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TBB
ACCE-researched

AT&T Inc. 5.350% Global Notes due 2066 (TBB) fair value

Real Estate · REIT - Residential · NYSE · United States
$17.78-1.11%
Market cap $132.6BNext earnings 2025-07-23Updated Oct 19, 2026
Our verdict
Trades 31% below our fair value
Price
$17.78
Model fair valueConfidence: medium
$25.85
Only one of our models could value this stock with confidence, so use it as a guide.
Not used by alerts or posts.
Valued as a REIT (property company): Price to FFO, Dividend discount, and EV/EBITDA comparison.
ACCE opinionAT&T Inc. 5.350% Global Notes due 2066 (TBB)
Fair value (2 models)
Not available
ACCE price target
$22.30
Rating
Not rated
Horizon
12 months
ACCE price target published on 18 Oct 2026, 01:52 CEST; previously $19.50 since 17 Sept 2026, 00:00 CEST.
Price used: $17.78 at the close on 23 Oct 2026, 22:00 CEST.
Models: Dividend discount, EV/EBITDA comparison, and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
32
out of 100
P/E
3.5x
forward 0.0x
1-year return
-23.4%
Dividend yield
11.15%

AT&T Inc. 5.350% Global Notes due 2066 in four questions

Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

I cannot write a thesis for this security. The ticker and fundamental data are mismatched: TBB is a fixed-income instrument (AT&T Global Notes due 2066), but the sector and industry classifications describe a residential REIT, and the valuation multiples (PE 3.6, ROE 12.1%) are equity metrics that do not apply to a bond. For a bond thesis, I would need: coupon, yield-to-maturity, credit rating, duration, and the issuer's debt trajectory. For an equity thesis on a residential REIT, I would need accurate operating metrics and growth drivers specific to that business. Please clarify the security type and provide consistent data, and I will write the thesis.

AI-assisted·How I use AIWritten Oct 12, 2026
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
  • high
    Score collapse and valuation disconnect
    ACCE score fell 6 points to 30/100 in 90 days. Current price $18.51 sits below fair value floor $16.50-$22.00, yet Quality and Momentum sub-scores are weak (38, 17), signalling deteriorating fundamentals or forward visibility.
  • high
    Revenue decline and stalled growth
    5-year revenue CAGR is -12.7% with YoY growth at 0.0%. Earnings also flat YoY. Sector classification mismatch (REIT label vs telecom bond issuer) adds data quality concern.
  • moderate
    Leverage and debt maturity
    Debt/Equity ratio 1.23 is elevated. Bond due 2066 extends liability profile; combined with revenue contraction, refinancing risk warrants monitoring.

AI research notes

AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Free cash flow yield of 14.7% offers compelling income relative to current price.
  • Trailing P/E of 3.6x suggests the instrument trades at a deep valuation discount.
  • Last 12 months free cash flow of $19.4B provides substantial cushion for debt service.
Why it could disappoint
  • Revenue has declined 12.7% per year on average over five years, signaling structural headwinds.
  • Debt to equity of 1.23 leaves limited room to absorb further operational deterioration.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Walk me through this stock

Plain-English pros, cons, and what to watch. Pro feature.

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Valuation

INVESTOR
Where TBB's valuation models land
Price
$17.78
Model fair valueConfidence: medium
$25.85
Model
Fair value
Upside
Dividend discount
EV/EBITDA comparison
Price to FFO
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Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.

  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Smart money tracking PRO FEATURE

Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.

  • +Quarter-over-quarter institutional position changes
  • +Every insider and Congress trade, with how late it was disclosed
  • +Active 13D activist filings and top holders

Compare

Where it sits vs peers

News and Record

Press releases mentioning this company

Recent performance

1 week
-1.9%
1 month
-8.1%
3 months
-10.4%
6 months
-17.8%
YTD
-20.2%
1 year
-23.4%

SEC filings

Recommendation history, last 12 months

DateTypeNewPreviousPrice
18 Oct 2026, 01:52 CESTACCE price target$22.30$19.50$18.12
7 Oct 2026, 00:00 CESTFair value$30.00$30.52$18.87
26 Sept 2026, 00:00 CESTFair value$30.52$31.12$19.10
17 Sept 2026, 00:00 CESTACCE price target$19.50first publication$19.42
12 Sept 2026, 00:00 CESTFair value$31.12$31.47$19.44
28 Aug 2026, 00:00 CESTFair value$31.47$26.15$19.54
20 Aug 2026, 00:00 CESTFair value$26.15$31.94$19.43
13 Aug 2026, 00:00 CESTFair value$31.94$32.43$19.55
29 Jul 2026, 00:00 CESTFair value$32.43$33.22$19.96
22 Jul 2026, 00:00 CESTFair value$33.22$41.16$20.27

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth7Value72Quality32Momentum17Total32
Valuation
Trailing P/E
3.5x
Forward P/E
0.0x
PEG
no data
P/B
0.00x
EV / Revenue
0.0x
Book value/sh
no data
Enterprise value
$0
Profitability
ROE
12.1%
FCF yield
14.67%
ROIC
6.3%
Health and risk
Debt / equity
1.57
Dividend yield
11.15%
Beta
no data

Price

-23.4% · 1Y

Ask anything about TBB

Answered from AT&T Inc. 5.350% Global Notes due 2066 fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 67% of peers
low 0.0x3.5xhigh 53.2x
ROEbetter than 100% of peers
low 0%12%high 12%
Div yieldbetter than 80% of peers
low 1.1%11.2%high 12.6%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
TBB AT&T Inc. 5.350% Global Notes due 2066$17.78--3.5x12.1%3232
CCZ Comcast Holdings ZONES$65.10--53.2x0.0%2634
PFH Prudential Financial Inc. 4.125% Junior Subordinated Notes due 2060$14.89$1710% below-11.8%3827
PRS Prudential Financial Inc. 5.625% Junior Subordinated Notes due 2058$19.63$203% below-11.8%3826
AVB AvalonBay Communities Inc. Common Stock$184.06$15320% above25.2x8.5%7648
EQR Equity Residential Common Shares of Beneficial Interest$63.66$5320% above28.7x8.0%8150
SOJC Southern Company (The) Series 2017B 5.25% Junior Subordinated Notes due December 1 2077$18.28--21.8x0.0%1918

Sector report card

Where TBB ranks against its sector peers on each metric.

Computing percentiles…
  • PR Newswire•Sep 10, 2026
    AT&T Delivers Value, Choice, and Flexibility with the New iPhone 18 Pro, iPhone 18 Pro Max, and iPhone Duo - Backed by America's Best Guarantee
  • PR Newswire•Sep 4, 2026
    Physical AI Firm XTEND Set to Make NYSE Trading Debut: NYSE Content Update
  • PR Newswire•Jul 28, 2026
    AT&T Closes Acquisition of Spectrum Licenses from EchoStar
2 more press releases · full archive on Investor+.INVESTOR
40 filings
October 2026
Oct 16
8-KCurrent reportPeriod 2026-10-14
View on SEC →
Oct 7
Form 4Insider transactionPeriod 2026-10-06
View on SEC →
Oct 2
Form 4Insider transactionPeriod 2026-09-01
View on SEC →
37 more filings + AI summaries on Investor+.INVESTOR