T-Mobile US, Inc.

“T-Mobile is a rationalized-oligopoly telecom executing at the top of its class — $15.4B in FCF, 37% EBITDA margins, an irreproducible mid-band spectrum position, and a shrinking share count — trading at 8.9x EV/EBITDA near its 52-week low as the market misprices a FCF compounder as a stagnant utility; the primary risks (leverage and DT governance overhang) are real but unlikely to cause permanent capital impairment, making this a compelling multi-tranche BUY at current levels.”