the reaction to the TMUS/DT monetization in August/September</li>
</ul>


Softbank has raised $2.4bn (¥300bn) from the sale of TMUS shares to DT with proceeds likely earmarked for VF2 and possibly supporting ongoing share buybacks
The sale price is below market but surfacing cash is the more positive takeaway and should ease concerns on leverage that have lingered as tech valuations fall
The impact on the discount to NAV is likely to be weaker than the reaction to the TMUS/DT monetization in August/September


Softbank Group Sale of TMUS Shares Helps Modestly With Leverage Concerns

<ul>
<li>Vision Fund's public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses</li>
<li>Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) </li>
<li>We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes</li>
</ul>


Vision Fund's public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses
Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) 
We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes


Softbank Group - Early Read on Q4 Portfolio Performance

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

AST SpaceMobile Vs Starlink: The Race for Global Connectivity

Elon Musk's Starlink recently announced plans to enter the global carrier market, spooking shareholders of space-based cellular operator AST...

subSPAC

T-Mobile US Inc: First VoNR Deployment & Other Drivers

T-Mobile has striven to provide the best pricing and network while operating in a cutthroat market and a macroeconomic situation that is rapidly...

Baptista Research

T-Mobile US Inc.: The Turnaround Story

T-Mobile delivered a fairly good performance in the first quarter of 2022, so much so that the management raised its full-year guidance based on...

Baptista Research

Softbank Group Sale of TMUS Shares Helps Modestly With Leverage Concerns

Softbank has raised more funds with the sale of TMUS shares and whilst this is not as robust as the recovery in Alibaba value or securitization of...

Kirk Boodry

Softbank Group - Early Read on Q4 Portfolio Performance

Portfolio losses were steep and may very well exceed the record quarterly erosion set in Q2 as well-known public losses are matched with private...

Kirk Boodry

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