T-Mobile’s (NASDAQ:TMUS) Wholesale And Other Revenue rose from under $3 billion in 2019 to almost $7 billion in 2021. Trefis expects the metric to grow to over $8.5 billion by 2023.
While the growth was driven in part by the 2020 acquisition of Sprint, T-Mobile is likely to benefit from growing demand from mobile virtual network operators and also from the Internet of things trend.
We don’t think the projected growth in T-Mobile’s revenue is fully priced into its stock yet. We value TMUS at $164 per share, about 33% ahead of the current market price.
|S&P 500 Return||-5%||-18%||76%|
|Trefis Multi-Strategy Portfolio||-8%||-23%||202%|
 Month-to-date and year-to-date as of 5/13/2022
 Cumulative total returns since the end of 2016