---- FINANCIAL RESEARCH PROJECT -------

Worth 20% of the course grade. / Due date is stated in the course schedule.
For full set of answer, Please mail me at alkamurarkaa@gmail.com
Also for any other projects help please mail me. I can help in any courses Finance, Management,
Strategy, Marketing, Human Resources, Organization Behavior, Economics, Excel, Dissertation, CAPSIM,
Online Test and any other kind of projects.
THE PROJECT IS DESIGNED TO BE COMPLETED INDIVIDUALLY (OR A GROUP) AS ASSIGNED BY YOUR
PROFESSOR) BY THE STUDENT.
I SITUATION:
OBJECTIVE
The specific objective of this graded written research exercise is to prepare an "executive level financial report" to the Chief
Financial Officer (CFO) of a mythical company in which you are employed as a financial analyst. This report will pertain to the
financial evaluation of a real, publicly-traded, company. It will require independent research (web-based or library), careful
financial analysis, and the proper application of key financial theories and formulas.
The company that is to be analyzed for this project is (company selected by instructor).
Alternatively, you can request me to approve another publicly traded company. This request must be submitted before the end of
the first week of the course. The request must include
a. identification of the company by ticker symbol and name
b. a reasonable and appropriate explanation of why you want to examine the alternative company
c. the source of the analyst's report that will be used in the analysis (which must be submitted to me)
d. acknowledgement by you that all of the specific elements of the assignment (see below) will be prepared by you and
included in the final research project report

SITUATION
You are a financial analyst with the mythical High Technology Corporation ("HTC"). HTC is an established manufacturer of a
line of electronic components, which services an international market. HTC is currently a new fully-integrated wireless
communication service for world-wide use. A competitive technical and economic product evaluation has determined that THE
COMPANY THAT IS TO BE ANALYZED FOR THIS PROJECT (COMPANY SELECTED BY INSTRUCTOR) (a real
publicly-traded company) is the best potential candidate for a long-term commitment. THE COMPANY (COMPANY
SELECTED BY INSTRUCTOR) is offering a competitively favorable deal. However, based on some serious general concerns
about the fallout of companies in the industry in general, the CEO has asked your CFO to conduct a financial analysis of THE
COMPANY (COMPANY SELECTED BY INSTRUCTOR) to determine if it is prudent to commit to this company's
communication system. The cost of cutting over to the new communications system is significant and any interruption in support
during the next few years would adversely affect HTC's performance and profit. Specifically, the question is: will THE
COMPANY be financially viable over the next two to three years?
YOUR SPECIFIC ASSIGNMENT
Your specific assignment is to research, analyze, and prepare a report for the CFO on the actual financial performance of THE
COMPANY THAT IS TO BE ANALYZED FOR THIS PROJECT (COMPANY SELECTED BY INSTRUCTOR). In addition
to reviewing the traditional financial performance indicators, you are also to review THE COMPANYS past and current stock
performance. Your report includes three parts:
(1) An evaluation of THE COMPANYS financial performance for the last year. DuPont analysis and analysis of significant
financial performance results are required for the last three years. (See detailed description below)
(2) An evaluation of THE COMPANYS stock performance for the last one year.
(3) Finally, a specific recommendation, with supporting rationale, as to whether or not THE COMPANYS recent trend in
financial and stock performance is of sufficient financial strength to warrant entering into a long-term commitment.
To assist you in your task, the CFO has provided the following general guidance. Since it is recognized that the industry is
undergoing a major contraction, it is very important to comparatively evaluate THE COMPANYS financial and stock
performance trends against its Industry.
You may wish to include all necessary and relevant financial performance and stock information, trends, and projections in
supporting your recommendation. These factors may include, financial ratio trends and industry comparatives, capital spending,
stock growth, Beta values, credit rating service valuations, bond rating valuations, and management and investment reports -
when these documents are available.
REPORT REQUIREMENTS
YOUR SPECIFIC ASSIGNMENT
Research and analyze the following information for THE COMPANY (SELECTED BY INSTRUCTOR).
--Annual Balance Sheets for THE COMPANY for the last three years.
--The Income Statements for THE COMPANY the last three years.
-- Annual reports, 10K or 10Q------
--Industry norms -----------
---Analysts reports on performance
-- Management reports or press releases
Using this information the students have to develop evaluation of the financial performance for THE COMPANY (SELECTED
BY INSTRUCTOR). (Totally 85% of the assignment grade)
-1Background and Industry (one short paragraph).
-2Select of most significant financial performance results for the company: Compare Revenue, net income, working capital,
total assets for the last three years and other results of your choice of the company against the industry or main competitor.
Present the table with this information in your report. Write about 1 page of the analysis of these financial performance results.
(15% of the project grade)
-3Find financial ratios for the company and its major competitor in the Internet. Write about 1-2 pages of analysis of the ratio
results you received. (15% of the project grade). Compare the ratio results against the industry or main competitor.
-4- Evaluate Return on Equity for the company for the last three years using the DuPont analysis. (10% of the project grade).
Compare the companys results to a major competitor.
Taking the information from the Income statements and the Balance sheets, calculate the companys return on equity using the
DuPont technique for the company for three years. Show your calculation!
Write about 1 page of analysis of the results that you received. Compare the results to main competitor. If the management of the
company would like to improve their return on equity, what should the management of these companies do?
-5- Evaluate other areas of financial analysis: capital spending, stock growth, Beta values, credit rating service valuations (if
possible), bond rating valuations (if possible), etc. Make an overall conclusion about financial performance of the company
during the last years. Compare the results that you received against the industry or main competitor. Summarize the results that
you received in 1 page. What are the firms financial strengths and weaknesses? (10% of the project grade)
-6- Collect and evaluate the data about stock performance of the assigned company's for the last one year. Compare the results
that you received against the industry or main competitor.
Write about 1-2 pages of analysis of the ratio results you received. (20% of the project grade).
-7- Develop a specific recommendation, with supporting rationale, as to whether or not the assigned company's recent trend in
financial and stock performance is of sufficient financial strength to warrant entering into a long-term commitment (about 1 page)
(15% of the project grade)

pg. 2
 TYPE YOUR COLLEGE NAME

T-Mobile US, Inc.

Financial Analysis and Investment Evaluation

TYPE YOUR NAME

4/12/2016

The report contain the full write plus also has embedded excel workings in the reference which
one can refer.
pg. 3
Contents
Company Overview ...................................................................................................................................... 5
Financial Operation Analysis using financial ratios as a tool ....................................................................... 6
Growth and Margins (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio
Management (10ed)) ............................................................................................................................. 6
Liquidity Ratio (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio
Management (10ed)) ............................................................................................................................. 7
Asset Turnover and Return Ratio (Reilly, Frank K. and Keith C, Brown, Investment Analysis and
Portfolio Management (10ed)) .............................................................................................................. 8
Comparative evaluation of DuPont Analysis (Reilly, Frank K. and Keith C, Brown, Investment
Analysis and Portfolio Management (10ed)) ........................................................................................ 8
Capital structure and coverage ratio (Reilly, Frank K. and Keith C, Brown, Investment Analysis and
Portfolio Management (10ed)) .............................................................................................................. 9
Capital expenditure and cash flows (Reilly, Frank K. and Keith C, Brown, Investment Analysis and
Portfolio Management (10ed)) .............................................................................................................. 9
Debt Ratings ........................................................................................................................................ 10
Stock Price Analysis ................................................................................................................................... 11
Forecast by regression ........................................................................................................................ 11
Forecast by 12-month moving average .............................................................................................. 12
Stock beta, stock performance and required return basis CAPM ...................................................... 12
Stock performance relative to competitors over last one year .......................................................... 14
Recommendation ........................................................................................................................................ 15
Annexure 1: Income Statement ................................................................................................................... 16
Annexure 2: Balance Sheet ......................................................................................................................... 17
Annexure 3: Cash Flow Statement.............................................................................................................. 18
Annexure 4: Ratio Analysis ........................................................................................................................ 19
Annexure 6: Debt Rating of T-Mobile Debt ............................................................................................... 20
Annexure 7: T-Mobile Beta, CAPM Return and Standard Deviation of Returns....................................... 21
Annexure 8: Dupont Analysis ..................................................................................................................... 23
Annexure 9: Valuation Analysis ................................................................................................................. 23
References ................................................................................................................................................... 24

pg. 4
Company Overview
T-Mobile USA, Inc. was formed in 1994 as VoiceStream PCS, a subsidiary of Western

Wireless Corporation. VoiceStream was spun off in 1999 and acquired by Deutsche Telekom

AG in 2011 and renamed as T-Mobile USA, Inc. in 2022.

T-Mobile is the fastest growing wireless company in the U.S based on customer growth

in 2015. The company provides wireless communication services, including voice, messaging

and data, to over 63 million customers in the postpaid, prepaid and wholesale markets. T-Mobile

offer customer services on a nationwide 4G Long-Term Evolution (LTE) network and offers

devices and plans as customized as possible suiting customer needs.

T-Mobile provides services, devices and accessories across its flagship brands, T-Mobile

and Metro PCS, through company owned and operated retail stores, third party distributors and

its websites. Majority of its service revenues are generated by providing wireless communication

to branded postpaid customers which accounted for 66% of total service revenues, followed by

30% from branded prepaid customers and balance 4% from wholesale customers. Net additions

to branded postpaid customer base has been strong in recent past with number reaching as high

as 4.5 million in 2015 vs. 4.9 million in 2014 and 2.0 million 2013.

During the last fiscal ended on December 30, 2015, T-Mobile reported US$ 32.05

billion revenue, US$ 678 million net profit and employed over 50,000 employees on a full-time

and part-time basis. The company had a market capitalization of ~US$ 31.62 billion as on April

11, 2016.

pg. 5
Financial Operation Analysis using financial ratios as a tool
Financial operation analysis of T-Mobile was conducted to assess trends in financial

position in order to support investment rationale. Ratio analysis has been used as a tool to

conduct such analysis and was compared with Industry Average to build consensus based on a

comprehensive study.

Growth and Margins (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio Management (10ed))
T-Mobile revenues during the financial year ended 2015 were US$ 32.05 billion

reporting a year-on-year growth of nearly 8%. Revenues are growing year-after-year but at a

smaller pace. Growth in 2013 was 379% (albeit on a smaller base) vs. growth in 2014 at 21% vs.

8.4% in 2015. However, the same has been higher than the industry which grew at an average

6.3%. Revenues from branded postpaid segment and prepaid segment grew by 14% and 8%

respectively whereas the wholesale revenues and roaming and other services revenues decline by

5% and 27% respectively. Overall the services revenues grew by 11% in 2015 vs. 17% in 2014.

Equipment sale revenues were flat whereas other ancillary revenues grew by 29%. Also the

cumulative annual growth in revenues have seen continuous downtrend with 3-Yr CAGR in

revenues at 84.53% declining to 14.57% in case of 2-Yr CAGR and further to 8.42% in case of

1-Yr CAGR. Although the 4-Yr CAGR is a higher than industry average at 15.86%, yet looking

at past two years performance, it is expected that T-Mobile will continue to face headwinds

amidst stiff competition. During last five years, the company has added US$ 27.98 billion worth

of new sales including US$ 2.49 billion in 2015.

Growth in revenues also resulted in growth in operating income which grew by 45.83%

in 2015. Interestingly the growth has seen an uptrend with 4-Yr CAGR growth at 5.8% vs. 3-Yr

CAGR at 35.8% vs 2-YR CAGR at 43.99%. However the growth in earnings has resulted in

pg. 6
decline in operating margin from 15.4% in 2011 to 6.4% in 2015 driven by stiff competition and

higher cost of acquiring subscribers. It is only in last three years, the company has been able to

expand its margins from 4.1% in 2013 to 6.4% in 2015 but is way behind industry average at

13.9%.

Net Profit margin declined was even steeper driven by higher interest cost. Margins

declined from 6.2% in 2011 to 2.1%. However, similar to operating margins, net income margins

have also improved in last three years from 0.1% in 2013 to 2.1% in 2015 but is considerably

low compared to industry which is at an average of 6.8%.

While T-Mobile has benefited in earnings growth, lower churn and subscriber growth,

there is limited growth opportunities going forward due to growing network-capacity challenges.

While this is set to improve among four national carriers, T-Mobile has the lowest amount of

low-band spectrum, necessary for the coverage.

Liquidity Ratio (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio Management (10ed))
T-Mobiles current ratio has been on a continuous decline indicating rising pressure of

liquidity. It has declined from as high as 3.36 times in 2011 to 1.56 times in 2015. Quick ratio

has also seen similar decline from 3.06 times in 2011 to 1.43 times but is higher than industry

which at 0.54 times. T-Mobiles receivable days have increased from 5.9 days in 2011 to 20.4

days in 2015 on considerably risen sales but are significantly better than industry at 40.6 days.

Inventory days, which declined from 30 days in 2011 to 2013, have again increased back to 31.7

days in 2015 which is higher than industry at 22.6 times. Interestingly the payable days increased

from 40 days in 2011 to 150 days in 2015 indicating strong ability to negotiate better terms with

suppliers. This has led the company to maintain negative working capital against industry which

is running with positive working capital. (Please refer Annexure 4).

pg. 7
Asset Turnover and Return Ratio (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio
Management (10ed))

T-Mobile asset turnover ratio has been steady at around 0.51 times in last five years and

is largely in line with industry average at 0.56 times. Return on assets (RoA) has been on a

continuous decline driven by lower profitability and is much behind the industry average. RoA

has declined from 3.2% in 2011 to 1.1% in 2015 vs. industry average at 6.3%. The same has

increased in last three years from 0.1% in 2013. Return on capital employed (RoCE) or Return

on Investment (RoI) has also followed a similar declining trend with 4.8% in 2015 against 9.7%

in 2011 vs. industry which is at 14.0%. Prevailing competition and weak profitability may

further create pressure on RoI and RoAs.

Comparative evaluation of DuPont Analysis (Reilly, Frank K. and Keith C, Brown, Investment Analysis
and Portfolio Management (10ed))

DuPont Analysis is a breakdown analysis of Return of Equity. As per the approach an

entity RoE is driven by three levers viz. net margin, total assets turnover and net leverage. We

compared T-Mobiles RoE with six other major competitors and found that current RoE of T-

Mobile is lowest amongst its peers and is also considerably lower than industry average. As

shown in previous section the networking capacity challenges over last few years have been

challenged by competition and disruptive innovations. Lower net margins and lower assets

turnover ratio has led to fall in RoE from 10.3% in 2011 to 4.2% in 2015. This is lowest relative

to RoE by some of its peers and also considerably lower than the industry average at 63.0%. The

management needs to focus on improving profitability and at the same time use its asset more

efficiently which will happen only when the company will be in a position to acquire more and

more subscriber at faster pace without spending significant cost of subscriber addition.

pg. 8
 China NTT
Particulars T-Mobile AT&T Verizon Mobile Docomo Vodafone NTT
Market Capitalization ($ billion) 31.62 236.14 210.25 225.56 98.30 85.37 85.37
as on April 11, 2016
In $ Millions
Sales 32,053 146,801 131,620 668,335 4,383,397 42,227 11,095,317
Net Income 678 13,345 17,879 108,539 410,093 5,761 518,066
Net Margin 2.1% 9.1% 13.6% 16.2% 9.4% 13.6% 4.7%

Sales 32,053 146,801 131,620 668,335 4,383,397 42,227 11,095,317

Total Assets 62,436 402,672 244,640 1,427,895 7,146,340 122,573 20,702,427
Assets Turnover 0.5 0.4 0.5 0.5 0.6 0.3 0.5

Total Assets 62,436 402,672 244,640 1,427,895 7,146,340 122,573 20,702,427

Average Networth 16,110 104,521 14,363 886,956 5,511,719 68,474 8,596,607
Net Leverage 3.9 3.9 17.0 1.6 1.3 1.8 2.4

RoE 4.2% 12.8% 124.5% 12.2% 7.4% 8.4% 6.0%

Capital structure and coverage ratio (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio
Management (10ed))

Capital structure of T-Mobile comprises of 61% debt (short as well as long term debt)

and 39% common equity. In other words, debt-equity ratio of the company is 1.59 times in 2015.

The ratio has remained steady in five years and is in-line with industry average which is at 1.54

times. However, the interest coverage has declined from 2.9 times in 2011 to as low as 0.8 times

in 2013 before rising to 1.4 times in 2015. This shows the underlying financial stress in addition

to pressure of market competition. Industry average is 9.6 times. (Please refer Annexure 2 and 4)

Capital Structure and Coverage Ratios 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Debt-Equity Ratio 1.62 1.42 1.20 1.56 1.59 1.54
Debt to Total Capital 61.9% 58.7% 54.5% 61.0% 61.3%
Short-term debt as % of Total Debt 0.8% 1.1% 1.4% 0.4% 0.7%
Interest Coverage Ratio 2.87 3.00 0.81 1.05 1.38 9.60
Source: Please refer Annexure 4

Capital expenditure and cash flows (Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio
Management (10ed))

Capital expenditure at T-Mobile is on a continuous rise. As % of Sales, the expenditure

has increased from 19.7% in 2011 (when sales were barely US$ 4.85 billion) to 20.8% in 2015

(when sales were at US$ 32.05 billion). In these five years, the company has spend US$ 10.078

pg. 9
billion of which 69% was spend in last two years in 2014 and 2015. On the contrary the cash

from operations although increased by five times from US$ 1.06 billion in 2011 to US$ 5.41

billion in 2015 but when look in comparison with sales, the same has declined from 22% of sales

in 2011 to 17% of sales in 2015. Free cash flow in the last three years has been negative versus

industry average at 10.2% of sales.

Debt Ratings
T-Mobiles debt does not possess highest investment ratings by S&P or Moodys. The company

debt has been given a rating of BB and BBB- by S&P or Ba3 and Baa3 by Moodys which

reflects that although the company is less vulnerable to nonpayment risk yet it is faces major risk

of uncertainties arising out of changing market dynamics, external environment, economic

slowdown and competitive actions. (Please refer Annexure 6)

pg. 10
Stock Price Analysis
Forecast by regression
First method used to forecast price is regression analysis of stock price vs. time in months.

Regression equation is represented by: A = bX + C; where Y is the dependent variable (Stock

price in this case) which is dependent upon independent variable X (time in months in this case).

Slope of the equation is represented by b and intercept is C.

Based on above output it was observed that the slope b of above equation is 0.4247 and

intercept C is 13.6359. The final equation is:

Y (Stock price) = 0.4247 X (Time in months) + 13.6359

Using above equation price forecast for 72nd month as on April 1, 2017 is $44.22 which is higher

by 14.4% than current price as on April 11, 2016.

Given, weakness in financial as highlighted in financial operation analysis section, we do not

believe that the stock has potential to generate 14.4% return over next one year and hence this

method does not reveal the true value of the stock.

T-Mobile Adj Close Forecasted as per regression

(Y) (Y=mX+C)

50
45
40
35
30
25
20
15
10
5
0

pg. 11
Forecast by 12-month moving average
Next method used to forecast price is 12 months moving average which calculated the forecasted

rolling price for 13th month based on previous 12 months average price. Forecasted price as on

April 1, 2017 is $38.76 which is similar to current actual price at $38.64 as on April 11, 2016.

Hence, based on 12-Months Moving Average the price of T-Mobile is expected to remain at

similar level where it is today and results in flat to 0.3% return over next one year. This looks

more reasonable and probable given prevailing financial distress, operational challenges and

ongoing competitive environment.

Adj Close 12-month Mov Avg Linear (Adj Close)

45
40
35
30
25
20
15
10
5
0
4/1/2008

4/1/2009

4/1/2010

4/1/2011

4/1/2013

4/1/2015

4/1/2016

4/1/2017
4/1/2012

4/1/2014

Stock beta, stock performance and required return basis CAPM

We have also calculated the required return on the stock using capital asset pricing model.

In case of CAPM, we run the regression of S&P500 annual return over US GDP annual growth

over last 66 years (between 1950 and 2015) and found that there is hardly any relation between

the two variables. The correlation between the two variables is negative 0.15 which is on one

side shows negative relation and on the other side the absolute value indicates a very low

correlation. This is not true because although directly the variables may not be related to each

other, but countrys growth rate has always significant bearing on stock market returns. Hence,

the same relation has been ignored based on the output derived from regression analysis.
pg. 12
Market Return, Risk-free rate and Stock Beta

While computing the market return for calculating risk premium, the average geometric return of

S&P500 over last five years has been considered. Monthly index value has been downloaded

from Yahoo Finance using which geometric mean return has been calculated. The period under

consideration for this analysis has been considered from April 1, 2011 to April 1, 2016. S&P500

has delivered a mean annual return of 8.7% over last 5 years.

For the purpose of risk free rate of return yield on 10-Yr US Treasury Bonds has been

considered. Simple average of past 60 months annualized return has been considered for arriving

at 2.3% p.a. risk free rate of return.

Hence, based on derived market return and risk-free rate of return the market risk premium has

been derived which is calculated as the difference between market return and risk free rate of

return. Based on above values of the two variables, the market risk premium is derived at 6.5%.

For the purpose of beta calculation, regression analysis has been followed. T-Mobile stock price

returns of last 60 months (from April 1, 2011 to April 1, 2016) have been regressed over last 60

months return from S&P500 index. Beta of the stock, represented by slope of the regression, is

derived at 1.03. This is in line with beta estimates shown by Google Finance and Reuters.

Based on risk-free rate at 2.3%, beta at 1.03 and market risk premium at 6.5%, the cost of equity

or annualized required rate of return on T-Mobile is 8.95%.

As per CAPM, cost of equity = 2.3% + 1.03 * 6.5% = 8.95%

Given, the prevailing condition, it looks difficult if the company stock would deliver such

required return over next 1 year.

pg. 13
Stock performance relative to competitors over last one year

Source: https://finance.yahoo.com/echarts?s=TMUS#{"useLogScale":true,"lineWidth":"4","allowChartStacking":true}

Above interactive chart shows relative stock performance of T-Mobile and seven of its

competitors over last one year. Only two companies viz. NTT and NTT Docomo have resulted in

return higher than the returns delivered by T-Mobile. The most nearest competitor, Sprint has

delivered a negative return of 30%. However, we do not believe that 22% return delivered by T-

Mobile in last one year and its relative super performance will continue given weaken financial

condition and makes it a risky proposition just based on last year better financial performance as

shown in the previous section. The stock is trading at 46.9 times its trailing twelve months

earnings which is at 145% premium to S&P500 and industry average which is trading at 19.1

times and 19.2 respectively (Please refer Annexure 9).

pg. 14
Recommendation
Keeping in mind the financial weakness, limited organic growth opportunities going

forward due to growing network-capacity challenges it will not be easy to outperform industry.

T-Mobile has the lowest amount of low-band spectrum, necessary for increasing

coverage and although the company has been in the forefront of new technology utilization such

as Wi-Fi offloading and leveraging unlicensed spectrum, yet the performance has been highly

volatile in last five years and adding coverage will be directly or indirectly expensive.

An investor who is very aggressive with very high risk appetite and wants to bet on

turnaround basis just last one year performance may think of investing in T-Mobile as the

downside risk is more evident than the upside risk.

Given the inherent business risk, it is not advisable to invest in T-Mobile with a long-

term perspective.

pg. 15
Annexure 1: Income Statement
Income Statement
In USD Million 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15
Revenue 4,847 5,101 24,420 29,564 32,053
Cost of sales 2,913 2,930 12,255 15,409 14,898
Gross profit 1,934 2,171 12,165 14,155 17,155
Operating expenses 654 647 7,264 7,979 9,993
EBITDA 1,280 1,524 4,901 6,176 7,162
Depreciation 532 700 3,905 4,760 5,097
Operating income 748 824 996 1,416 2,065
Interest Expense 261 275 1,223 1,351 1,496
Other income (expense) (7) 59 278 348 409
Income before income taxes 480 608 51 413 978
Provision for income taxes 178 213 16 166 245
Net income from continuing operations 302 395 35 247 733
Net income from discontinuing ops - - - - -
Minority interest - - - - -
Net income available to common shareholders 302 395 35 247 678
Diluted EPS (in US$) 1.64 2.14 0.10 0.30 0.82

pg. 16
Annexure 2: Balance Sheet
Balance Sheet
In USD million 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15
Assets
Current assets
Cash and cash equivalents 2,243 2,613 5,891 5,315 7,580
Receivables 78 99 3,619 1,865 1,788
Inventories 240 259 586 1,085 1,295
Deferred income taxes 7 3 839 988
Other current assets 176 213 1,293 4,731 4,227
Total current assets 2,744 3,187 12,228 13,984 14,890
Non-current assets
Gross Fixed Assets 5,949 6,803 34,998 38,036 43,192
Accumulated Depreciation (1,931) (2,511) (19,649) (21,791) (23,192)
Net Fixed Assets 4,018 4,292 15,349 16,245 20,000
Equity and other investments 6 2
Goodwill 1,683 1,683 1,683
Intangible assets 2539 2562 19326 22825 24549
Other long-term assets 176 146 1,367 1,916 1,314
Total non-current assets 6,739 7,002 37,725 42,669 47,546
Total assets 9,483 10,189 49,953 56,653 62,436
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 39 51 244 87 182
Accounts payable 320 318 3,026 5,322 6,137
Taxes payable 66 42 534
Accrued liabilities 121 127 708 1,092 1,344
Deferred Revenues 246 238 445 459 717
Other current liabilities 25 72 851 1,816 1,148
Total current liabilities 817 848 5,808 8,776 9,528
Non-current liabilities
Long-term debt and Capital leases 4,711 4,724 16,841 24,394 26,084
Deferred taxes liabilities 817 1,031 4,645 4,873 4,061
Deferred Revenues 136
Other long-term liabilities 210 91 8,414 2,947 6,206
Total non-current liabilities 5,738 5,982 29,900 32,214 36,351
Total liabilities 6,555 6,830 35,708 40,990 45,879
Stockholders' equity
Common stock 1,784 1,826 37,330 38,503 38,666
Additional paid-in capital - - - - -
Retained earnings 1,152 1,543 (23,088) (22,841) (22,108)
Accumulated other comprehensive income (9) (10) 3 1 (1)
Total stockholders' equity 2,927 3,359 14,245 15,663 16,557
Total liabilities and stockholders' equity 9,482 10,189 49,953 56,653 62,436

pg. 17
Annexure 3: Cash Flow Statement
Cash Flow Statement
In USD million 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15
Cash Flows From Operating Activities

Net income 301 394 35 247 733

Depreciation & amortization 544 648 3,565 4,365 4,688

Deferred income taxes 175 217 10 122 256

Investments losses (gains) - (7)

Investment/asset impairment charges - - - - -

Stock based compensation 42 38 100 196 201

Accounts receivable (20) (21) (1,315) (90) (259)

Inventory (79) (20) 42 (499) (2,495)

Accounts payable - - - - -

Other working capital 60 (54) 207 (254) 1,402

Other non-cash items 40 (14) 901 59 888

Net Cash Flows From Operating Activities 1,063 1,181 3,545 4,146 5,414

Cash Flows From Investing Activities

Investments in property, plant, and equipment (951) (814) (4,022) (4,297) (4,724)

Purchases of investments (600) (692) (2,997)

Acquisitions, net (7) 2,144

Other investing activities (4) 27 (214) (2,949) (1,839)

Sales/Maturities of investments 675 756

Net Cash Flows From Investing Activities (887) (723) (2,092) (7,246) (9,560)

Cash Flows From Financing Activities

Debt issued 1,498 2,494 2,993 3,979

Debt repayment (568) (34) (244) (1,437) (621)

Preferred stock issued 982

Common stock issued 1,787

Common stock repurchased (5) (4)

Excess tax benefit from stock based compensation 34

Dividend paid (55)

Other financing activities 47 6 7 (48) 110

Net Cash Flows From Financing Activities 972 (32) 4,044 2,524 3,413

Effect of exchange rate changes

Net change in cash 1,148 426 5,497 (576) (733)

Cash at beginning of period 797 1,945 394 5,891 5,315

Cash at end of period 1,945 2,371 5,891 5,315 4,582

Free Cash Flow

Operating cash flow 1,063 1,181 3,545 4,146 5,414

Capex (956) (840) (4,406) (7,217) (6,659)

Free cash flow 107 341 (861) (3,071) (1,245)

pg. 18
Annexure 4: Ratio Analysis
Ratios Analysis
Growth - CAGR 1-YR CAGR 2-YR CAGR 3-YR CAGR 4-YR CAGR Ind Avg
Revenue 8.42% 14.57% 84.53% 58.33% 15.86%
Gross profit 121.19% 18.75% 99.18% 67.66%
EBITDA 15.97% 20.89% 67.50% 47.24%
Operating income 45.83% 43.99% 35.83% 25.82% 19.18%
Net income available to common shareholders 174.49% 340.13% 19.73% 14.46% 10.20%
EPS 173.33% 186.36% -27.37% -21.32%
Growth - Year-on-Year 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Revenue 5.24% 378.73% 21.06% 8.42% 6.27%
Gross profit 12.25% 460.34% 16.36% 21.19%
EBITDA 19.06% 221.59% 26.02% 15.97%
Operating income 10.16% 20.87% 42.17% 45.83%
Net income available to common shareholders 30.79% -91.14% 605.71% 174.49%
EPS 30.49% -95.33% 200.00% 173.33%
Margins 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Gross Margin 39.9% 42.6% 49.8% 47.9% 53.5% 63.1%
EBITDA Margin 26.4% 29.9% 20.1% 20.9% 22.3% 22.6%
Operating Margin 15.4% 16.2% 4.1% 4.8% 6.4% 13.9%
Net Margin 6.2% 7.7% 0.1% 0.8% 2.1% 6.8%
Liquidity Ratios 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Current Ratio 3.36 3.76 2.11 1.59 1.56
Quick Ratio 3.06 3.45 2.00 1.47 1.43 0.54
Receivable Days 5.87 7.08 54.09 23.03 20.36 40.60
Inventory Days 30.1 32.3 17.5 25.7 31.7 22.59
Payable Days 40.1 39.6 90.1 126.1 150.4
Working Capital (as % of Revenue) -6% -4% 3% 0% -6% 4%
Tunover Ratios 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Gross Fixed Asset Turnover Ratio 0.81 0.75 0.70 0.78 0.74
Net Fixed Asset Turnover Ratio 1.21 1.19 1.59 1.82 1.60
Total Asset Turnover Ratio 0.51 0.50 0.49 0.52 0.51 0.56
Return Ratios 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Return on Assets 3.2% 3.9% 0.1% 0.4% 1.1% 6.3%
Return on Equity 10.3% 12.6% 0.4% 1.7% 4.2% 63.0%
Return on Capital Employed 9.7% 10.1% 3.2% 3.5% 4.8% 14.0%
Capital Structure and Coverage Ratios 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Debt-Equity Ratio 1.62 1.42 1.20 1.56 1.59 1.54
Debt to Total Capital 61.9% 58.7% 54.5% 61.0% 61.3%
Short-term debt as % of Total Debt 0.8% 1.1% 1.4% 0.4% 0.7%
Interest Coverage Ratio 2.87 3.00 0.81 1.05 1.38 9.60
Cash Flow Ratios 30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15 Ind Avg
Cash from operations (% of Sales) 21.9% 23.2% 14.5% 14.0% 16.9%
Capex (% of Sales) 19.7% 16.5% 18.0% 24.4% 20.8%
Free Cash Flow (% of Sales) 2.2% 6.7% -3.5% -10.4% -3.9% 10.2%

pg. 19
Annexure 6: Debt Rating of T-Mobile Debt

pg. 20
Annexure 7: T-Mobile Beta, CAPM Return and Standard Deviation
of Returns
TMUS S&P500 US 10-Yr TB Return
Date Open High Low Close Volume Adj Close Open High Low Close Volume Adj Close Yield TMUS S&P500
4/1/2011 16 17 16 17 2,512,600 28 1,329.5 1,364.6 1,294.7 1,363.6 4,042,194,000 1,363.6 3.38
5/2/2011 17 19 16 18 4,118,900 30 1,365.2 1,370.6 1,311.8 1,345.2 4,114,534,200 1,345.2 3.41 6.36% -1.35%
6/1/2011 18 19 16 17 2,529,100 29 1,345.2 1,345.2 1,258.1 1,320.6 4,105,601,300 1,320.6 3.45 -3.85% -1.83%
7/1/2011 17 18 16 16 1,883,700 27 1,320.6 1,356.5 1,282.9 1,292.3 4,308,168,000 1,292.3 3.30 -5.40% -2.15%
8/1/2011 16 16 9 11 6,616,800 18 1,292.6 1,307.4 1,101.5 1,218.9 4,942,913,400 1,218.9 3.05 -31.45% -5.68%
9/1/2011 11 11 9 9 3,405,500 14 1,219.1 1,229.3 1,114.2 1,131.4 5,104,933,800 1,131.4 3.16 -21.95% -7.18%
10/3/2011 9 10 8 9 3,153,000 14 1,131.2 1,292.7 1,074.8 1,253.3 4,874,946,600 1,253.3 2.81 -2.41% 10.77%
11/1/2011 8 9 8 8 2,461,800 14 1,251.0 1,277.6 1,158.7 1,247.0 4,289,379,000 1,247.0 2.22 -1.41% -0.51%
12/1/2011 8 9 8 9 1,945,300 14 1,246.9 1,269.4 1,202.4 1,257.6 3,667,346,600 1,257.6 1.92 3.58% 0.85%
1/3/2012 9 10 8 9 2,678,300 15 1,258.9 1,333.5 1,258.9 1,312.4 4,190,155,500 1,312.4 2.18 1.84% 4.36%
2/1/2012 9 12 9 10 3,915,600 17 1,312.4 1,378.0 1,312.4 1,365.7 4,143,404,000 1,365.7 2.07 16.52% 4.06%
3/1/2012 10 11 9 9 2,526,100 15 1,365.9 1,419.2 1,340.0 1,408.5 3,980,752,200 1,408.5 1.87 -12.43% 3.13%
4/2/2012 9 9 7 7 3,212,200 12 1,408.5 1,422.4 1,357.4 1,397.9 3,916,786,000 1,397.9 1.80 -19.07% -0.75%
5/1/2012 7 8 6 6 3,719,500 11 1,397.9 1,415.3 1,292.0 1,310.3 4,158,095,900 1,310.3 1.98 -12.33% -6.27%
6/1/2012 6 6 6 6 3,279,900 10 1,309.9 1,363.5 1,266.7 1,362.2 4,103,472,300 1,362.2 2.22 -5.47% 3.96%
7/2/2012 6 9 6 9 3,982,000 15 1,362.3 1,391.7 1,325.4 1,379.3 3,663,113,300 1,379.3 1.92 44.79% 1.26%
8/1/2012 9 10 9 10 3,202,900 16 1,379.3 1,426.7 1,354.7 1,406.6 3,183,567,800 1,406.6 1.58 11.07% 1.98%
9/4/2012 10 12 10 12 4,099,400 19 1,406.5 1,474.5 1,396.6 1,440.7 3,857,553,100 1,440.7 1.66 20.35% 2.42%
10/1/2012 12 15 10 10 12,301,500 17 1,440.9 1,471.0 1,403.3 1,412.2 3,587,115,700 1,412.2 1.49 -12.81% -1.98%
11/1/2012 10 11 10 11 4,128,600 18 1,412.2 1,434.3 1,343.3 1,416.2 3,593,110,000 1,416.2 1.56 4.31% 0.28%
12/3/2012 11 11 10 10 3,610,100 16 1,416.3 1,448.0 1,398.1 1,426.2 3,479,625,500 1,426.2 1.64 -6.67% 0.71%
1/2/2013 10 10 9 10 3,948,500 17 1,426.2 1,509.9 1,426.2 1,498.1 3,802,304,200 1,498.1 1.69 0.91% 5.04%
2/1/2013 10 10 10 10 2,683,000 16 1,498.1 1,530.9 1,485.0 1,514.7 3,851,884,200 1,514.7 1.61 -2.29% 1.11%
3/1/2013 10 11 10 11 4,056,200 18 1,514.7 1,570.3 1,501.5 1,569.2 3,591,577,500 1,569.2 1.76 11.22% 3.60%
4/1/2013 11 12 11 12 10,871,800 20 1,569.2 1,597.6 1,536.0 1,597.6 3,674,685,000 1,597.6 1.99 8.62% 1.81%
5/1/2013 16 22 16 21 6,264,400 21 1,597.6 1,687.2 1,581.3 1,630.7 3,661,220,400 1,630.7 1.89 9.23% 2.08%
6/3/2013 22 25 20 25 5,454,700 25 1,631.7 1,654.2 1,560.3 1,606.3 3,996,199,000 1,606.3 1.85 15.77% -1.50%
7/1/2013 25 26 23 24 3,348,500 24 1,609.8 1,698.8 1,604.6 1,685.7 3,270,645,900 1,685.7 1.68 -2.82% 4.95%
8/1/2013 24 26 23 23 2,910,700 23 1,689.4 1,709.7 1,627.5 1,633.0 3,069,868,600 1,633.0 2.16 -3.15% -3.13%
9/3/2013 24 27 24 26 3,236,600 26 1,635.9 1,729.9 1,633.4 1,681.6 3,474,152,000 1,681.6 2.48 11.22% 2.97%
10/1/2013 26 28 25 28 2,200,600 28 1,682.4 1,775.2 1,646.5 1,756.5 3,498,866,500 1,756.5 2.59 6.78% 4.46%
11/1/2013 28 30 25 26 9,607,900 26 1,758.7 1,813.6 1,746.2 1,805.8 3,261,324,500 1,805.8 2.75 -6.20% 2.80%
12/2/2013 26 34 25 34 8,078,400 34 1,806.6 1,849.4 1,768.0 1,848.4 3,203,412,300 1,848.4 2.62 29.33% 2.36%
1/2/2014 33 34 30 31 6,501,500 31 1,845.9 1,850.8 1,770.4 1,782.6 3,806,266,600 1,782.6 2.54 -9.13% -3.56%
2/3/2014 30 33 29 31 6,644,100 31 1,782.7 1,867.9 1,737.9 1,859.4 3,875,949,400 1,859.4 2.74 -0.23% 4.31%
3/3/2014 30 33 30 33 4,749,700 33 1,857.7 1,884.0 1,834.4 1,872.3 3,579,015,700 1,872.3 3.03 8.30% 0.69%
4/1/2014 33 34 28 29 4,510,200 29 1,874.0 1,897.3 1,814.4 1,883.9 3,589,287,600 1,883.9 2.67 -11.32% 0.62%
5/1/2014 32 36 31 34 4,922,000 34 1,884.4 1,924.0 1,859.8 1,923.6 3,185,100,900 1,923.6 2.66 17.21% 2.10%
6/2/2014 34 35 32 34 3,698,000 34 1,923.9 1,968.2 1,916.0 1,960.2 3,158,130,000 1,960.2 2.72 -2.07% 1.91%
7/1/2014 34 34 31 33 5,505,200 33 1,962.3 1,991.4 1,930.7 1,930.7 3,214,440,400 1,930.7 2.65 -2.02% -1.51%
8/1/2014 33 35 28 30 6,086,400 30 1,929.8 2,005.0 1,904.8 2,003.4 2,875,718,500 2,003.4 2.46 -8.68% 3.77%
9/2/2014 31 32 28 29 4,524,000 29 2,004.1 2,019.3 1,964.0 1,972.3 3,364,623,800 1,972.3 2.52 -4.02% -1.55%
10/1/2014 29 30 25 29 5,414,100 29 1,971.4 2,018.2 1,820.7 2,018.1 4,260,310,800 2,018.1 2.56 1.11% 2.32%
11/3/2014 29 30 27 29 3,394,900 29 2,018.2 2,075.8 2,001.0 2,067.6 3,479,201,500 2,067.6 2.34 0.00% 2.45%
12/1/2014 29 29 24 27 5,904,200 27 2,065.8 2,093.6 1,972.6 2,058.9 3,788,631,300 2,058.9 2.51 -7.71% -0.42%
1/2/2015 27 31 26 30 6,027,100 30 2,058.9 2,072.4 1,988.1 1,995.0 4,091,934,500 1,995.0 2.34 12.03% -3.10%
2/2/2015 31 33 30 33 4,552,500 33 1,996.7 2,119.6 1,980.9 2,104.5 3,806,470,500 2,104.5 2.19 9.44% 5.49%
3/2/2015 33 33 32 32 3,256,900 32 2,105.2 2,117.5 2,039.7 2,067.9 3,638,745,400 2,067.9 2.17 -4.06% -1.74%
4/1/2015 32 35 31 34 3,983,300 34 2,067.6 2,125.9 2,048.4 2,085.5 3,521,458,000 2,085.5 1.68 7.42% 0.85%
5/1/2015 34 39 33 39 5,750,400 39 2,087.4 2,134.7 2,067.9 2,107.4 3,455,756,000 2,107.4 2.00 14.22% 1.05%
6/1/2015 39 41 38 39 5,139,700 39 2,108.6 2,129.9 2,056.3 2,063.1 3,513,296,300 2,063.1 1.93 -0.28% -2.10%
7/1/2015 39 41 36 41 4,162,300 41 2,067.0 2,132.8 2,044.0 2,103.8 3,709,178,600 2,103.8 2.05 4.87% 1.97%
8/3/2015 41 43 36 40 3,625,100 40 2,104.5 2,112.7 1,867.0 1,972.2 4,216,280,400 1,972.2 2.10 -2.58% -6.26%
9/1/2015 39 43 39 40 3,497,200 40 1,970.1 2,020.9 1,871.9 1,920.0 4,024,497,100 1,920.0 2.34 0.50% -2.64%
10/1/2015 40 42 37 38 4,259,400 38 1,919.7 2,094.3 1,893.7 2,079.4 4,095,504,500 2,079.4 2.21 -4.82% 8.30%
11/2/2015 38 41 35 36 5,459,800 36 2,080.8 2,116.5 2,019.4 2,080.4 4,007,931,000 2,080.4 2.20 -6.31% 0.05%
12/1/2015 36 40 34 39 5,091,900 39 2,082.9 2,104.3 1,993.3 2,043.9 3,922,935,900 2,043.9 2.06 10.20% -1.75%
1/4/2016 39 41 35 40 4,245,700 40 2,038.2 2,038.2 1,812.3 1,940.2 5,153,017,800 1,940.2 2.15 2.63% -5.07%
2/1/2016 40 41 33 37 5,274,900 37 1,936.9 1,963.0 1,810.1 1,932.2 4,881,887,000 1,932.2 2.22 -7.60% -0.41%
3/1/2016 37 40 36 38 4,588,800 38 1,937.1 2,072.2 1,937.1 2,059.7 4,379,759,000 2,059.7 2.27 3.23% 6.60%
4/1/2016 38 40 38 39 12,458,400 39 2,056.6 2,075.1 2,044.0 2,072.8 7,499,980,000 2,072.8 1.93 2.77% 0.63%

pg. 21
Annexure 7: Contd
Beta

Beta using Regression tool 1.03

Using Slope Formula 1.03

Geometric Mean return of S&P 500 8.74%

Simple Mean return of S&P 500 9.13%

Average risk-free rate 2.28%

Expected Return of TMUS as per CAPM 8.95%

Std deviation of TMUS 41.3%

Mean Return of TMUS 15.06%

No of months with negative returns - TMUS 30

No of months with negative returns - S&P500 23

Regression Output with respect to market return

S UMMA RY O UTP UT

R egression S tatistics
Multiple R 0.30501342
R S quare 0.093033186
A djusted R S quare 0.077395828
S tandard E rror 0.114487778
O bservations 60

A NO V A
df SS MS F S ignificance F
Regression 1 0.077981708 0.077981708 5.949418135 0.017802798
Residual 58 0.760232171 0.013107451
Total 59 0.838213879

C oefficients S tandard E rror t S tat P -value Lower 95% U pper 95% Lower 95.0% U pper 95.0%
Intercept 0.004682422 0.015127856 0.309523147 0.758032902 -0.025599273 0.034964116 -0.025599273 0.034964116
X V ariable 1 1.03371344 0.423801916 2.43914291 0.017802798 0.185381741 1.882045138 0.185381741 1.882045138

pg. 22
Annexure 8: Dupont Analysis

China NTT
Particulars T-Mobile AT&T Verizon Mobile Docomo Vodafone NTT
Market Capitalization ($ billion) 31.62 236.14 210.25 225.56 98.30 85.37 85.37
as on April 11, 2016
In $ Millions
Sales 32,053 146,801 131,620 668,335 4,383,397 42,227 11,095,317
Net Income 678 13,345 17,879 108,539 410,093 5,761 518,066
Net Margin 2.1% 9.1% 13.6% 16.2% 9.4% 13.6% 4.7%

Sales 32,053 146,801 131,620 668,335 4,383,397 42,227 11,095,317

Total Assets 62,436 402,672 244,640 1,427,895 7,146,340 122,573 20,702,427
Assets Turnover 0.5 0.4 0.5 0.5 0.6 0.3 0.5

Total Assets 62,436 402,672 244,640 1,427,895 7,146,340 122,573 20,702,427

Average Networth 16,110 104,521 14,363 886,956 5,511,719 68,474 8,596,607
Net Leverage 3.9 3.9 17.0 1.6 1.3 1.8 2.4

RoE 4.2% 12.8% 124.5% 12.2% 7.4% 8.4% 6.0%

Annexure 9: Valuation Analysis

Current P/E 1 Yr Fwd
price TTM P/E
As on April 11, 2016 $38.64 46.9 16.7

End of Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM
Price/Earnings
TMUS - 62.1 35.3 15.4 23.3 14.1 9.2 1.0 99.0 64.9 46.9
S&P 500 16.8 16.5 10.9 18.6 15.5 13.7 15.0 18.6 18.6 19.0 19.1
Premium / (Discount) -100.0% 276.4% 223.9% -17.2% 50.3% 2.9% -38.7% -94.6% 432.3% 241.6% 145.5%
Industry Avg 19.2
Price/Book
TMUS - 3.7 2.6 1.2 1.8 1.1 1.1 2.2 1.5 2.0 1.9
S&P 500 2.9 2.7 1.7 2.2 2.2 2.0 2.1 2.6 2.7 2.7 2.7
Premium / (Discount) -100.0% 37.0% 52.9% -45.5% -18.2% -45.0% -47.6% -15.4% -44.4% -25.9% -29.6%
Industry Avg 2.0
Price/Sales
TMUS - 2.6 1.9 0.8 1.1 0.7 0.7 1.0 0.4 1.0 1.0
S&P 500 1.6 1.5 0.9 1.2 1.3 1.2 1.3 1.7 1.8 1.8 1.8
Premium / (Discount) -100.0% 73.3% 111.1% -33.3% -15.4% -41.7% -46.2% -41.2% -77.8% -44.4% -44.4%
Industry Avg 1.5
Price/Cash Flow
TMUS - 9.8 11.8 3.0 4.5 2.9 3.1 7.4 3.3 7.1 5.9
S&P 500 11.1 11.6 6.8 9.1 9.3 8.5 9.2 11.2 11.5 11.5 11.8
Premium / (Discount) -100.0% -15.5% 73.5% -67.0% -51.6% -65.9% -66.3% -33.9% -71.3% -38.3% -50.0%
Industry Avg -

pg. 23
References
T-Mobile 10K Report of 2015

TMUS Annual Report

2015.pdf

Income Statement
http://financials.morningstar.com/income-
statement/is.html?t=TMUS&region=usa&culture=en-US
Balance Sheet
http://financials.morningstar.com/balance-
sheet/bs.html?t=TMUS&region=usa&culture=en-US
Cash Flow Statement
http://financials.morningstar.com/cash-flow/cf.html?t=TMUS&region=usa&culture=en-
US
Debt Ratings
http://investor.t-mobile.com/Fixed-Income/Index?KeyGenPage=1073751073
Historical prices of TMUS
https://in.finance.yahoo.com/q/hp?s=TMUS&a=05&b=1&c=2010&d=06&e=31&f=2015
&g=m
Industry Average
http://csimarket.com/stocks/TMUS-Financial-Strength-Comparisons.html
Valuation Ratios
http://financials.morningstar.com/valuation/price-
ratio.html?t=TMUS&region=usa&culture=en-US
US 65 Years GDP Data
https://research.stlouisfed.org/fred2/series/GDP/downloaddata
Reilly, Frank K. and Keith C, Brown, Investment Analysis and Portfolio
Management (10ed): Chapters 10, 11, 12, 13, and 14
Full Excel Workings

Financial Research
Project_T Mobile Valuation and Analysis.xlsx

pg. 24