Intrinsic value of Telephone&Data Systems - TDS

Previous Close

$25.32

  Intrinsic Value

$10.69

stock screener

  Rating & Target

str. sell

-58%

Previous close

$25.32

 
Intrinsic value

$10.69

 
Up/down potential

-58%

 
Rating

str. sell

We calculate the intrinsic value of TDS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,145
  5,263
  5,398
  5,550
  5,719
  5,903
  6,104
  6,322
  6,556
  6,808
  7,077
  7,364
  7,670
  7,995
  8,340
  8,706
  9,092
  9,502
  9,934
  10,390
  10,872
  11,380
  11,915
  12,479
  13,073
  13,699
  14,357
  15,050
  15,779
  16,546
Variable operating expenses, $m
  5,046
  5,155
  5,280
  5,420
  5,575
  5,746
  5,931
  6,132
  6,348
  6,580
  6,526
  6,791
  7,073
  7,373
  7,691
  8,028
  8,384
  8,762
  9,160
  9,581
  10,025
  10,494
  10,987
  11,508
  12,055
  12,632
  13,239
  13,878
  14,550
  15,257
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,046
  5,155
  5,280
  5,420
  5,575
  5,746
  5,931
  6,132
  6,348
  6,580
  6,526
  6,791
  7,073
  7,373
  7,691
  8,028
  8,384
  8,762
  9,160
  9,581
  10,025
  10,494
  10,987
  11,508
  12,055
  12,632
  13,239
  13,878
  14,550
  15,257
Operating income, $m
  99
  108
  118
  130
  143
  158
  173
  190
  209
  228
  551
  573
  597
  623
  649
  678
  708
  740
  774
  809
  847
  886
  928
  972
  1,018
  1,067
  1,118
  1,172
  1,229
  1,288
EBITDA, $m
  1,061
  1,086
  1,114
  1,145
  1,180
  1,218
  1,259
  1,304
  1,352
  1,404
  1,460
  1,519
  1,582
  1,649
  1,720
  1,796
  1,876
  1,960
  2,049
  2,143
  2,243
  2,347
  2,458
  2,574
  2,697
  2,826
  2,962
  3,104
  3,255
  3,413
Interest expense (income), $m
  168
  170
  176
  185
  194
  204
  216
  229
  242
  257
  273
  291
  309
  329
  350
  372
  396
  421
  448
  476
  506
  537
  570
  605
  642
  681
  721
  764
  810
  857
  907
Earnings before tax, $m
  -71
  -69
  -66
  -64
  -61
  -58
  -55
  -52
  -49
  -45
  260
  264
  268
  273
  277
  282
  287
  292
  298
  303
  310
  316
  323
  330
  337
  345
  354
  362
  371
  381
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  70
  71
  72
  74
  75
  76
  77
  79
  80
  82
  84
  85
  87
  89
  91
  93
  95
  98
  100
  103
Net income, $m
  -71
  -69
  -66
  -64
  -61
  -58
  -55
  -52
  -49
  -45
  190
  193
  196
  199
  202
  206
  209
  213
  217
  222
  226
  231
  236
  241
  246
  252
  258
  264
  271
  278

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,475
  9,693
  9,942
  10,222
  10,532
  10,872
  11,242
  11,643
  12,074
  12,538
  13,033
  13,562
  14,126
  14,724
  15,359
  16,032
  16,745
  17,498
  18,295
  19,135
  20,022
  20,957
  21,943
  22,982
  24,076
  25,228
  26,441
  27,717
  29,059
  30,471
Adjusted assets (=assets-cash), $m
  9,475
  9,693
  9,942
  10,222
  10,532
  10,872
  11,242
  11,643
  12,074
  12,538
  13,033
  13,562
  14,126
  14,724
  15,359
  16,032
  16,745
  17,498
  18,295
  19,135
  20,022
  20,957
  21,943
  22,982
  24,076
  25,228
  26,441
  27,717
  29,059
  30,471
Revenue / Adjusted assets
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
Average production assets, $m
  6,606
  6,758
  6,932
  7,127
  7,343
  7,580
  7,838
  8,117
  8,418
  8,741
  9,087
  9,456
  9,849
  10,266
  10,709
  11,178
  11,675
  12,200
  12,755
  13,341
  13,960
  14,612
  15,299
  16,023
  16,786
  17,589
  18,435
  19,324
  20,260
  21,245
Working capital, $m
  -226
  -232
  -238
  -244
  -252
  -260
  -269
  -278
  -288
  -300
  -311
  -324
  -337
  -352
  -367
  -383
  -400
  -418
  -437
  -457
  -478
  -501
  -524
  -549
  -575
  -603
  -632
  -662
  -694
  -728
Total debt, $m
  2,557
  2,675
  2,810
  2,961
  3,129
  3,312
  3,513
  3,730
  3,963
  4,214
  4,482
  4,768
  5,073
  5,397
  5,740
  6,105
  6,490
  6,898
  7,328
  7,783
  8,263
  8,769
  9,302
  9,864
  10,456
  11,080
  11,735
  12,426
  13,152
  13,916
Total liabilities, $m
  5,126
  5,244
  5,379
  5,530
  5,698
  5,881
  6,082
  6,299
  6,532
  6,783
  7,051
  7,337
  7,642
  7,966
  8,309
  8,674
  9,059
  9,467
  9,897
  10,352
  10,832
  11,338
  11,871
  12,433
  13,025
  13,649
  14,304
  14,995
  15,721
  16,485
Total equity, $m
  4,349
  4,449
  4,563
  4,692
  4,834
  4,990
  5,160
  5,344
  5,542
  5,755
  5,982
  6,225
  6,484
  6,758
  7,050
  7,359
  7,686
  8,032
  8,397
  8,783
  9,190
  9,619
  10,072
  10,549
  11,051
  11,580
  12,136
  12,722
  13,338
  13,986
Total liabilities and equity, $m
  9,475
  9,693
  9,942
  10,222
  10,532
  10,871
  11,242
  11,643
  12,074
  12,538
  13,033
  13,562
  14,126
  14,724
  15,359
  16,033
  16,745
  17,499
  18,294
  19,135
  20,022
  20,957
  21,943
  22,982
  24,076
  25,229
  26,440
  27,717
  29,059
  30,471
Debt-to-equity ratio
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
  0.700
  0.720
  0.730
  0.750
  0.770
  0.780
  0.800
  0.810
  0.830
  0.840
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -71
  -69
  -66
  -64
  -61
  -58
  -55
  -52
  -49
  -45
  190
  193
  196
  199
  202
  206
  209
  213
  217
  222
  226
  231
  236
  241
  246
  252
  258
  264
  271
  278
Depreciation, amort., depletion, $m
  963
  978
  995
  1,015
  1,036
  1,060
  1,086
  1,114
  1,144
  1,176
  909
  946
  985
  1,027
  1,071
  1,118
  1,167
  1,220
  1,276
  1,334
  1,396
  1,461
  1,530
  1,602
  1,679
  1,759
  1,843
  1,932
  2,026
  2,124
Funds from operations, $m
  892
  909
  929
  951
  975
  1,002
  1,031
  1,062
  1,095
  1,131
  1,099
  1,138
  1,181
  1,226
  1,273
  1,324
  1,377
  1,433
  1,493
  1,556
  1,622
  1,692
  1,766
  1,843
  1,925
  2,011
  2,102
  2,197
  2,297
  2,403
Change in working capital, $m
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
Cash from operations, $m
  896
  914
  935
  958
  983
  1,010
  1,039
  1,071
  1,105
  1,142
  1,111
  1,151
  1,194
  1,240
  1,288
  1,340
  1,394
  1,451
  1,512
  1,576
  1,643
  1,714
  1,789
  1,868
  1,951
  2,039
  2,131
  2,227
  2,329
  2,436
Maintenance CAPEX, $m
  -648
  -661
  -676
  -693
  -713
  -734
  -758
  -784
  -812
  -842
  -874
  -909
  -946
  -985
  -1,027
  -1,071
  -1,118
  -1,167
  -1,220
  -1,276
  -1,334
  -1,396
  -1,461
  -1,530
  -1,602
  -1,679
  -1,759
  -1,843
  -1,932
  -2,026
New CAPEX, $m
  -129
  -152
  -174
  -195
  -216
  -237
  -258
  -279
  -301
  -323
  -346
  -369
  -393
  -417
  -443
  -469
  -497
  -525
  -555
  -586
  -618
  -652
  -687
  -724
  -763
  -803
  -845
  -890
  -936
  -984
Cash from investing activities, $m
  -777
  -813
  -850
  -888
  -929
  -971
  -1,016
  -1,063
  -1,113
  -1,165
  -1,220
  -1,278
  -1,339
  -1,402
  -1,470
  -1,540
  -1,615
  -1,692
  -1,775
  -1,862
  -1,952
  -2,048
  -2,148
  -2,254
  -2,365
  -2,482
  -2,604
  -2,733
  -2,868
  -3,010
Free cash flow, $m
  120
  102
  85
  70
  54
  39
  23
  8
  -7
  -23
  -109
  -126
  -144
  -162
  -181
  -201
  -221
  -242
  -263
  -286
  -309
  -334
  -359
  -386
  -414
  -443
  -474
  -506
  -539
  -574
Issuance/(repayment) of debt, $m
  100
  118
  135
  151
  168
  184
  200
  217
  234
  251
  268
  286
  305
  324
  344
  364
  385
  408
  431
  455
  480
  506
  533
  562
  592
  623
  656
  690
  726
  764
Issuance/(repurchase) of shares, $m
  151
  169
  181
  192
  203
  214
  225
  236
  247
  258
  37
  50
  63
  76
  89
  103
  118
  133
  148
  164
  181
  199
  217
  236
  256
  277
  298
  321
  345
  370
Cash from financing (excl. dividends), $m  
  251
  287
  316
  343
  371
  398
  425
  453
  481
  509
  305
  336
  368
  400
  433
  467
  503
  541
  579
  619
  661
  705
  750
  798
  848
  900
  954
  1,011
  1,071
  1,134
Total cash flow (excl. dividends), $m
  371
  388
  401
  413
  425
  437
  449
  461
  473
  486
  197
  210
  223
  237
  252
  267
  282
  299
  316
  333
  352
  371
  391
  412
  434
  457
  481
  506
  532
  560
Retained Cash Flow (-), $m
  -151
  -169
  -181
  -192
  -203
  -214
  -225
  -236
  -247
  -258
  -228
  -243
  -259
  -275
  -292
  -309
  -327
  -346
  -365
  -386
  -407
  -429
  -453
  -477
  -502
  -529
  -557
  -586
  -616
  -648
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  45
  46
  47
  49
  50
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  86
  89
  94
  98
  102
  107
  112
  118
  123
  129
  135
  142
Cash available for distribution, $m
  220
  220
  220
  221
  222
  223
  224
  225
  226
  228
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  210
  200
  190
  179
  169
  158
  147
  136
  125
  114
  -14
  -13
  -13
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  95.2
  90.2
  85.3
  80.4
  75.7
  71.2
  66.9
  62.8
  58.9
  55.2
  54.7
  54.1
  53.3
  52.4
  51.5
  50.4
  49.3
  48.1
  46.9
  45.6
  44.3
  43.0
  41.6
  40.3
  38.9
  37.6
  36.3
  34.9
  33.6
  32.3

Telephone and Data Systems, Inc. is a diversified telecommunications company. The Company is engaged in conducting its Wireless operations through its subsidiary, United States Cellular Corporation (U.S. Cellular), as well as providing its wireline services, cable services, and hosted and managed services (HMS), through its subsidiary, TDS Telecommunications Corporation (TDS Telecom). It operates through four business segments: U.S. Cellular, Wireline, Cable, and Hosted and Managed Services. U.S. Cellular provides service to postpaid and prepaid customers. Wireline operations provide retail telecommunications services to both residential and commercial customers. Wireline offers services, including broadband, video, voice and network access services. Cable offers broadband, video and voice services under TDS and BendBroadband brand names. It provides a range of information technology (IT) services, including colocation, and cloud and hosting solutions through its HMS business.

FINANCIAL RATIOS  of  Telephone&Data Systems (TDS)

Valuation Ratios
P/E Ratio 64.8
Price to Sales 0.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate -1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.6%
Cap. Spend. - 3 Yr. Gr. Rate -6.4%
Financial Strength
Quick Ratio 75
Current Ratio 0
LT Debt to Equity 58.7%
Total Debt to Equity 59%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 52.4%
Gross Margin - 3 Yr. Avg. 51.9%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 21.6%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 43.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 151.2%

TDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TDS stock intrinsic value calculation we used $5044 million for the last fiscal year's total revenue generated by Telephone&Data Systems. The default revenue input number comes from 2017 income statement of Telephone&Data Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TDS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.6%, whose default value for TDS is calculated based on our internal credit rating of Telephone&Data Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Telephone&Data Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TDS stock the variable cost ratio is equal to 98.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TDS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.9% for Telephone&Data Systems.

Corporate tax rate of 27% is the nominal tax rate for Telephone&Data Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TDS stock is equal to 0.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TDS are equal to 128.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Telephone&Data Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TDS is equal to -4.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4269 million for Telephone&Data Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 111 million for Telephone&Data Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Telephone&Data Systems at the current share price and the inputted number of shares is $2.8 billion.

RELATED COMPANIES Price Int.Val. Rating
VZ Verizon Commun 51.59 50.64  hold
S Sprint 5.65 4.19  hold
T AT&T 31.90 74.57  str.buy
SHEN Shenandoah Tel 32.65 17.55  sell
AMZN Amazon.com 1,822.49 1,290.53  hold
USM U.S. Cellular 34.42 8.72  str.sell
AAPL Apple 190.91 163.88  hold

COMPANY NEWS

▶ TDS names John M. Toomey vice president and treasurer   [May-24-18 05:00PM  PR Newswire]
▶ TDS: 1Q Earnings Snapshot   [May-01-18 10:07AM  Associated Press]
▶ TDS reports first quarter 2018 results   [07:51AM  PR Newswire]
▶ Edited Transcript of TDS presentation 7-Mar-17 8:25pm GMT   [Apr-10-18 02:59PM  Thomson Reuters StreetEvents]
▶ TDS posts 4Q profit   [Feb-23-18 08:13AM  Associated Press]
▶ Telephone & Data Systems Could Surprise on the Upside   [Jan-08-18 08:55AM  TheStreet.com]
▶ TDS announces fourth quarter 2017 dividend   [Nov-29-17 07:49AM  PR Newswire]
▶ TDS reports 3Q loss   [Nov-08-17 08:02AM  Associated Press]
▶ TDS reports third quarter 2017 results   [07:43AM  PR Newswire]
▶ TDS announces third quarter 2017 dividend   [Aug-16-17 12:04PM  PR Newswire]
▶ TDS posts 2Q profit   [Aug-04-17 11:08PM  Associated Press]
▶ TDS reports second quarter 2017 results   [07:50AM  PR Newswire]
▶ Would-Be Dividend Aristocrat With Questionable Valuation   [Jul-07-17 03:53PM  GuruFocus.com]
▶ TDS names Anita Kroll as vice president and controller   [Jun-28-17 03:50PM  PR Newswire]
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