AT&T traded at multi-year lows last week.Some facts:1 Over 54B EBITDA in 2020 and in 2021.2 Net debt is about 3 x EBITDA.3 Market cap also about 3 X EBITDA (vs inflation adjusted rates at 0).4 Whatever they are using to invest is to increase earnings.5 6B/year cost reductions underway.6 7B/year less dividend payments staying in the coffers.7 6b/year less interest payments as a result of reduced debt ex WB & improved credit rating (cost reductions, less debt, less dividends).8 CFO said 8-9B dividends post spin: 8.5B/ 7.14B=1.19$/sh = 6% for Legacy T @ 20$.9 Share price appreciation on top & above 6%.10 DISC = additional gravy with Malone, Zaslav steering ship. Malone outperforms Buffet11 If Exchange, share count drops to 5.35B = 1.5-1.7$ Div/share (6.2 to 7% yield) with lean focused T generating EBITDA of 45B or 8.5$ EBITDA/share based on LTM and 43B less debt. The 6B cost cutting adds 1$ EBITDA/sh.12 Sell 70% stake in DirecTV @ 15B+ and use another 10B of the 43B debt reduction to repurchase 850m sh dropping float down from 5.35B post-exchange to 4.5B sh and you get 10$ EBITDA/sh (Legacy T has a trailing EBITDA of 45B minus DirecTV contribution). 10$ EBITDA/sh = Additional $$$$$ $T, AT&T Inc. / H1 notes via a userRelated: $VZ, Verizon Communications Inc. / H1