AT&T: 10+% Growing FCF Yield In An Expensive Market

AT&T offers a compelling investment case with strong fiber growth, robust FCF, and an attractive 4.5% dividend yield. The joint venture with T-Mobile and Verizon leverages direct-to-device satellite tech, mitigating competitive threats from satellite-based internet providers. T's fiber network, now valued at ~$54 billion, underpins sticky customer relationships and supports long-term margin expansion.