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1、EquityResearch5February2018U.S.TelecomandComm.InfrastructureINDUSTRYUPDATETheRozReport:AsCapexRises,aU.S.TelecomServicesDeeperLookintoSpendingPrioritiesNEUTRALUnchangedWiththreeofthebigfourcarriershavingreportedresults,indicationssuggest2018isU.S.TelecomServicesgoingtobeabigyearfortelecom-re

2、latedspending,largelyonthebackofincreasesbyAmirRozwadowskibothAT&TandSprint.Overall,weexpectcapexamongthebigfourtoincreaseby+12125264043~10%thisyear,thelargestincreasewehaveseeninthepastfiveyears.However,ifouramir.rozwadowski@barclays.comexperienceisanyindication,allspendingincreasesarenotcr

3、eatedequal.WeareclearlyBCI,USatauniquejunctureinthemarketwherecarriersarelookingtooptimizeassetutilization,efficientlyenhancecoverageandcapacity,takeadvantageoftechnologiesMattBienkowski+12125262308designedtostructurallyreducecostsandlaythefoundationfornextgenerationmatt.bienkowski@barclays.

4、comnetworkopportunities(i.e.5G).ThuswetaketheopportunitytotakeadeeperlookatBCI,USspendingprioritiesamongthebigfourinthisweek’seditionofTheRozReport.JustineHumenanskyCapexisExpectedtobeUpBigThisYear:Thecombinationofcorporatetaxreform+12125265080andrisingcompetitiveneedstoincreasenetworkcapaci

5、tyisexpectedtoleada~10%justine.x.humenansky@barclays.comincreaseincarriercapexamongthebigfouroperators.AT&TandSprintareexpectedBCI,UStobetheprimarydriversoftheincrease.VerizonandT-Mobileareexpectedtoretainsteadyhands.FirstNetshouldbeakeycontributor.Taxreforminitiativesthatspurinvestment(i.e.

6、immediateexpensingofcapex)andthefactthatafter-taxreturnsonprojectslookbettercouldchangethecalculusaroundinvestmentplans.Fiber’sStrategicValueOnlySeemstobeIncreasing:Checksfromacrossthefoodchainindicatethatfiberdeployment/utilizationremainthetopprioritiesforU.S.carriers.CorningandDycomhavealr

7、eadystruckaconstructivetoneondemandoutlook.Theformerindicatedaneedtoincreasecapacitytomeetsupplyexpectations.Verizonseesowningfiberasastrategicdifferentiator,particularlyasitrampsits5Gnetworkbuilds.AT&Tsimilarlyseestheassetasameanstoreducechurnonit