CompetitionThe risk that wireless competition may elevate further and increase A&R costs is not good for category multiples, especially for the premium at which TMUS trades.
Market ConditionsAny effects from a slowdown in overall U.S. wireless additions should be moderated by Benchmark’s analysis suggesting TMUS need only maintain modest growth in its affluent performance determinative and urban subscriber wheelhouses.
Public PerceptionConfidence in T-Mobile’s 2025 guidance is further supported by its indication of ~3% ARPA pricing growth even as there is some current adverse publicity relating to price increases.