Telephone And Data Systems: The Next Act

2026-03-19 09:19:17 ET

We remain long Telephone and Data Systems (TDS). Since publishing our initial report, The New TDS , on January 7 ^th , shares have outperformed and recent earnings along with the 2026 outlook have reinforced our core thesis around improving fiber execution, stabilizing performance in the tower segment, and substantial special dividends to support organic investment and shareholder returns. Nothing in recent results challenges our original view. If anything, they provide early confirmation that a streamlined TDS is on track to deliver clearer and improving financial performance. Yet as that thesis continues to play out, a natural question emerges: how much additional value could further corporate simplification unlock?...

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