{ "cells": [ { "cell_type": "markdown", "metadata": {}, "source": [ "This file shows how to upload the files, create the vector index or update it, then ask questions to the LLM" ] }, { "cell_type": "code", "execution_count": 16, "metadata": {}, "outputs": [], "source": [ "import os, json\n", "import requests\n", "from rich import print\n", "from rich.pretty import pprint" ] }, { "cell_type": "code", "execution_count": 1, "metadata": {}, "outputs": [], "source": [ "data_dir = \"data\" # assignment files, permanent, for testing\n", "# the files uploaded are put in a different 'data' folder to keep track, but it can be cleaned up" ] }, { "cell_type": "code", "execution_count": 18, "metadata": {}, "outputs": [], "source": [ "filelist = [\n", " 'ATT_SEC_AnnualReport_2022.pdf',\n", " 'ATT_StockAnalystNote_Annual_20230125.pdf',\n", " 'ATT_CompanyReport_Annual_20230126.pdf',\n", " 'AMZN_MS_CompanyReport_Annual_20230203.pdf',\n", " 'AMZN_Morning Star_StockAnalystNote_20230203.pdf',\n", " 'AMZN_Moodys_CreditRating_2023.pdf',\n", " 'AMZN_Morning Star_Transcript_Annual.pdf'\n", " ]" ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "## Upload files" ] }, { "cell_type": "code", "execution_count": 19, "metadata": {}, "outputs": [], "source": [ "def upload_files(data_dir, filelist, url, show_content=False):\n", " if isinstance(filelist, str):\n", " filelist = [filelist]\n", " for filename in filelist:\n", " file_path = os.path.join(data_dir, filename)\n", " if os.path.isfile(file_path):\n", " with open(file_path, 'rb') as f:\n", " files = {'file': (filename, f)}\n", " response = requests.post(url, files=files)\n", " pprint(f\"Uploaded {filename} with response {response.status_code}\")\n", " if show_content:\n", " pprint(json.loads(response.text))" ] }, { "cell_type": "code", "execution_count": null, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"message\":\"All data has been erased\"}" ] } ], "source": [ "# total wipe clean of files in 'data' and the vectorstore \n", "!curl -X DELETE http://localhost:80/erase_data/\n", "!curl -X DELETE http://localhost:80/empty_collection/" ] }, { "cell_type": "code", "execution_count": 117, "metadata": {}, "outputs": [ { "data": { "text/html": [ "
'Uploaded ATT_StockAnalystNote_Annual_20230125.pdf with response 200'\n",
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\n" ], "text/plain": [ "\u001b[32m'Uploaded ATT_StockAnalystNote_Annual_20230125.pdf with response 200'\u001b[0m\n" ] }, "metadata": {}, "output_type": "display_data" }, { "data": { "text/html": [ "
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       "│   'message': 'Successfully uploaded ATT_StockAnalystNote_Annual_20230125.pdf',\n",
       "│   'ATT_StockAnalystNote_Annual_20230125.pdf': [\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 1 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Financial Summary and Key Statistics \\nActual Forecast\\n2021 2022 2023 2024\\nRevenue (USD Mil) 118,208 120,741 121,939 124,557\\nRevenue Growth % 4.4 2.1 1.0 2.2\\nOperating Income (Mil) 22,116 22,911 25,381 26,565\\nOperating Margin % 18.7 19.0 20.8 21.3\\nAdjusted EBITDA (Mil) 39,849 13,434 42,956 44,640\\nAdjusted EBITDA Margin % 33.7 11.1 35.2 35.8\\nEarnings Per Share (Diluted) (USD) 3.01 -1.15 2.59 2.63\\nAdjusted Earnings Per Share (Diluted) (USD) 3.01 2.41 2.87 2.95\\nAdjusted EPS Growth % 91.5 -19.8 18.8 2.8\\nPrice/Earnings 6.2 7.6 7.1 6.9\\nPrice/Book 1.8 1.4 1.4 1.2\\nEV/EBITDA 9.4 26.5 6.7 6.4\\nFree Cash Flow Yield % 12.4 9.2 11.5 13.0\\nSource: Morningstar Valuation Model. Data as of 25 Jan 2023.AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nMichael Hodel, CFA\\nDirector\\nMorningstar\\n+1 (312) 696-6578\\nmichael.hodel@morningstar.com\\nContents\\nAnalyst Note  (25 Jan 2023)\\nBusiness Description\\nFinancials\\nResearch Methodology for Valuing \\nCompanies\\nImportant Disclosure\\nThe conduct of Morningstar’s analysts is governed by Code of \\nEthics/Code of Conduct Policy, Personal Security Trading Policy \\n(or an equivalent of), and Investment Research Policy. For \\ninformation regarding conflicts of interest, please visit: http://\\nglobal.morningstar.com/equitydisclosures.\\nThe primary analyst covering this company does not own its \\nstock.\\nReporting Currency: USD | Trading Currency: USD\\nCurrency amounts expressed with \"$\" are in U.S. dollars \\n(USD) unless otherwise denoted.\\n1The ESG Risk Rating Assessment is a representation of \\nSustainalytics’ ESG Risk Rating.Competitors Slowed AT&T During Fourth Quarter, but Growth \\nRemains Solid \\nAnalyst Note  Michael Hodel, CFA, Director, 25 Jan 2023\\nAT&T isn’t attracting as many wireless customers as it was a year ago, but it continues to post solid results. \\nCustomer retention was strong, but Verizon and T-Mobile seem to have effectively countered AT &T’s promotional \\nefforts, which began in earnest about two years ago. Management expects wireless customer additions will \\ndecline in 2023 as industry growth slows from the torrid pace of the past couple years, which will benefit cash \\nflow, but the firm also signaled that it will work to continue gaining share. We are maintaining our $25 fair value \\nestimate and think the stock remains modestly undervalued.\\nAT&T added 656,000 postpaid phone customers during the fourth quarter, down from 884,000 a year ago and \\nplacing it between T-Mobile (927,000 net additions) and Verizon (217,000). The rate of customer defections \\n(churn) was flat versus the prior quarter, bucking the usual seasonal uptick as the impact of price increases taken \\nover the summer appears to have run its course. On the weak side, however, the firm’s share of new customer \\ndecisions (gross customer additions) dipped during the quarter. Of the big three carriers, only AT &T attracted \\nfewer gross additions than in the prior quarter.\\nWireless service revenue increased 5.2% versus the prior year during the quarter. AT &T’s postpaid phone \\ncustomer base has grown 3.5% over the past year and revenue per customer was 2.5% higher. The slowdown in \\ncustomer additions and a slower customer upgrade pace pulled equipment revenue lower but provided a lift to \\nprofitability. The wireless segment EBITDA margin increased nearly 3 percentage points versus a year ago to 38%.\\nFree cash flow hit $14.1 billion for the year, modestly topping management’s revised target, which it cut from $16 ',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 2 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nSector Industry\\ni Communication \\nServicesTelecom Services\\nBusiness Description\\nThe wireless business contributes about two \\nthirds of AT&T’s revenue following the \\nspinoff of WarnerMedia. The firm is the \\nthird-largest U.S. wireless carrier, connecting \\n69 million postpaid and 18 million prepaid \\nphone customers. Fixed-line enterprise \\nservices, which account for about 20% of \\nrevenue, include internet access, private \\nnetworking, security, voice, and wholesale \\nnetwork capacity. Residential fixed-line \\nservices, about 10% of revenue, primarily \\nconsist of broadband internet access service. \\nAT&T also has a sizable presence in Mexico, \\nserving 21 million customers, but this \\nbusiness only accounts for 2% of revenue. \\nThe firm still holds a 70% equity stake in \\nsatellite television provider DirecTV but does \\nnot consolidate this business in its financial \\nstatements.billion over the summer. AT &T expects to generate $16 billion of free cash flow in 2023 while it continues to \\ninvest aggressively in its network but with slower customer growth easing working capital needs.\\nConsumer fixed-line revenue increased 2.2% year over year with broadband sales up 6.4%. Broadband net \\ncustomer losses were modestly disappointing at 64,000, up from 20,000 a year ago despite continued expansion \\nof the fiber footprint. We expect AT &T to add net broadband customers in 2023 as a growing portion of \\ncustomers are on the fiber network. Broadband pricing remains solid, as average revenue per fiber customer \\nincreased 9% versus a year ago to nearly $65 per month. EBITDA margins in this segment also continue to expand \\nnicely, hitting 37% during the quarter, up from 31% a year ago.\\nManagement dialed back fiber network expansion plans somewhat, claiming it will build to around 2.0 million-2.5 \\nmillion new customer locations annually through 2025, down from 3.5 million-4.0 million targeted previously and \\naround 3 million built in 2022. The firm still plans to reach 30 million customer locations, though this figure \\nincludes both homes and businesses. AT &T is excited about its venture with BlackRock to build fiber networks \\noutside of the traditional AT &T footprint and the prospects for winning government subsidies to build in rural \\nareas, stating that it will invest capital in whichever format proves the most profitable. We agree that the firm \\nshould explore all options on the table, but we aren’t clear yet why management is slowing the pace of the core \\nnetwork buildout.  K',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 3 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nPrice vs. Fair Value \\n010203040Fair Value: 25.00\\n11 Apr 2022 03:30, UTC\\nLast Close: 20.42\\nOver Valued\\nUnder Valued\\n2018 2019 2020 2021 2022 YTD\\n0.77 1.06 0.80 0.68 0.74 0.82 Price/Fair Value\\n-21.45 44.08 -21.08 -7.23 -1.33 12.43 Total Return %\\nMorningstar Rating\\nCompetitors\\nAT&T Inc  T Comcast Corp Class A  CMCSA Verizon Communications Inc  VZ T-Mobile US Inc  TMUS\\nFair Value\\n25.00\\nUncertainty : Medium\\nLast Close\\n20.42\\nFair Value\\n60.00\\nUncertainty : Medium\\nLast Close\\n40.10\\nFair Value\\n57.00\\nUncertainty : Low\\nLast Close\\n40.33\\nFair Value\\n165.00\\nUncertainty : Medium\\nLast Close\\n148.07\\nEconomic Moat\\n Narrow\\n Wide\\n Narrow\\n Narrow\\nMoat Trend Stable Stable Stable Stable\\nCurrency USD USD USD USD\\nFair Value 25.00 11 Apr 2022 03:30, UTC 60.00 29 Jul 2021 17:13, UTC 57.00 24 Jan 2023 21:06, UTC 165.00 28 Oct 2022 19:59, UTC\\n1-Star Price 33.75 81.00 71.25 222.75\\n5-Star Price 17.50 42.00 45.60 115.50\\nAssessmentUnder Valued 25 Jan 2023 Significantly \\nUndervalued24 Jan \\n2023Significantly \\nUndervalued24 Jan \\n2023Under Valued 24 Jan 2023\\nMorningstar Rating QQQQ25 Jan 2023 22:28, UTC QQQQQ25 Jan 2023 22:28, UTC QQQQQ25 Jan 2023 22:28, UTC QQQQ25 Jan 2023 22:28, UTC\\nAnalyst Michael Hodel, Director Michael Hodel, Director Michael Hodel, Director Michael Hodel, Director\\nCapital Allocation Poor Standard Standard Standard\\nPrice/Fair Value 0.82 0.67 0.71 0.90\\nPrice/Sales 0.90 1.48 1.24 2.29\\nPrice/Book 1.12 2.14 1.86 2.59\\nPrice/Earnings 7.92 33.69 7.99 119.52\\nDividend Yield 5.79% 2.72% 6.40% —\\nMarket Cap 136.57 Bil 171.86 Bil 169.76 Bil 181.41 Bil\\n52-Week Range 14.46—22.84 28.39—50.98 32.79—55.51 103.77—154.38\\nInvestment Style Large Value Large Value Large Value Large Growth',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 4 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nMorningstar Valuation Model Summary\\nFinancials as of 25 Jan 2023 Actual Forecast\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nRevenue (USD Mil) 113,238 118,208 120,741 121,939 124,557 128,196 132,267 136,747\\nOperating Income (USD Mil) 23,058 22,116 22,911 25,381 26,565 27,935 29,358 31,098\\nEBITDA (USD Mil) 51,574 44,978 13,434 46,956 47,988 49,327 50,148 52,216\\nAdjusted EBITDA (USD Mil) 40,570 39,849 13,434 42,956 44,640 46,510 48,633 51,073\\nNet Income (USD Mil) 11,284 21,661 -8,727 18,641 18,917 19,558 19,651 20,697\\nAdjusted Net Income (USD Mil) 11,284 21,661 18,311 20,651 21,231 22,197 21,911 22,877\\nFree Cash Flow To The Firm (USD Mil) 52,151 4,182 -27 11,474 13,581 15,032 16,393 16,776\\nWeighted Average Diluted Shares Outstanding (Mil) 7,183 7,199 7,587 7,200 7,200 7,200 7,200 7,200\\nEarnings Per Share (Diluted) (USD) 1.57 3.01 -1.15 2.59 2.63 2.72 2.73 2.87\\nAdjusted Earnings Per Share (Diluted) (USD) 1.57 3.01 2.41 2.87 2.95 3.08 3.04 3.18\\nDividends Per Share (USD) 2.08 2.08 1.35 1.11 1.11 1.11 1.11 1.11\\nMargins & Returns as of 25 Jan 2023 Actual Forecast\\n3 Year Avg 2020 2021 2022 2023 2024 2025 2026 2027 5 Year Avg\\nOperating Margin % 19.4 20.4 18.7 19.0 20.8 21.3 21.8 22.2 22.7 21.8\\nEBITDA Margin % — 45.5 38.1 11.1 38.5 38.5 38.5 37.9 38.2 —\\nAdjusted EBITDA Margin % 26.9 35.8 33.7 11.1 35.2 35.8 36.3 36.8 37.4 36.3\\nNet Margin % 7.0 10.0 18.3 -7.2 15.3 15.2 15.3 14.9 15.1 15.2\\nAdjusted Net Margin % 14.5 10.0 18.3 15.2 16.9 17.1 17.3 16.6 16.7 16.9\\nFree Cash Flow To The Firm Margin % 16.5 46.1 3.5 0.0 9.4 10.9 11.7 12.4 12.3 11.3\\nGrowth & Ratios as of 25 Jan 2023 Actual Forecast\\n3 Year CAGR 2020 2021 2022 2023 2024 2025 2026 2027 5 Year CAGR\\nRevenue Growth % — — 4.4 2.1 1.0 2.2 2.9 3.2 3.4 2.5\\nOperating Income Growth % — — -4.1 3.6 10.8 4.7 5.2 5.1 5.9 6.3\\nEBITDA Growth % 0.0 — — — — — — — — 0.0\\nAdjusted EBITDA Growth % -21.9 43.8 -1.8 -66.3 219.8 3.9 4.2 4.6 5.0 30.6\\nEarnings Per Share Growth % — — — — — — — — — 5.7\\nAdjusted Earnings Per Share Growth % — — 91.5 -19.8 18.8 2.8 4.6 -1.3 4.4 5.7\\nValuation as of 25 Jan 2023 Actual Forecast\\n2020 2021 2022 2023 2024 2025 2026 2027\\nPrice/Earnings 13.8 6.2 7.6 7.1 6.9 6.6 6.7 6.4\\nPrice/Sales 2.5 1.7 1.5 1.1 1.1 1.1 1.0 1.0\\nPrice/Book 1.0 1.8 1.4 1.4 1.2 1.1 1.0 0.9\\nPrice/Cash Flow 10.3 8.1 10.9 8.7 7.7 6.9 6.5 6.4\\nEV/EBITDA 11.4 9.4 26.5 6.7 6.4 6.2 5.9 5.6\\nEV/EBIT 20.1 17.0 15.6 11.3 10.8 10.3 9.8 9.2\\nDividend Yield % 9.6 11.2 7.3 5.4 5.4 5.4 5.4 5.4\\nDividend Payout % 132.4 69.1 -117.4 42.9 42.3 40.9 40.7 38.6\\nFree Cash Flow Yield % 9.7 12.4 9.2 11.5 13.0 14.4 15.4 15.7\\nOperating Performance / Profitability as of 25 Jan 2023 Actual Forecast\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nROA % 2.1 4.5 -2.1 4.6 4.5 4.5 4.4 4.5\\nROE % 6.6 18.7 -10.7 19.1 17.4 16.3 15.0 14.4\\nROIC % 4.7 5.8 -1.6 8.1 8.1 8.2 8.3 8.6',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 5 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nFinancial Leverage (Reporting Currency) Actual Forecast\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nDebt/Capital % 49.3 70.0 58.3 55.3 53.6 51.2 48.8 47.2\\nAssets/Equity 3.3 5.6 4.1 3.8 3.6 3.4 3.2 3.0\\nNet Debt/EBITDA 2.8 3.5 9.6 2.7 2.6 2.4 2.3 2.1\\nTotal Debt/EBITDA 3.9 4.4 10.1 3.1 3.1 2.9 2.8 2.7\\nEBITDA/ Net Interest Expense 5.1 7.6 2.2 7.2 7.4 7.8 8.1 8.5\\nForecast Revisions as of 25 Jan 2023 2023 2024 2025\\nPrior data as of 20 Oct 2022 Current Prior Current Prior Current Prior\\nFair Value Estimate Change (Trading Currency) 25.00 24.50 — — — —\\nRevenue (USD Mil) 121,939 121,142 124,557 122,919 128,196 126,244\\nOperating Income (USD Mil) 25,381 22,668 26,565 24,604 27,935 26,117\\nEBITDA (USD Mil) 42,956 40,418 44,640 42,854 46,510 44,867\\nNet Income (USD Mil) 20,651 19,073 21,231 20,359 22,197 21,530\\nEarnings Per Share (Diluted) (USD) 2.59 2.37 2.63 2.51 2.72 2.64\\nAdjusted Earnings Per Share  (Diluted) (USD) 2.87 2.67 2.95 2.85 3.08 3.02\\nDividends Per Share (USD) 1.11 1.35 1.11 1.11 1.11 1.11\\nKey Valuation Drivers as of 25 Jan 2023\\nCost of Equity % 9.0\\nPre-Tax Cost of Debt % 6.5\\nWeighted Average Cost of Capital % 7.4\\nLong-Run Tax Rate % 23.5\\nStage II EBI Growth Rate % 3.0\\nStage II Investment Rate % 12.0\\nPerpetuity Year 15\\nAdditional estimates and scenarios available for download at https://pitchbook.com/. Discounted Cash Flow Valuation as of 25 Jan 2023\\nUSD Mil\\nPresent Value Stage I 58,671\\nPresent Value Stage II 114,795\\nPresent Value Stage III 149,633\\nTotal Firm Value 323,100\\nCash and Equivalents 7,234\\nDebt -136,020\\nOther Adjustments -10,479\\nEquity Value 178,685\\nProjected Diluted Shares 7,200\\nFair Value per Share  (USD) 25.00',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 6 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nIncome Statement (USD) Actual Forecast \\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nRevenue (Mil)113,238 118,208 120,741 121,939 124,557 128,196 132,267 136,747\\nCost of Goods Sold (Mil) 72,667 78,233 79,808 78,982 79,917 81,685 83,633 85,673\\nGross Profit (Mil) 40,571 39,975 40,933 42,957 44,641 46,511 48,634 51,074\\nSelling, General, Administrative & Other Expenses (Mil) 1 1 1 1 1 1 1 1\\nAdvertising & Marketing Expenses — — — — — — — —\\nResearch & Development — — — — — — — —\\nDepreciation & Amortization (if reported separately) (Mil) 17,512 17,858 18,021 17,575 18,075 18,575 19,275 19,975\\nAdjusted Operating Income (Mil) 23,058 22,116 22,911 25,381 26,565 27,935 29,358 31,098\\nFinancial Non-Cash (Gains)/Losses (Mil) 0 0 27,498 0 0 0 0 0\\nIrregular Cash (Gains)/Losses (Mil) 0 0 0 -4,000 -3,349 -2,817 -1,515 -1,143\\nOperating Income (Mil) 23,058 22,116 -4,587 29,381 29,913 30,752 30,873 32,241\\nNet Interest Expense (Mil) 9,261 -6,451 -1,493 3,000 3,000 3,000 3,000 3,000\\nIncome Tax Expense (Mil) 965 5,220 3,780 6,068 6,325 6,522 6,550 6,872\\nAfter-Tax Items (Mil) -193 -207 -384 -203 -203 -203 -203 -203\\n(Minority Interest) (Mil) -1,355 -1,479 -1,469 -1,469 -1,469 -1,469 -1,469 -1,469\\nNet Income (Mil) 11,284 21,661 -8,727 18,641 18,917 19,558 19,651 20,697\\nAdjusted Net Income (Mil) 11,284 21,661 18,311 20,651 21,231 22,197 21,911 22,877\\nWeighted Average Diluted Shares Outstanding (Mil) 7,183 7,199 7,587 7,200 7,200 7,200 7,200 7,200\\nDiluted Earnings Per Share 1.57 3.01 -1.15 2.59 2.63 2.72 2.73 2.87\\nDiluted Adjusted Earnings Per Share 1.57 3.01 2.41 2.87 2.95 3.08 3.04 3.18\\nDividends Per Common Share (USD)2.08 2.08 1.35 1.11 1.11 1.11 1.11 1.11\\nEBITDA (Mil) 51,574 44,978 13,434 46,956 47,988 49,327 50,148 52,216\\nAdjusted EBITDA (Mil) 40,570 39,849 13,434 42,956 44,640 46,510 48,633 51,073',\n",
       "│   │   \"Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 7 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ  25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nKey Cash Flow Items (USD) Actual Forecast as of 25 Jan\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nCash from Working Capital (Mil) 3,258 -2,659 4,128 -1,767 -895 -1,089 483 485\\n(Capital Expenditures) (Mil) -15,675 -16,527 -19,626 -24,022 -23,043 -21,793 -21,824 -21,879\\nDepreciation (Mil) 20,277 17,112 17,945 17,500 18,000 18,500 19,200 19,900\\nAmortization (Mil) 8,239 5,750 76 75 75 75 75 75\\nNet New (Investment), Organic (Mil) -8,875 -13,947 -3,451 -7,789 -5,438 -4,382 -2,141 -1,494\\n(Purchases)/Sales of Companies & Assets (Mil) 1,790 -16,713 -10,001 -5,000 -5,000 -5,000 -5,000 -5,000\\nNet New (Investment), Total (Mil) -7,085 -30,660 -13,452 -12,789 -10,438 -9,382 -7,141 -6,494\\nOther Non-Cash Items, From Cash Flows (Mil) 37,816 13,303 -4,383 75 75 75 75 75\\nFree Cash Flow to the Firm (Mil) 52,151 4,182 -27 11,474 13,581 15,032 16,393 16,776\\nBalance Sheet (USD) Actual Forecast \\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nAssets \\nCash and Equivalents (Mil) 9,740 19,223 3,701 2,678 9,202 13,453 18,030 26,858\\nInventory (Mil) 3,695 3,325 3,123 3,246 3,284 3,357 3,437 3,521\\nAccounts Receivable (Mil) 20,215 12,313 11,466 11,580 11,828 12,174 12,561 12,986\\nNet Property, Plant and Equipment (Mil) 152,029 121,649 149,259 155,781 160,824 164,117 166,741 168,721\\nGoodwill (Mil) 135,259 92,740 67,895 67,895 67,895 67,895 67,895 67,895\\nOther Intangibles (Mil) 146,316 119,221 129,446 134,371 139,296 144,221 149,146 154,071\\nOther Operating Assets (Mil) 56,727 57,207 34,430 34,430 34,430 34,430 34,430 34,430\\nNon-Operating Assets (Mil) 0 0 0 0 0 0 0 0\\nTotal Assets (Mil) 525,761 427,678 402,853 413,513 430,293 443,180 455,773 472,014\\nLiabilities \\nAccounts Payable  (Mil) 49,032 39,095 42,644 41,114 40,506 39,835 40,786 41,780\\nDebt (Mil) 157,245 176,876 136,020 134,027 137,460 137,169 135,843 138,385\\nOther Operating Liabilities (Mil) 121,968 105,681 110,472 114,006 117,036 119,318 120,628 120,628\\nNon-Operating Liabilities (Mil) 18,276 12,560 7,260 7,260 7,260 7,260 7,260 7,260\\nTotal Liabilities (Mil) 346,521 334,212 296,396 296,407 302,261 303,582 304,517 308,053\\nEquity \\nShareholders' Equity (Mil) 161,673 75,943 97,500 108,149 119,074 130,640 142,299 155,004\\nMinority Interest (Mil) 17,567 17,523 8,957 8,957 8,957 8,957 8,957 8,957\\nTotal Equity (Mil) 179,240 93,466 106,457 117,106 128,031 139,597 151,256 163,961\",\n",
       "│   │   \"Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 8 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nMorningstar Equity Research Star Rating Methodology\\nOverview\\nAt the heart  of our valuation  system  is a detailed  projec-\\ntion of a company’s  future  cash  flows,  resulting  from  our \\nanalysts’  research.  Analysts  create  custom  industry  and \\ncompany  assumptions  to feed income  statement,  balance \\nsheet,  and capital  investment  assumptions  into our glob-\\nally standardized,  proprietary  discounted  cash  flow,  or \\nDCF,  modeling  templates.  We use scenario  analysis,  inde-\\npth competitive  advantage  analysis,  and a variety  of other \\nanalytical  tools  to augment  this process.  Moreover,  we \\nthink  analyzing  valuation  through  discounted  cash  flows \\npresents  a better  lens for viewing  cyclical  companies, \\nhigh-growth  firms,  businesses  with  finite  lives  (e.g., \\nmines),  or companies  expected  to generate  negative \\nearnings  over the next few years.  That said,  we don’t  dis-\\nmiss multiples  altogether  but rather  use them  as support-\\ning cross-checks  for our DCF-based  fair value  estimates. \\nWe also acknowledge  that DCF models  offer  their  own \\nchallenges  (including  a potential  proliferation  of estim-\\nated inputs  and the possibility  that the method  may miss \\nshortterm  market-price  movements),  but we believe  these \\nnegatives  are mitigated  by deep  analysis  and our \\nlongterm approach.\\nMorningstar’s  equity  research  group  (”we,”  “our”)  be-\\nlieves  that a company’s  intrinsic  worth  results  from  the \\nfuture cash flows it can generate. The Morningstar Rating \\nfor stocks  identifies  stocks  trading  at a discount  or premi-\\num to their  intrinsic  worth—or  fair value  estimate,  in \\nMorningstar  terminology.  Five-star  stocks  sell for the \\nbiggest  risk adjusted  discount  to their  fair values,  where-\\nas 1-star stocks trade at premiums to their intrinsic worth.\\nFour key components  drive  the Morningstar  rating:  (1) our \\nassessment  of the firm’s  economic  moat,  (2) our estimate \\nof the stock’s  fair value,  (3) our uncertainty  around  that \\nfair value  estimate  and (4) the current  market  price.  This \\nprocess  ultimately  culminates  in our singlepoint  star rat-\\ning.\\n1. Economic Moat\\nThe concept  of an economic  moat  plays  a vital role not \\nonly in our qualitative  assessment  of a firm’s  long-term \\ninvestment  potential,  but also in the actual  calculation  of \\nour fair value  estimates.  An economic  moat  is a structural \\nfeature  that allows  a firm to sustain  excess  profits  over a \\nlong  period  of time.  We define  economic  profits  as re-\\nturns  on invested  capital  (or ROIC)  over and above  our es-timate  of a firm’s  cost of capital,  or weighted  average \\ncost of capital  (or WACC).  Without  a moat,  profits  are \\nmore  susceptible  to competition.  We have  identified  five \\nsources  of economic  moats:  intangible  assets,  switching \\ncosts, network effect, cost advantage, and efficient scale.\\nCompanies  with a narrow  moat  are those  we believe  are \\nmore  likely  than  not to achieve  normalized  excess  returns \\nfor at least  the next 10 years.  Wide-moat  companies  are \\nthose  in which  we have  very high confidence  that excess \\nreturns  will remain  for 10 years,  with excess  returns  more \\nlikely  than  not to remain  for at least  20 years.  The longer \\na firm generates  economic  profits,  the higher  its intrinsic \\nvalue.  We believe  low-quality,  no-moat  companies  will \\nsee their  normalized  returns  gravitate  toward  the firm’s \\ncost of capital more quickly than companies with moats.\\nWhen  considering  a company's  moat,  we also assess \\nwhether  there  is a substantial  threat  of value  destruction, \\nstemming  from  risks  related  to ESG,  industry  disruption, \\nfinancial  health,  or other  idiosyncratic  issues.  In this con-\\ntext, a risk is considered  potentially  value  destructive  if its \\noccurrence  would  eliminate  a firm’s  economic  profit  on a \\ncumulative  or midcycle  basis.  If we deem  the probability \\nof occurrence  sufficiently  high,  we would  not characterize \\nthe company as possessing an economic moat.\\nTo assess the sustainability of excess profits, analysts per-\\nform  ongoing  assessments  of the moat  trend.  A firm’s \\nmoat  trend  is positive  in cases  where  we think  its sources \\nof competitive  advantage  are growing  stronger;  stable \\nwhere  we don’t  anticipate  changes  to competitive  ad-\\nvantages  over the next several  years;  or negative  when \\nwe see signs of deterioration.\\n2. Estimated Fair Value\\nCombining  our analysts’  financial  forecasts  with  the \\nfirm’s  economic  moat  helps  us assess  how long returns \\non invested  capital  are likely  to exceed  the firm’s  cost of \\ncapital.  Returns  of firms  with a wide  economic  moat  rat-\\ning are assumed  to fade  to the perpetuity  period  over a \\nlonger  period  of time  than  the returns  of narrow-moat \\nfirms,  and both  will fade  slower  than  no-moat  firms,  in-\\ncreasing our estimate of their intrinsic value.\\nOur model is divided into three distinct stages:\\nStage I: Explicit ForecastIn this stage,  which  can last five to 10 years,  analysts \\nmake  full financial  statement  forecasts,  including  items \\nsuch  as revenue,  profit  margins,  tax rates,  changes  in \\nworkingcapital  accounts,  and capital  spending.  Based  on \\nthese  projections,  we calculate  earnings  before  interest, \\nafter  taxes  (EBI)  and the net new investment  (NNI)  to de-\\nrive our annual free cash flow forecast.\\nStage II: Fade\\nThe second  stage  of our model  is the period  it will take \\nthe company’s  return  on new invested  capital—the  re-\\nturn on capital  of the next dollar  invested  (“RONIC”)—to \\ndecline  (or rise) to its cost of capital.  During  the Stage  II \\nperiod,  we use a formula  to approximate  cash  flows  in \\nlieu of explicitly  modeling  the income  statement,  balance \\nsheet,  and cash  flow statement  as we do in Stage  I. The \\nlength  of the second  stage  depends  on the strength  of \\nthe company’s  economic  moat.  We forecast  this period  to \\nlast anywhere  from  one year (for companies  with no eco-\\nnomic  moat)  to 10–15  years  or more  (for wide-moat  com-\\npanies).  During  this period,  cash  flows  are forecast  using \\nfour assumptions:  an average  growth  rate for EBI over the \\nperiod,  a normalized  investment  rate,  average  return  on \\nnew invested  capital  (RONIC),  and the number  of years \\nuntil  perpetuity,  when  excess  returns  cease.  The invest-\\nment  rate and return  on new invested  capital  decline  un-\\ntil a perpetuity  value  is calculated.  In the case  of firms \\nthat do not earn their  cost of capital,  we assume  marginal \\nROICs  rise to the firm’s  cost of capital  (usually  attribut-\\nable  to less reinvestment),  and we may truncate  the \\nsecond stage.\\nStage III: Perpetuity\\nOnce  a company’s  marginal  ROIC  hits its cost of capital, \\nwe calculate  a continuing  value,  using  a standard  per-\\npetuity  formula.  At perpetuity,  we assume  that any \\ngrowth  or decline  or investment  in the business  neither \\ncreates  nor destroys  value  and that any new investment \\nprovides a return in line with estimated WACC.\\nBecause  a dollar  earned  today  is worth  more  than  a dollar \\nearned  tomorrow,  we discount  our projections  of cash \\nflows  in stages  I, II, and III to arrive  at a total  present \\nvalue  of expected  future  cash  flows.  Because  we are \\nmodeling  free cash  flow to the firm—representing  cash \\navailable  to provide  a return  to all capital  providers—we \\ndiscount  future  cash  flows  using  the WACC,  which  is a \\nweighted  average  of the costs  of equity,  debt,  and pre-\\nferred  stock  (and  any other  funding  sources),  using  ex-\\npected  future  proportionate  long-term,  market-value \\nweights.\\n3. Uncertainty Around That Fair Value Estimate\\nMorningstar’s  Uncertainty  Rating  is designed  to capture \\nthe range  of potential  outcomes  for a company’s  intrinsic \\nvalue.  This rating  is used  to assign  the margin  of safety \\nrequired  before  investing,  which  in turn explicitly  drives \\nour stock  star rating  system.  The Uncertainty  Rating  is \",\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 9 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nMorningstar Equity Research Star Rating Methodology\\n aimed  at identifying  the confidence  we should  have  in as-\\nsigning a fair value estimate for a given stock. \\nOur Uncertainty  Rating  is meant  to take into account  any-\\nthing  that can increase  the potential  dispersion  of future \\noutcomes  for the intrinsic  value  of a company,  and any-\\nthing  that can affect  our ability  to accurately  predict \\nthese  outcomes.  The rating  begins  with a suggested  rat-\\ning produced  by a quantitative  process  based  on the trail-\\ning 12-month  standard  deviation  of daily  stock  returns. \\nAn analyst  overlay  is then  applied,  with  analysts  using \\nthe suggested  rating,  historical  rating  data,  and their  own \\nknowledge  of the company  to inform  them  as they make \\nthe final Uncertainty  Rating  decision.  Ultimately,  the rat-\\ning decision  rests  with the analyst.  Analysts  take into ac-\\ncount  many  characteristics  when  making  their  final  de-\\ncision,  including  cyclical  factors,  operational  and financial \\nfactors  such  as leverage,  company-specific  events,  ESG \\nrisks,  and anything  else that might  increase  the potential \\ndispersion  of future  outcomes  and our ability  to estimate \\nthose outcomes. \\nOur recommended  margin  of safety—the  discount  to fair \\nvalue  demanded  before  we’d  recommend  buying  or \\nselling  the stock—widens  as our uncertainty  of the es-\\ntimated  value  of the equity  increases.  The more  uncertain \\nwe are about  the potential  dispersion  of outcomes,  the \\ngreater  the discount  we require  relative  to our estimate  of \\nthe value  of the firm before  we would  recommend  the \\npurchase  of the shares.  In addition,  the Uncertainty  Rat-\\ning provides  guidance  in portfolio  construction  based  on \\nrisk tolerance. \\nOur Uncertainty  Ratings  are: Low,  Medium,  High,  Very \\nHigh, and Extreme.\\nMargin of Safety\\nQualitative Analysis \\nUncertainty Ratings QQQQQ Rating QRating\\nLow 20% Discount 25% Premium\\nMedium 30% Discount 35% Premium\\nHigh 40% Discount 55% Premium\\nVery High 50% Discount 75% Premium\\nExtreme 75% Discount 300% Premium\\nOur uncertainty  rating  is based  on the interquartile  range, \\nor the middle  50% of potential  outcomes,  covering  the \\n25th percentile–75th  percentile.  This means  that when  a \\nstock  hits 5 stars,  we expect  there  is a 75% chance  that \\nthe intrinsic  value  of that stock  lies above  the current \\nmarket  price.  Similarly,  when  a stock  hits 1 star,  we ex-\\npect there  is a 75% chance  that the intrinsic  value  of that \\nstock lies below the current market price.\\n4. Market Price\\nThe market  prices  used  in this analysis  and noted  in the \\nreport  come  from  exchange  on which  the stock  is listed \\nwhich we believe is a reliable source.For more details about our methodology, please go to \\nhttps://shareholders.morningstar.com\\nMorningstar Star Rating for Stocks\\nOnce  we determine  the fair value  estimate  of a stock,  we \\ncompare  it with  the stock’s  current  market  price  on a \\ndaily  basis,  and the star rating  is automatically  re-calcu-\\nlated  at the market  close  on every  day the market  on \\nwhich  the stock  is listed  is open.  Our analysts  keep  close \\ntabs on the companies  they follow,  and, based  on thor-\\nough  and ongoing  analysis,  raise  or lower  their  fair value \\nestimates as warranted.\\nPlease  note,  there  is no predefined  distribution  of stars. \\nThat  is, the percentage  of stocks  that earn  5 stars  can \\nfluctuate  daily,  so the star ratings,  in the aggregate,  can \\nserve as a gauge of the broader market’s valuation. When \\nthere  are many  5-star  stocks,  the stock  market  as a whole \\nis more  undervalued,  in our opinion,  than  when  very few \\ncompanies garner our highest rating.\\nWe expect  that if our base-case  assumptions  are true the \\nmarket  price  will converge  on our fair value  estimate  over \\ntime  generally  within  three  years  (although  it is im-\\npossible  to predict  the exact  time frame  in which  market \\nprices may adjust).\\nOur star ratings  are guideposts  to a broad  audience  and \\nindividuals  must  consider  their  own specific  investment \\ngoals,  risk tolerance,  tax situation,  time horizon,  income \\nneeds,  and complete  investment  portfolio,  among  other factors.\\nThe Morningstar  Star Ratings  for stocks  are defined  be-\\nlow:\\nQQQQQ  We believe  appreciation  beyond  a fair risk ad-\\njusted  return  is highly  likely  over a multiyear  time frame. \\nScenario  analysis  developed  by our analysts  indicates \\nthat the current  market  price  represents  an excessively \\npessimistic  outlook,  limiting  downside  risk and maximiz-\\ning upside potential.\\nQQQQ We believe  appreciation  beyond  a fair risk-ad-\\njusted return is likely.\\nQQQ Indicates  our belief  that investors  are likely  to re-\\nceive  a fair risk-adjusted  return  (approximately  cost of \\nequity).\\nQQ We believe  investors  are likely  to receive  a less than \\nfair risk-adjusted return.\\nQ Indicates  a high probability  of undesirable  risk-adjus-\\nted returns  from  the current  market  price  over a multiyear \\ntime  frame,  based  on our analysis.  Scenario  analysis  by \\nour analysts  indicates  that the market  is pricing  in an ex-\\ncessively  optimistic  outlook,  limiting  upside  potential  and \\nleaving the investor exposed to Capital loss.\\nOther Definitions\\nLast Price:  Price  of the stock  as of the close  of the mar-\\nket of the last trading day before date of the report.',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 10 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nCapital  Allocation  Rating:  Our Capital  Allocation  (or \\nStewardship)  Rating  represents  our assessment  of the \\nquality  of management’s  capital  allocation,  with particu-\\nlar emphasis  on the firm’s  balance  sheet,  investments, \\nand shareholder  distributions.  Analysts  consider  compan-\\nies’ investment  strategy  and valuation,  balance  sheet \\nmanagement,  and dividend  and share  buyback  policies. \\nCorporate  governance  factors  are only considered  if they \\nare likely  to materially  impact  shareholder  value,  though \\neither  the balance  sheet,  investment,  or shareholder  dis-\\ntributions.  Analysts  assign  one of three  ratings:  \"Exem-\\nplary\",  \"Standard\",  or \"Poor\".  Analysts  judge  Capital  Alloc-\\nation  from  an equity  holder’s  perspective.  Ratings  are de-\\ntermined  on a forward  looking  and absolute  basis.  The \\nStandard  rating  is most  common  as most  managers  will \\nexhibit  neither  exceptionally  strong  nor poor capital  alloc-\\nation.\\nCapital  Allocation  (or Stewardship)  analysis  published  pri-\\nor to Dec. 9, 2020,  was determined  using  a different  pro-\\ncess.  Beyond  investment  strategy,  financial  leverage,  and \\ndividend  and share  buyback  policies,  analysts  also con-\\nsidered  execution,  compensation,  related  party  transac-\\ntions, and accounting practices in the rating.\\nCapital  Allocation  Rating:  Our Capital  Allocation  (or \\nStewardship)  Rating  represents  our assessment  of the \\nquality  of management’s  capital  allocation,  with particu-\\nlar emphasis  on the firm’s  balance  sheet,  investments, \\nand shareholder  distributions.  Analysts  consider  compan-\\nies’ investment  strategy  and valuation,  balance  sheet \\nmanagement,  and dividend  and share  buyback  policies. \\nCorporate  governance  factors  are only considered  if they \\nare likely  to materially  impact  shareholder  value,  though \\neither  the balance  sheet,  investment,  or shareholder  dis-\\ntributions.  Analysts  assign  one of three  ratings:  \"Exem-\\nplary\",  \"Standard\",  or \"Poor\".  Analysts  judge  Capital  Alloc-\\nation  from  an equity  holder’s  perspective.  Ratings  are de-\\ntermined  on a forward  looking  and absolute  basis.  The \\nStandard  rating  is most  common  as most  managers  will \\nexhibit  neither  exceptionally  strong  nor poor capital  alloc-\\nation.\\nCapital  Allocation  (or Stewardship)  analysis  published  pri-\\nor to Dec. 9, 2020,  was determined  using  a different  pro-\\ncess.  Beyond  investment  strategy,  financial  leverage,  and \\ndividend  and share  buyback  policies,  analysts  also con-\\nsidered  execution,  compensation,  related  party  transac-\\ntions, and accounting practices in the rating.\\nSustainalytics  ESG Risk Rating  Assessment: The ESG \\nRisk Rating  Assessment  is provided  by Sustainalytics;  a \\nMorningstar company.\\nSustainalytics’  ESG Risk Ratings  measure  the degree  to \\nwhich  company’s  economic  value  at risk is driven  by en-\\nvironment, social and governance (ESG) factors.Sustainalytics  analyzes  over 1,300  data points  to assess  a \\ncompany’s  exposure  to and management  of ESG risks.  In \\nother  words,  ESG Risk Ratings  measures  a company’s  un-\\nmanaged  ESG Risks  represented  as a quantitative  score. \\nUnmanaged  Risk is measured  on an open-ended  scale \\nstarting  at zero (no risk) with  lower  scores  representing \\nless unmanaged  risk and, for 95% of cases,  the unman-\\naged ESG Risk score is below 50.\\nBased  on their  quantitative  scores,  companies  are \\ngrouped  into one of five Risk Categories  (negligible,  low, \\nmedium,  high,  severe).  These  risk categories  are absolute, \\nmeaning  that a ‘high  risk’ assessment  reflects  a compar-\\nable degree  of unmanaged  ESG risk across  all subindus-\\ntries covered.\\nThe ESG Risk Rating  Assessment  is a visual  representa-\\ntion of Sustainalytics  ESG Risk Categories  on a 1 to 5 \\nscale.  Companies  with  Negligible  Risk = 5 Globes,  Low \\nRisk = 4, Medium  Risk = 3 Globes,  High  Risk = 2 Globes, \\nSevere  Risk = 1 Globe.  For more  information,  please  visit \\nsustainalytics.com/esg-ratings/\\nRatings  should  not be used  as the sole basis  in evaluating \\na company  or security.  Ratings  involve  unknown  risks and \\nuncertainties  which  may cause  our expectations  not to \\noccur  or to differ  significantly  from  what  was expected \\nand should  not be considered  an offer  or solicitation  to \\nbuy or sell a security.\\nRisk Warning\\nPlease  note  that investments  in securities  are subject  to \\nmarket  and other  risks and there  is no assurance  or guar-\\nantee  that the intended  investment  objectives  will be \\nachieved.  Past performance  of a security  may or may not \\nbe sustained  in future  and is no indication  of future  per-\\nformance.  A security  investment  return  and an investor’s \\nprincipal  value  will fluctuate  so that,  when  redeemed,  an \\ninvestor’s  shares  may be worth  more  or less than  their \\noriginal  cost.  A security’s  current  investment  performance \\nmay be lower  or higher  than  the investment  performance \\nnoted  within  the report.  Morningstar’s  Uncertainty  Rating \\nserves  as a useful  data  point  with  respect  to sensitivity \\nanalysis  of the assumptions  used  in our determining  a fair \\nvalue price.\\nGeneral Disclosure\\nUnless  otherwise  provided  in a separate  agreement,  re-\\ncipients  accessing  this report  may only use it in the coun-\\ntry in which  the Morningstar  distributor  is based.  Unless \\nstated  otherwise,  the original  distributor  of the report  is \\nMorningstar  Research  Services  LLC, a U.S.A.  domiciled \\nfinancial institution.\\nThis report  is for informational  purposes  only and has no \\nregard  to the specific  investment  objectives,  financial situation  or particular  needs  of any specific  recipient.  This \\npublication  is intended  to provide  information  to assist  in-\\nstitutional  investors  in making  their  own investment  de-\\ncisions,  not to provide  investment  advice  to any specific \\ninvestor.  Therefore,  investments  discussed  and recom-\\nmendations  made  herein  may not be suitable  for all in-\\nvestors:  recipients  must  exercise  their  own independent \\njudgment  as to the suitability  of such  investments  and re-\\ncommendations  in the light  of their  own investment  ob-\\njectives,  experience,  taxation  status  and financial  posi-\\ntion.\\nThe information,  data,  analyses  and opinions  presented \\nherein  are not warranted  to be accurate,  correct,  com-\\nplete  or timely.  Unless  otherwise  provided  in a separate \\nagreement,  neither  Morningstar,  Inc. or the Equity  Re-\\nsearch  Group  represents  that the report  contents  meet  all \\nof the presentation  and/or  disclosure  standards  applic-\\nable in the jurisdiction the recipient is located.\\nExcept  as otherwise  required  by law or provided  for in a \\nseparate  agreement,  the analyst,  Morningstar,  Inc. and \\nthe Equity  Research  Group  and their  officers,  directors \\nand employees  shall  not be responsible  or liable  for any \\ntrading  decisions,  damages  or other  losses  resulting  from, \\nor related  to, the information,  data,  analyses  or opinions \\nwithin  the report.  The Equity  Research  Group  encourages \\nrecipients  recipients  of this report  to read  all relevant  is-\\nsue documents  (e.g.,  prospectus)  pertaining  to the secur-\\nity concerned,  including  without  limitation,  information \\nrelevant  to its investment  objectives,  risks,  and costs  be-\\nfore making  an in vestment  decision  and when  deemed \\nnecessary,  to seek  the advice  of a legal,  tax, and/or  ac-\\ncounting professional.\\nThe Report  and its contents  are not directed  to, or inten-\\nded for distribution  to or use by, any person  or entity  who \\nis a citizen  or resident  of or located  in any locality,  state, \\ncountry  or other  jurisdiction  where  such  distribution,  pub-\\nlication,  availability  or use would  be contrary  to law or \\nregulation  or which  would  subject  Morningstar,  Inc. or its \\naffiliates  to any registration  or licensing  requirements  in \\nsuch jurisdiction.\\nWhere  this report  is made  available  in a language  other \\nthan  English  and in the case  of inconsistencies  between \\nthe English  and translated  versions  of the report,  the Eng-\\nlish version  will control  and supersede  any ambiguities \\nassociated  with  any part or section  of a report  that has \\nbeen  issued  in a foreign  language.  Neither  the analyst, \\nMorningstar,  Inc., or the Equity  Research  Group  guaran-\\ntees the accuracy of the translations.\\nThis report  may be distributed  in certain  localities,  coun-\\ntries  and/or  jurisdictions  (“Territories”)  by independent \\nthird  parties  or independent  intermediaries  and/or  distrib-\\nutors  (“Distributors”).  Such  Distributors  are not acting  as \\nagents  or representatives  of the analyst,  Morningstar, ',\n",
       "│   │   'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 11 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nInc. or the Equity  Research  Group.  In Territories  where  a \\nDistributor  distributes  our report,  the Distributor  is solely \\nresponsible  for complying  with all applicable  regulations, \\nlaws,  rules,  circulars,  codes  and guidelines  established  by \\nlocal  and/or  regional  regulatory  bodies,  including  laws  in \\nconnection  with  the distribution  third-party  research  re-\\nports.\\nConflicts of Interest\\nuNo interests  are held by the analyst  with respect  to the \\nsecurity subject of this investment research report.\\nuMorningstar,  Inc. may hold a long position  in the se-\\ncurity  subject  of this investment  research  report  that \\nexceeds  0.5%  of the total  issued  share  capital  of the \\nsecurity.  To determine  if such  is the case,  please  click \\nhttp://msi.morningstar.com  and http://mdi.morning-\\nstar.com\\nuAnalysts’  compensation  is derived  from  Morningstar, \\nInc.’s  overall  earnings  and consists  of salary,  bonus \\nand in some cases restricted stock.\\nuNeither  Morningstar,  Inc. or the Equity  Research  Group \\nreceives  commissions  for providing  research  nor do \\nthey charge companies to be rated.\\nuNeither  Morningstar,  Inc. or the Equity  Research  Group \\nis a market  maker  or a liquidity  provider  of the security \\nnoted within this report.\\nuNeither  Morningstar,  Inc. or the Equity  Research  Group \\nhas been  a lead manager  or co-lead  manager  over the \\nprevious  12-months  of any publicly  disclosed  offer  of \\nfinancial instruments of the issuer.\\nuMorningstar,  Inc.’s  investment  management  group \\ndoes  have  arrangements  with  financial  institutions  to \\nprovide  portfolio  management/investment  advice  some \\nof which  an analyst  may issue  investment  research  re-\\nports  on. However,  analysts  do not have  authority  over \\nMorningstar’s  investment  management  group’s  busi-\\nness  arrangements  nor allow  employees  from  the in-\\nvestment  management  group  to participate  or influ-\\nence the analysis or opinion prepared by them.\\nuMorningstar,  Inc. is a publicly  traded  company  (Ticker \\nSymbol:  MORN)  and thus a financial  institution  the se-\\ncurity  of which  is the subject  of this report  may own \\nmore  than  5% of Morningstar,  Inc.’s  total  outstanding \\nshares.  Please  access  Morningstar,  Inc.’s  proxy  state-\\nment,  “Security  Ownership  of Certain  Beneficial  Own-\\ners and  Management”  section  https://\\nshareholders.morningstar.com/investor-relations/fin-\\nancials/sec-filings/default.aspx\\nuMorningstar,  Inc. may provide  the product  issuer  or its \\nrelated  entities  with services  or products  for a fee and \\non an arms’  length  basis  including  software  products \\nand licenses,  research  and consulting  services,  data \\nservices,  licenses  to republish  our ratings  and research \\nin their  promotional  material,  event  sponsorship  and \\nwebsite advertising.\\nFurther  information  on Morningstar,  Inc.’s  conflict  of in-terest  policies  is available  from  https://\\nshareholders.morningstar.com  Also,  please  note analysts \\nare subject  to the CFA Institute’s  Code  of Ethics  and \\nStandards of Professional Conduct.\\nFor a list of securities  which  the Equity  Research  Group \\ncurrently  covers  and provides  written  analysis  on please \\ncontact  your local  Morningstar  office.  In addition,  for his-\\ntorical  analysis  of securities  covered,  including  their  fair \\nvalue estimate, please contact your local office.\\nFor Recipients  in Australia:  This Report  has been  issued \\nand distributed  in Australia  by Morningstar  Australasia \\nPty Ltd (ABN:  95 090 665 544; ASFL:  240892 ). Morning-\\nstar Australasia  Pty Ltd is the provider  of the general  ad-\\nvice (‘the  Service’)  and takes  responsibility  for the produc-\\ntion of this report.  The Service  is provided  through  the re-\\nsearch of investment products.\\nTo the extent  the Report  contains  general  advice  it has \\nbeen  prepared  without  reference  to an investor’s  object-\\nives,  financial  situation  or needs.  Investors  should  con-\\nsider  the advice  in light  of these  matters  and, if applic-\\nable,  the relevant  Product  Disclosure  Statement  before \\nmaking  any decision  to invest.  Refer  to our Financial  Ser-\\nvices  Guide  (FSG)  for more  information  at http://\\nwww.morningstar.com.au/fsg.pdf\\nFor Recipients  in New  Zealand:  This report  has been  is-\\nsued  and distributed  by Morningstar  Australasia  Pty Ltd \\nand/or  Morningstar  Research  Ltd (together  ‘Morning-\\nstar’).  Morningstar  is the provider  of the regulated  finan-\\ncial advice  and takes  responsibility  for the production  of \\nthis report.  To the extent  the report  contains  regulated \\nfinancial advice it has been prepared without reference to \\nan investor’s  objectives,  financial  situation  or needs.  In-\\nvestors  should  consider  the advice  in light  of these  mat-\\nters and,  if applicable,  the relevant  Product  Disclosure \\nStatement  before  making  any decision  to invest.  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The terms  and conditions  on which  Morningstar  In-\\nvestment  Adviser  India  Private  Limited  offers  Investment \\nResearch  to clients,  varies  from  client  to client,  and are \\ndetailed in the respective client agreement.\\nFor recipients  in Japan:  The Report  is distributed  by Ib-\\nbotson  Associates  Japan,  Inc., which  is regulated  by Fin-\\nancial  Services  Agency.  Neither  Ibbotson  Associates  Ja-\\npan,  Inc., nor its representatives,  are acting  or will be \\ndeemed  to be acting  as an investment  professional  to any \\nrecipients of this information.\\nFor recipients  in Singapore:  For Institutional  Investor \\naudiences  only.  Recipients  of this report  should  contact \\ntheir  financial  professional  in Singapore  in relation  to this \\nreport.  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       "│   ]\n",
       "}\n",
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\n" ], "text/plain": [ "\u001b[1m{\u001b[0m\n", "\u001b[2;32m│ \u001b[0m\u001b[32m'message'\u001b[0m: \u001b[32m'Successfully uploaded ATT_StockAnalystNote_Annual_20230125.pdf'\u001b[0m,\n", "\u001b[2;32m│ \u001b[0m\u001b[32m'ATT_StockAnalystNote_Annual_20230125.pdf'\u001b[0m: \u001b[1m[\u001b[0m\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 1 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Financial Summary and Key Statistics \\nActual Forecast\\n2021 2022 2023 2024\\nRevenue \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 118,208 120,741 121,939 124,557\\nRevenue Growth % 4.4 2.1 1.0 2.2\\nOperating Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 22,116 22,911 25,381 26,565\\nOperating Margin % 18.7 19.0 20.8 21.3\\nAdjusted EBITDA \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 39,849 13,434 42,956 44,640\\nAdjusted EBITDA Margin % 33.7 11.1 35.2 35.8\\nEarnings Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mDiluted\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 3.01 -1.15 2.59 2.63\\nAdjusted Earnings Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mDiluted\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 3.01 2.41 2.87 2.95\\nAdjusted EPS Growth % 91.5 -19.8 18.8 2.8\\nPrice/Earnings 6.2 7.6 7.1 6.9\\nPrice/Book 1.8 1.4 1.4 1.2\\nEV/EBITDA 9.4 26.5 6.7 6.4\\nFree Cash Flow Yield % 12.4 9.2 11.5 13.0\\nSource: Morningstar Valuation Model. Data as of 25 Jan 2023.AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nMichael Hodel, CFA\\nDirector\\nMorningstar\\n+1 \u001b[0m\u001b[32m(\u001b[0m\u001b[32m312\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 696-6578\\nmichael.hodel@morningstar.com\\nContents\\nAnalyst Note \u001b[0m\u001b[32m(\u001b[0m\u001b[32m25 Jan 2023\u001b[0m\u001b[32m)\u001b[0m\u001b[32m\\nBusiness Description\\nFinancials\\nResearch Methodology for Valuing \\nCompanies\\nImportant Disclosure\\nThe conduct of Morningstar’s analysts is governed by Code of \\nEthics/Code of Conduct Policy, Personal Security Trading Policy \\n\u001b[0m\u001b[32m(\u001b[0m\u001b[32mor an equivalent of\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, and Investment Research Policy. For \\ninformation regarding conflicts of interest, please visit: http://\\nglobal.morningstar.com/equitydisclosures.\\nThe primary analyst covering this company does not own its \\nstock.\\nReporting Currency: USD | Trading Currency: USD\\nCurrency amounts expressed with \"$\" are in U.S. dollars \\n\u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m unless otherwise denoted.\\n1The ESG Risk Rating Assessment is a representation of \\nSustainalytics’ ESG Risk Rating.Competitors Slowed AT&T During Fourth Quarter, but Growth \\nRemains Solid \\nAnalyst Note Michael Hodel, CFA, Director, 25 Jan 2023\\nAT&T isn’t attracting as many wireless customers as it was a year ago, but it continues to post solid results. \\nCustomer retention was strong, but Verizon and T-Mobile seem to have effectively countered AT &T’s promotional \\nefforts, which began in earnest about two years ago. Management expects wireless customer additions will \\ndecline in 2023 as industry growth slows from the torrid pace of the past couple years, which will benefit cash \\nflow, but the firm also signaled that it will work to continue gaining share. We are maintaining our $25 fair value \\nestimate and think the stock remains modestly undervalued.\\nAT&T added 656,000 postpaid phone customers during the fourth quarter, down from 884,000 a year ago and \\nplacing it between T-Mobile \u001b[0m\u001b[32m(\u001b[0m\u001b[32m927,000 net additions\u001b[0m\u001b[32m)\u001b[0m\u001b[32m and Verizon \u001b[0m\u001b[32m(\u001b[0m\u001b[32m217,000\u001b[0m\u001b[32m)\u001b[0m\u001b[32m. The rate of customer defections \\n\u001b[0m\u001b[32m(\u001b[0m\u001b[32mchurn\u001b[0m\u001b[32m)\u001b[0m\u001b[32m was flat versus the prior quarter, bucking the usual seasonal uptick as the impact of price increases taken \\nover the summer appears to have run its course. On the weak side, however, the firm’s share of new customer \\ndecisions \u001b[0m\u001b[32m(\u001b[0m\u001b[32mgross customer additions\u001b[0m\u001b[32m)\u001b[0m\u001b[32m dipped during the quarter. Of the big three carriers, only AT &T attracted \\nfewer gross additions than in the prior quarter.\\nWireless service revenue increased 5.2% versus the prior year during the quarter. AT &T’s postpaid phone \\ncustomer base has grown 3.5% over the past year and revenue per customer was 2.5% higher. The slowdown in \\ncustomer additions and a slower customer upgrade pace pulled equipment revenue lower but provided a lift to \\nprofitability. The wireless segment EBITDA margin increased nearly 3 percentage points versus a year ago to 38%.\\nFree cash flow hit $14.1 billion for the year, modestly topping management’s revised target, which it cut from $16 '\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 2 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nSector Industry\\ni Communication \\nServicesTelecom Services\\nBusiness Description\\nThe wireless business contributes about two \\nthirds of AT&T’s revenue following the \\nspinoff of WarnerMedia. The firm is the \\nthird-largest U.S. wireless carrier, connecting \\n69 million postpaid and 18 million prepaid \\nphone customers. Fixed-line enterprise \\nservices, which account for about 20% of \\nrevenue, include internet access, private \\nnetworking, security, voice, and wholesale \\nnetwork capacity. Residential fixed-line \\nservices, about 10% of revenue, primarily \\nconsist of broadband internet access service. \\nAT&T also has a sizable presence in Mexico, \\nserving 21 million customers, but this \\nbusiness only accounts for 2% of revenue. \\nThe firm still holds a 70% equity stake in \\nsatellite television provider DirecTV but does \\nnot consolidate this business in its financial \\nstatements.billion over the summer. AT &T expects to generate $16 billion of free cash flow in 2023 while it continues to \\ninvest aggressively in its network but with slower customer growth easing working capital needs.\\nConsumer fixed-line revenue increased 2.2% year over year with broadband sales up 6.4%. Broadband net \\ncustomer losses were modestly disappointing at 64,000, up from 20,000 a year ago despite continued expansion \\nof the fiber footprint. We expect AT &T to add net broadband customers in 2023 as a growing portion of \\ncustomers are on the fiber network. Broadband pricing remains solid, as average revenue per fiber customer \\nincreased 9% versus a year ago to nearly $65 per month. EBITDA margins in this segment also continue to expand \\nnicely, hitting 37% during the quarter, up from 31% a year ago.\\nManagement dialed back fiber network expansion plans somewhat, claiming it will build to around 2.0 million-2.5 \\nmillion new customer locations annually through 2025, down from 3.5 million-4.0 million targeted previously and \\naround 3 million built in 2022. The firm still plans to reach 30 million customer locations, though this figure \\nincludes both homes and businesses. AT &T is excited about its venture with BlackRock to build fiber networks \\noutside of the traditional AT &T footprint and the prospects for winning government subsidies to build in rural \\nareas, stating that it will invest capital in whichever format proves the most profitable. We agree that the firm \\nshould explore all options on the table, but we aren’t clear yet why management is slowing the pace of the core \\nnetwork buildout. K'\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 3 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nPrice vs. Fair Value \\n010203040Fair Value: 25.00\\n11 Apr 2022 03:30, UTC\\nLast Close: 20.42\\nOver Valued\\nUnder Valued\\n2018 2019 2020 2021 2022 YTD\\n0.77 1.06 0.80 0.68 0.74 0.82 Price/Fair Value\\n-21.45 44.08 -21.08 -7.23 -1.33 12.43 Total Return %\\nMorningstar Rating\\nCompetitors\\nAT&T Inc T Comcast Corp Class A CMCSA Verizon Communications Inc VZ T-Mobile US Inc TMUS\\nFair Value\\n25.00\\nUncertainty : Medium\\nLast Close\\n20.42\\nFair Value\\n60.00\\nUncertainty : Medium\\nLast Close\\n40.10\\nFair Value\\n57.00\\nUncertainty : Low\\nLast Close\\n40.33\\nFair Value\\n165.00\\nUncertainty : Medium\\nLast Close\\n148.07\\nEconomic Moat\\n Narrow\\n Wide\\n Narrow\\n Narrow\\nMoat Trend Stable Stable Stable Stable\\nCurrency USD USD USD USD\\nFair Value 25.00 11 Apr 2022 03:30, UTC 60.00 29 Jul 2021 17:13, UTC 57.00 24 Jan 2023 21:06, UTC 165.00 28 Oct 2022 19:59, UTC\\n1-Star Price 33.75 81.00 71.25 222.75\\n5-Star Price 17.50 42.00 45.60 115.50\\nAssessmentUnder Valued 25 Jan 2023 Significantly \\nUndervalued24 Jan \\n2023Significantly \\nUndervalued24 Jan \\n2023Under Valued 24 Jan 2023\\nMorningstar Rating QQQQ25 Jan 2023 22:28, UTC QQQQQ25 Jan 2023 22:28, UTC QQQQQ25 Jan 2023 22:28, UTC QQQQ25 Jan 2023 22:28, UTC\\nAnalyst Michael Hodel, Director Michael Hodel, Director Michael Hodel, Director Michael Hodel, Director\\nCapital Allocation Poor Standard Standard Standard\\nPrice/Fair Value 0.82 0.67 0.71 0.90\\nPrice/Sales 0.90 1.48 1.24 2.29\\nPrice/Book 1.12 2.14 1.86 2.59\\nPrice/Earnings 7.92 33.69 7.99 119.52\\nDividend Yield 5.79% 2.72% 6.40% —\\nMarket Cap 136.57 Bil 171.86 Bil 169.76 Bil 181.41 Bil\\n52-Week Range 14.46—22.84 28.39—50.98 32.79—55.51 103.77—154.38\\nInvestment Style Large Value Large Value Large Value Large Growth'\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 4 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nMorningstar Valuation Model Summary\\nFinancials as of 25 Jan 2023 Actual Forecast\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nRevenue \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 113,238 118,208 120,741 121,939 124,557 128,196 132,267 136,747\\nOperating Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 23,058 22,116 22,911 25,381 26,565 27,935 29,358 31,098\\nEBITDA \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 51,574 44,978 13,434 46,956 47,988 49,327 50,148 52,216\\nAdjusted EBITDA \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 40,570 39,849 13,434 42,956 44,640 46,510 48,633 51,073\\nNet Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 11,284 21,661 -8,727 18,641 18,917 19,558 19,651 20,697\\nAdjusted Net Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 11,284 21,661 18,311 20,651 21,231 22,197 21,911 22,877\\nFree Cash Flow To The Firm \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 52,151 4,182 -27 11,474 13,581 15,032 16,393 16,776\\nWeighted Average Diluted Shares Outstanding \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 7,183 7,199 7,587 7,200 7,200 7,200 7,200 7,200\\nEarnings Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mDiluted\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 1.57 3.01 -1.15 2.59 2.63 2.72 2.73 2.87\\nAdjusted Earnings Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mDiluted\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 1.57 3.01 2.41 2.87 2.95 3.08 3.04 3.18\\nDividends Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 2.08 2.08 1.35 1.11 1.11 1.11 1.11 1.11\\nMargins & Returns as of 25 Jan 2023 Actual Forecast\\n3 Year Avg 2020 2021 2022 2023 2024 2025 2026 2027 5 Year Avg\\nOperating Margin % 19.4 20.4 18.7 19.0 20.8 21.3 21.8 22.2 22.7 21.8\\nEBITDA Margin % — 45.5 38.1 11.1 38.5 38.5 38.5 37.9 38.2 —\\nAdjusted EBITDA Margin % 26.9 35.8 33.7 11.1 35.2 35.8 36.3 36.8 37.4 36.3\\nNet Margin % 7.0 10.0 18.3 -7.2 15.3 15.2 15.3 14.9 15.1 15.2\\nAdjusted Net Margin % 14.5 10.0 18.3 15.2 16.9 17.1 17.3 16.6 16.7 16.9\\nFree Cash Flow To The Firm Margin % 16.5 46.1 3.5 0.0 9.4 10.9 11.7 12.4 12.3 11.3\\nGrowth & Ratios as of 25 Jan 2023 Actual Forecast\\n3 Year CAGR 2020 2021 2022 2023 2024 2025 2026 2027 5 Year CAGR\\nRevenue Growth % — — 4.4 2.1 1.0 2.2 2.9 3.2 3.4 2.5\\nOperating Income Growth % — — -4.1 3.6 10.8 4.7 5.2 5.1 5.9 6.3\\nEBITDA Growth % 0.0 — — — — — — — — 0.0\\nAdjusted EBITDA Growth % -21.9 43.8 -1.8 -66.3 219.8 3.9 4.2 4.6 5.0 30.6\\nEarnings Per Share Growth % — — — — — — — — — 5.7\\nAdjusted Earnings Per Share Growth % — — 91.5 -19.8 18.8 2.8 4.6 -1.3 4.4 5.7\\nValuation as of 25 Jan 2023 Actual Forecast\\n2020 2021 2022 2023 2024 2025 2026 2027\\nPrice/Earnings 13.8 6.2 7.6 7.1 6.9 6.6 6.7 6.4\\nPrice/Sales 2.5 1.7 1.5 1.1 1.1 1.1 1.0 1.0\\nPrice/Book 1.0 1.8 1.4 1.4 1.2 1.1 1.0 0.9\\nPrice/Cash Flow 10.3 8.1 10.9 8.7 7.7 6.9 6.5 6.4\\nEV/EBITDA 11.4 9.4 26.5 6.7 6.4 6.2 5.9 5.6\\nEV/EBIT 20.1 17.0 15.6 11.3 10.8 10.3 9.8 9.2\\nDividend Yield % 9.6 11.2 7.3 5.4 5.4 5.4 5.4 5.4\\nDividend Payout % 132.4 69.1 -117.4 42.9 42.3 40.9 40.7 38.6\\nFree Cash Flow Yield % 9.7 12.4 9.2 11.5 13.0 14.4 15.4 15.7\\nOperating Performance / Profitability as of 25 Jan 2023 Actual Forecast\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nROA % 2.1 4.5 -2.1 4.6 4.5 4.5 4.4 4.5\\nROE % 6.6 18.7 -10.7 19.1 17.4 16.3 15.0 14.4\\nROIC % 4.7 5.8 -1.6 8.1 8.1 8.2 8.3 8.6'\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 5 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nFinancial Leverage \u001b[0m\u001b[32m(\u001b[0m\u001b[32mReporting Currency\u001b[0m\u001b[32m)\u001b[0m\u001b[32m Actual Forecast\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nDebt/Capital % 49.3 70.0 58.3 55.3 53.6 51.2 48.8 47.2\\nAssets/Equity 3.3 5.6 4.1 3.8 3.6 3.4 3.2 3.0\\nNet Debt/EBITDA 2.8 3.5 9.6 2.7 2.6 2.4 2.3 2.1\\nTotal Debt/EBITDA 3.9 4.4 10.1 3.1 3.1 2.9 2.8 2.7\\nEBITDA/ Net Interest Expense 5.1 7.6 2.2 7.2 7.4 7.8 8.1 8.5\\nForecast Revisions as of 25 Jan 2023 2023 2024 2025\\nPrior data as of 20 Oct 2022 Current Prior Current Prior Current Prior\\nFair Value Estimate Change \u001b[0m\u001b[32m(\u001b[0m\u001b[32mTrading Currency\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 25.00 24.50 — — — —\\nRevenue \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 121,939 121,142 124,557 122,919 128,196 126,244\\nOperating Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 25,381 22,668 26,565 24,604 27,935 26,117\\nEBITDA \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 42,956 40,418 44,640 42,854 46,510 44,867\\nNet Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD Mil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 20,651 19,073 21,231 20,359 22,197 21,530\\nEarnings Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mDiluted\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 2.59 2.37 2.63 2.51 2.72 2.64\\nAdjusted Earnings Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mDiluted\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 2.87 2.67 2.95 2.85 3.08 3.02\\nDividends Per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 1.11 1.35 1.11 1.11 1.11 1.11\\nKey Valuation Drivers as of 25 Jan 2023\\nCost of Equity % 9.0\\nPre-Tax Cost of Debt % 6.5\\nWeighted Average Cost of Capital % 7.4\\nLong-Run Tax Rate % 23.5\\nStage II EBI Growth Rate % 3.0\\nStage II Investment Rate % 12.0\\nPerpetuity Year 15\\nAdditional estimates and scenarios available for download at https://pitchbook.com/. Discounted Cash Flow Valuation as of 25 Jan 2023\\nUSD Mil\\nPresent Value Stage I 58,671\\nPresent Value Stage II 114,795\\nPresent Value Stage III 149,633\\nTotal Firm Value 323,100\\nCash and Equivalents 7,234\\nDebt -136,020\\nOther Adjustments -10,479\\nEquity Value 178,685\\nProjected Diluted Shares 7,200\\nFair Value per Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 25.00'\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 6 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nIncome Statement \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m Actual Forecast \\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nRevenue \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m113,238 118,208 120,741 121,939 124,557 128,196 132,267 136,747\\nCost of Goods Sold \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 72,667 78,233 79,808 78,982 79,917 81,685 83,633 85,673\\nGross Profit \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 40,571 39,975 40,933 42,957 44,641 46,511 48,634 51,074\\nSelling, General, Administrative & Other Expenses \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 1 1 1 1 1 1 1 1\\nAdvertising & Marketing Expenses — — — — — — — —\\nResearch & Development — — — — — — — —\\nDepreciation & Amortization \u001b[0m\u001b[32m(\u001b[0m\u001b[32mif reported separately\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 17,512 17,858 18,021 17,575 18,075 18,575 19,275 19,975\\nAdjusted Operating Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 23,058 22,116 22,911 25,381 26,565 27,935 29,358 31,098\\nFinancial Non-Cash \u001b[0m\u001b[32m(\u001b[0m\u001b[32mGains\u001b[0m\u001b[32m)\u001b[0m\u001b[32m/Losses \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 0 0 27,498 0 0 0 0 0\\nIrregular Cash \u001b[0m\u001b[32m(\u001b[0m\u001b[32mGains\u001b[0m\u001b[32m)\u001b[0m\u001b[32m/Losses \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 0 0 0 -4,000 -3,349 -2,817 -1,515 -1,143\\nOperating Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 23,058 22,116 -4,587 29,381 29,913 30,752 30,873 32,241\\nNet Interest Expense \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 9,261 -6,451 -1,493 3,000 3,000 3,000 3,000 3,000\\nIncome Tax Expense \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 965 5,220 3,780 6,068 6,325 6,522 6,550 6,872\\nAfter-Tax Items \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m -193 -207 -384 -203 -203 -203 -203 -203\\n\u001b[0m\u001b[32m(\u001b[0m\u001b[32mMinority Interest\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m -1,355 -1,479 -1,469 -1,469 -1,469 -1,469 -1,469 -1,469\\nNet Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 11,284 21,661 -8,727 18,641 18,917 19,558 19,651 20,697\\nAdjusted Net Income \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 11,284 21,661 18,311 20,651 21,231 22,197 21,911 22,877\\nWeighted Average Diluted Shares Outstanding \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 7,183 7,199 7,587 7,200 7,200 7,200 7,200 7,200\\nDiluted Earnings Per Share 1.57 3.01 -1.15 2.59 2.63 2.72 2.73 2.87\\nDiluted Adjusted Earnings Per Share 1.57 3.01 2.41 2.87 2.95 3.08 3.04 3.18\\nDividends Per Common Share \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m2.08 2.08 1.35 1.11 1.11 1.11 1.11 1.11\\nEBITDA \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 51,574 44,978 13,434 46,956 47,988 49,327 50,148 52,216\\nAdjusted EBITDA \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 40,570 39,849 13,434 42,956 44,640 46,510 48,633 51,073'\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m\"Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 7 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®AT&T Inc T QQQQ 25 Jan 2023 22:28, UTC\\nLast Price Fair Value Estimate Price/FVE Market Cap Economic Moat TMMoat Trend TM Uncertainty Capital Allocation ESG Risk Rating Assessment 1\\n20.42 USD\\n25 Jan 202325.00 USD\\n11 Apr 2022 03:30, UTC0.82136.57 USD Bil\\n25 Jan 2023\\nNarrow Stable Medium Poor ;;;;;\\n4 Jan 2023 06:00, UTC\\nKey Cash Flow Items \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m Actual Forecast as of 25 Jan\\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nCash from Working Capital \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 3,258 -2,659 4,128 -1,767 -895 -1,089 483 485\\n\u001b[0m\u001b[32m(\u001b[0m\u001b[32mCapital Expenditures\u001b[0m\u001b[32m)\u001b[0m\u001b[32m \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m -15,675 -16,527 -19,626 -24,022 -23,043 -21,793 -21,824 -21,879\\nDepreciation \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 20,277 17,112 17,945 17,500 18,000 18,500 19,200 19,900\\nAmortization \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 8,239 5,750 76 75 75 75 75 75\\nNet New \u001b[0m\u001b[32m(\u001b[0m\u001b[32mInvestment\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, Organic \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m -8,875 -13,947 -3,451 -7,789 -5,438 -4,382 -2,141 -1,494\\n\u001b[0m\u001b[32m(\u001b[0m\u001b[32mPurchases\u001b[0m\u001b[32m)\u001b[0m\u001b[32m/Sales of Companies & Assets \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 1,790 -16,713 -10,001 -5,000 -5,000 -5,000 -5,000 -5,000\\nNet New \u001b[0m\u001b[32m(\u001b[0m\u001b[32mInvestment\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, Total \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m -7,085 -30,660 -13,452 -12,789 -10,438 -9,382 -7,141 -6,494\\nOther Non-Cash Items, From Cash Flows \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 37,816 13,303 -4,383 75 75 75 75 75\\nFree Cash Flow to the Firm \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 52,151 4,182 -27 11,474 13,581 15,032 16,393 16,776\\nBalance Sheet \u001b[0m\u001b[32m(\u001b[0m\u001b[32mUSD\u001b[0m\u001b[32m)\u001b[0m\u001b[32m Actual Forecast \\nFiscal Year, ends 31 Dec 2020 2021 2022 2023 2024 2025 2026 2027\\nAssets \\nCash and Equivalents \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 9,740 19,223 3,701 2,678 9,202 13,453 18,030 26,858\\nInventory \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 3,695 3,325 3,123 3,246 3,284 3,357 3,437 3,521\\nAccounts Receivable \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 20,215 12,313 11,466 11,580 11,828 12,174 12,561 12,986\\nNet Property, Plant and Equipment \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 152,029 121,649 149,259 155,781 160,824 164,117 166,741 168,721\\nGoodwill \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 135,259 92,740 67,895 67,895 67,895 67,895 67,895 67,895\\nOther Intangibles \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 146,316 119,221 129,446 134,371 139,296 144,221 149,146 154,071\\nOther Operating Assets \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 56,727 57,207 34,430 34,430 34,430 34,430 34,430 34,430\\nNon-Operating Assets \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 0 0 0 0 0 0 0 0\\nTotal Assets \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 525,761 427,678 402,853 413,513 430,293 443,180 455,773 472,014\\nLiabilities \\nAccounts Payable \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 49,032 39,095 42,644 41,114 40,506 39,835 40,786 41,780\\nDebt \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 157,245 176,876 136,020 134,027 137,460 137,169 135,843 138,385\\nOther Operating Liabilities \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 121,968 105,681 110,472 114,006 117,036 119,318 120,628 120,628\\nNon-Operating Liabilities \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 18,276 12,560 7,260 7,260 7,260 7,260 7,260 7,260\\nTotal Liabilities \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 346,521 334,212 296,396 296,407 302,261 303,582 304,517 308,053\\nEquity \\nShareholders' Equity \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 161,673 75,943 97,500 108,149 119,074 130,640 142,299 155,004\\nMinority Interest \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 17,567 17,523 8,957 8,957 8,957 8,957 8,957 8,957\\nTotal Equity \u001b[0m\u001b[32m(\u001b[0m\u001b[32mMil\u001b[0m\u001b[32m)\u001b[0m\u001b[32m 179,240 93,466 106,457 117,106 128,031 139,597 151,256 163,961\"\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m\"Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 8 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nMorningstar Equity Research Star Rating Methodology\\nOverview\\nAt the heart of our valuation system is a detailed projec-\\ntion of a company’s future cash flows, resulting from our \\nanalysts’ research. Analysts create custom industry and \\ncompany assumptions to feed income statement, balance \\nsheet, and capital investment assumptions into our glob-\\nally standardized, proprietary discounted cash flow, or \\nDCF, modeling templates. We use scenario analysis, inde-\\npth competitive advantage analysis, and a variety of other \\nanalytical tools to augment this process. Moreover, we \\nthink analyzing valuation through discounted cash flows \\npresents a better lens for viewing cyclical companies, \\nhigh-growth firms, businesses with finite lives \u001b[0m\u001b[32m(\u001b[0m\u001b[32me.g., \\nmines\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, or companies expected to generate negative \\nearnings over the next few years. That said, we don’t dis-\\nmiss multiples altogether but rather use them as support-\\ning cross-checks for our DCF-based fair value estimates. \\nWe also acknowledge that DCF models offer their own \\nchallenges \u001b[0m\u001b[32m(\u001b[0m\u001b[32mincluding a potential proliferation of estim-\\nated inputs and the possibility that the method may miss \\nshortterm market-price movements\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, but we believe these \\nnegatives are mitigated by deep analysis and our \\nlongterm approach.\\nMorningstar’s equity research group \u001b[0m\u001b[32m(\u001b[0m\u001b[32m”we,” “our”\u001b[0m\u001b[32m)\u001b[0m\u001b[32m be-\\nlieves that a company’s intrinsic worth results from the \\nfuture cash flows it can generate. The Morningstar Rating \\nfor stocks identifies stocks trading at a discount or premi-\\num to their intrinsic worth—or fair value estimate, in \\nMorningstar terminology. Five-star stocks sell for the \\nbiggest risk adjusted discount to their fair values, where-\\nas 1-star stocks trade at premiums to their intrinsic worth.\\nFour key components drive the Morningstar rating: \u001b[0m\u001b[32m(\u001b[0m\u001b[32m1\u001b[0m\u001b[32m)\u001b[0m\u001b[32m our \\nassessment of the firm’s economic moat, \u001b[0m\u001b[32m(\u001b[0m\u001b[32m2\u001b[0m\u001b[32m)\u001b[0m\u001b[32m our estimate \\nof the stock’s fair value, \u001b[0m\u001b[32m(\u001b[0m\u001b[32m3\u001b[0m\u001b[32m)\u001b[0m\u001b[32m our uncertainty around that \\nfair value estimate and \u001b[0m\u001b[32m(\u001b[0m\u001b[32m4\u001b[0m\u001b[32m)\u001b[0m\u001b[32m the current market price. This \\nprocess ultimately culminates in our singlepoint star rat-\\ning.\\n1. Economic Moat\\nThe concept of an economic moat plays a vital role not \\nonly in our qualitative assessment of a firm’s long-term \\ninvestment potential, but also in the actual calculation of \\nour fair value estimates. An economic moat is a structural \\nfeature that allows a firm to sustain excess profits over a \\nlong period of time. We define economic profits as re-\\nturns on invested capital \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor ROIC\u001b[0m\u001b[32m)\u001b[0m\u001b[32m over and above our es-timate of a firm’s cost of capital, or weighted average \\ncost of capital \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor WACC\u001b[0m\u001b[32m)\u001b[0m\u001b[32m. Without a moat, profits are \\nmore susceptible to competition. We have identified five \\nsources of economic moats: intangible assets, switching \\ncosts, network effect, cost advantage, and efficient scale.\\nCompanies with a narrow moat are those we believe are \\nmore likely than not to achieve normalized excess returns \\nfor at least the next 10 years. Wide-moat companies are \\nthose in which we have very high confidence that excess \\nreturns will remain for 10 years, with excess returns more \\nlikely than not to remain for at least 20 years. The longer \\na firm generates economic profits, the higher its intrinsic \\nvalue. We believe low-quality, no-moat companies will \\nsee their normalized returns gravitate toward the firm’s \\ncost of capital more quickly than companies with moats.\\nWhen considering a company's moat, we also assess \\nwhether there is a substantial threat of value destruction, \\nstemming from risks related to ESG, industry disruption, \\nfinancial health, or other idiosyncratic issues. In this con-\\ntext, a risk is considered potentially value destructive if its \\noccurrence would eliminate a firm’s economic profit on a \\ncumulative or midcycle basis. If we deem the probability \\nof occurrence sufficiently high, we would not characterize \\nthe company as possessing an economic moat.\\nTo assess the sustainability of excess profits, analysts per-\\nform ongoing assessments of the moat trend. A firm’s \\nmoat trend is positive in cases where we think its sources \\nof competitive advantage are growing stronger; stable \\nwhere we don’t anticipate changes to competitive ad-\\nvantages over the next several years; or negative when \\nwe see signs of deterioration.\\n2. Estimated Fair Value\\nCombining our analysts’ financial forecasts with the \\nfirm’s economic moat helps us assess how long returns \\non invested capital are likely to exceed the firm’s cost of \\ncapital. Returns of firms with a wide economic moat rat-\\ning are assumed to fade to the perpetuity period over a \\nlonger period of time than the returns of narrow-moat \\nfirms, and both will fade slower than no-moat firms, in-\\ncreasing our estimate of their intrinsic value.\\nOur model is divided into three distinct stages:\\nStage I: Explicit ForecastIn this stage, which can last five to 10 years, analysts \\nmake full financial statement forecasts, including items \\nsuch as revenue, profit margins, tax rates, changes in \\nworkingcapital accounts, and capital spending. Based on \\nthese projections, we calculate earnings before interest, \\nafter taxes \u001b[0m\u001b[32m(\u001b[0m\u001b[32mEBI\u001b[0m\u001b[32m)\u001b[0m\u001b[32m and the net new investment \u001b[0m\u001b[32m(\u001b[0m\u001b[32mNNI\u001b[0m\u001b[32m)\u001b[0m\u001b[32m to de-\\nrive our annual free cash flow forecast.\\nStage II: Fade\\nThe second stage of our model is the period it will take \\nthe company’s return on new invested capital—the re-\\nturn on capital of the next dollar invested \u001b[0m\u001b[32m(\u001b[0m\u001b[32m“RONIC”\u001b[0m\u001b[32m)\u001b[0m\u001b[32m—to \\ndecline \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor rise\u001b[0m\u001b[32m)\u001b[0m\u001b[32m to its cost of capital. During the Stage II \\nperiod, we use a formula to approximate cash flows in \\nlieu of explicitly modeling the income statement, balance \\nsheet, and cash flow statement as we do in Stage I. The \\nlength of the second stage depends on the strength of \\nthe company’s economic moat. We forecast this period to \\nlast anywhere from one year \u001b[0m\u001b[32m(\u001b[0m\u001b[32mfor companies with no eco-\\nnomic moat\u001b[0m\u001b[32m)\u001b[0m\u001b[32m to 10–15 years or more \u001b[0m\u001b[32m(\u001b[0m\u001b[32mfor wide-moat com-\\npanies\u001b[0m\u001b[32m)\u001b[0m\u001b[32m. During this period, cash flows are forecast using \\nfour assumptions: an average growth rate for EBI over the \\nperiod, a normalized investment rate, average return on \\nnew invested capital \u001b[0m\u001b[32m(\u001b[0m\u001b[32mRONIC\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, and the number of years \\nuntil perpetuity, when excess returns cease. The invest-\\nment rate and return on new invested capital decline un-\\ntil a perpetuity value is calculated. In the case of firms \\nthat do not earn their cost of capital, we assume marginal \\nROICs rise to the firm’s cost of capital \u001b[0m\u001b[32m(\u001b[0m\u001b[32musually attribut-\\nable to less reinvestment\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, and we may truncate the \\nsecond stage.\\nStage III: Perpetuity\\nOnce a company’s marginal ROIC hits its cost of capital, \\nwe calculate a continuing value, using a standard per-\\npetuity formula. At perpetuity, we assume that any \\ngrowth or decline or investment in the business neither \\ncreates nor destroys value and that any new investment \\nprovides a return in line with estimated WACC.\\nBecause a dollar earned today is worth more than a dollar \\nearned tomorrow, we discount our projections of cash \\nflows in stages I, II, and III to arrive at a total present \\nvalue of expected future cash flows. Because we are \\nmodeling free cash flow to the firm—representing cash \\navailable to provide a return to all capital providers—we \\ndiscount future cash flows using the WACC, which is a \\nweighted average of the costs of equity, debt, and pre-\\nferred stock \u001b[0m\u001b[32m(\u001b[0m\u001b[32mand any other funding sources\u001b[0m\u001b[32m)\u001b[0m\u001b[32m, using ex-\\npected future proportionate long-term, market-value \\nweights.\\n3. Uncertainty Around That Fair Value Estimate\\nMorningstar’s Uncertainty Rating is designed to capture \\nthe range of potential outcomes for a company’s intrinsic \\nvalue. This rating is used to assign the margin of safety \\nrequired before investing, which in turn explicitly drives \\nour stock star rating system. The Uncertainty Rating is \"\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 9 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nMorningstar Equity Research Star Rating Methodology\\n aimed at identifying the confidence we should have in as-\\nsigning a fair value estimate for a given stock. \\nOur Uncertainty Rating is meant to take into account any-\\nthing that can increase the potential dispersion of future \\noutcomes for the intrinsic value of a company, and any-\\nthing that can affect our ability to accurately predict \\nthese outcomes. The rating begins with a suggested rat-\\ning produced by a quantitative process based on the trail-\\ning 12-month standard deviation of daily stock returns. \\nAn analyst overlay is then applied, with analysts using \\nthe suggested rating, historical rating data, and their own \\nknowledge of the company to inform them as they make \\nthe final Uncertainty Rating decision. Ultimately, the rat-\\ning decision rests with the analyst. Analysts take into ac-\\ncount many characteristics when making their final de-\\ncision, including cyclical factors, operational and financial \\nfactors such as leverage, company-specific events, ESG \\nrisks, and anything else that might increase the potential \\ndispersion of future outcomes and our ability to estimate \\nthose outcomes. \\nOur recommended margin of safety—the discount to fair \\nvalue demanded before we’d recommend buying or \\nselling the stock—widens as our uncertainty of the es-\\ntimated value of the equity increases. The more uncertain \\nwe are about the potential dispersion of outcomes, the \\ngreater the discount we require relative to our estimate of \\nthe value of the firm before we would recommend the \\npurchase of the shares. In addition, the Uncertainty Rat-\\ning provides guidance in portfolio construction based on \\nrisk tolerance. \\nOur Uncertainty Ratings are: Low, Medium, High, Very \\nHigh, and Extreme.\\nMargin of Safety\\nQualitative Analysis \\nUncertainty Ratings QQQQQ Rating QRating\\nLow 20% Discount 25% Premium\\nMedium 30% Discount 35% Premium\\nHigh 40% Discount 55% Premium\\nVery High 50% Discount 75% Premium\\nExtreme 75% Discount 300% Premium\\nOur uncertainty rating is based on the interquartile range, \\nor the middle 50% of potential outcomes, covering the \\n25th percentile–75th percentile. This means that when a \\nstock hits 5 stars, we expect there is a 75% chance that \\nthe intrinsic value of that stock lies above the current \\nmarket price. Similarly, when a stock hits 1 star, we ex-\\npect there is a 75% chance that the intrinsic value of that \\nstock lies below the current market price.\\n4. Market Price\\nThe market prices used in this analysis and noted in the \\nreport come from exchange on which the stock is listed \\nwhich we believe is a reliable source.For more details about our methodology, please go to \\nhttps://shareholders.morningstar.com\\nMorningstar Star Rating for Stocks\\nOnce we determine the fair value estimate of a stock, we \\ncompare it with the stock’s current market price on a \\ndaily basis, and the star rating is automatically re-calcu-\\nlated at the market close on every day the market on \\nwhich the stock is listed is open. Our analysts keep close \\ntabs on the companies they follow, and, based on thor-\\nough and ongoing analysis, raise or lower their fair value \\nestimates as warranted.\\nPlease note, there is no predefined distribution of stars. \\nThat is, the percentage of stocks that earn 5 stars can \\nfluctuate daily, so the star ratings, in the aggregate, can \\nserve as a gauge of the broader market’s valuation. When \\nthere are many 5-star stocks, the stock market as a whole \\nis more undervalued, in our opinion, than when very few \\ncompanies garner our highest rating.\\nWe expect that if our base-case assumptions are true the \\nmarket price will converge on our fair value estimate over \\ntime generally within three years \u001b[0m\u001b[32m(\u001b[0m\u001b[32malthough it is im-\\npossible to predict the exact time frame in which market \\nprices may adjust\u001b[0m\u001b[32m)\u001b[0m\u001b[32m.\\nOur star ratings are guideposts to a broad audience and \\nindividuals must consider their own specific investment \\ngoals, risk tolerance, tax situation, time horizon, income \\nneeds, and complete investment portfolio, among other factors.\\nThe Morningstar Star Ratings for stocks are defined be-\\nlow:\\nQQQQQ We believe appreciation beyond a fair risk ad-\\njusted return is highly likely over a multiyear time frame. \\nScenario analysis developed by our analysts indicates \\nthat the current market price represents an excessively \\npessimistic outlook, limiting downside risk and maximiz-\\ning upside potential.\\nQQQQ We believe appreciation beyond a fair risk-ad-\\njusted return is likely.\\nQQQ Indicates our belief that investors are likely to re-\\nceive a fair risk-adjusted return \u001b[0m\u001b[32m(\u001b[0m\u001b[32mapproximately cost of \\nequity\u001b[0m\u001b[32m)\u001b[0m\u001b[32m.\\nQQ We believe investors are likely to receive a less than \\nfair risk-adjusted return.\\nQ Indicates a high probability of undesirable risk-adjus-\\nted returns from the current market price over a multiyear \\ntime frame, based on our analysis. Scenario analysis by \\nour analysts indicates that the market is pricing in an ex-\\ncessively optimistic outlook, limiting upside potential and \\nleaving the investor exposed to Capital loss.\\nOther Definitions\\nLast Price: Price of the stock as of the close of the mar-\\nket of the last trading day before date of the report.'\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 10 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nCapital Allocation Rating: Our Capital Allocation \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor \\nStewardship\u001b[0m\u001b[32m)\u001b[0m\u001b[32m Rating represents our assessment of the \\nquality of management’s capital allocation, with particu-\\nlar emphasis on the firm’s balance sheet, investments, \\nand shareholder distributions. Analysts consider compan-\\nies’ investment strategy and valuation, balance sheet \\nmanagement, and dividend and share buyback policies. \\nCorporate governance factors are only considered if they \\nare likely to materially impact shareholder value, though \\neither the balance sheet, investment, or shareholder dis-\\ntributions. Analysts assign one of three ratings: \"Exem-\\nplary\", \"Standard\", or \"Poor\". Analysts judge Capital Alloc-\\nation from an equity holder’s perspective. Ratings are de-\\ntermined on a forward looking and absolute basis. The \\nStandard rating is most common as most managers will \\nexhibit neither exceptionally strong nor poor capital alloc-\\nation.\\nCapital Allocation \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor Stewardship\u001b[0m\u001b[32m)\u001b[0m\u001b[32m analysis published pri-\\nor to Dec. 9, 2020, was determined using a different pro-\\ncess. Beyond investment strategy, financial leverage, and \\ndividend and share buyback policies, analysts also con-\\nsidered execution, compensation, related party transac-\\ntions, and accounting practices in the rating.\\nCapital Allocation Rating: Our Capital Allocation \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor \\nStewardship\u001b[0m\u001b[32m)\u001b[0m\u001b[32m Rating represents our assessment of the \\nquality of management’s capital allocation, with particu-\\nlar emphasis on the firm’s balance sheet, investments, \\nand shareholder distributions. Analysts consider compan-\\nies’ investment strategy and valuation, balance sheet \\nmanagement, and dividend and share buyback policies. \\nCorporate governance factors are only considered if they \\nare likely to materially impact shareholder value, though \\neither the balance sheet, investment, or shareholder dis-\\ntributions. Analysts assign one of three ratings: \"Exem-\\nplary\", \"Standard\", or \"Poor\". Analysts judge Capital Alloc-\\nation from an equity holder’s perspective. Ratings are de-\\ntermined on a forward looking and absolute basis. The \\nStandard rating is most common as most managers will \\nexhibit neither exceptionally strong nor poor capital alloc-\\nation.\\nCapital Allocation \u001b[0m\u001b[32m(\u001b[0m\u001b[32mor Stewardship\u001b[0m\u001b[32m)\u001b[0m\u001b[32m analysis published pri-\\nor to Dec. 9, 2020, was determined using a different pro-\\ncess. Beyond investment strategy, financial leverage, and \\ndividend and share buyback policies, analysts also con-\\nsidered execution, compensation, related party transac-\\ntions, and accounting practices in the rating.\\nSustainalytics ESG Risk Rating Assessment: The ESG \\nRisk Rating Assessment is provided by Sustainalytics; a \\nMorningstar company.\\nSustainalytics’ ESG Risk Ratings measure the degree to \\nwhich company’s economic value at risk is driven by en-\\nvironment, social and governance \u001b[0m\u001b[32m(\u001b[0m\u001b[32mESG\u001b[0m\u001b[32m)\u001b[0m\u001b[32m factors.Sustainalytics analyzes over 1,300 data points to assess a \\ncompany’s exposure to and management of ESG risks. In \\nother words, ESG Risk Ratings measures a company’s un-\\nmanaged ESG Risks represented as a quantitative score. \\nUnmanaged Risk is measured on an open-ended scale \\nstarting at zero \u001b[0m\u001b[32m(\u001b[0m\u001b[32mno risk\u001b[0m\u001b[32m)\u001b[0m\u001b[32m with lower scores representing \\nless unmanaged risk and, for 95% of cases, the unman-\\naged ESG Risk score is below 50.\\nBased on their quantitative scores, companies are \\ngrouped into one of five Risk Categories \u001b[0m\u001b[32m(\u001b[0m\u001b[32mnegligible, low, \\nmedium, high, severe\u001b[0m\u001b[32m)\u001b[0m\u001b[32m. These risk categories are absolute, \\nmeaning that a ‘high risk’ assessment reflects a compar-\\nable degree of unmanaged ESG risk across all subindus-\\ntries covered.\\nThe ESG Risk Rating Assessment is a visual representa-\\ntion of Sustainalytics ESG Risk Categories on a 1 to 5 \\nscale. Companies with Negligible Risk = 5 Globes, Low \\nRisk = 4, Medium Risk = 3 Globes, High Risk = 2 Globes, \\nSevere Risk = 1 Globe. For more information, please visit \\nsustainalytics.com/esg-ratings/\\nRatings should not be used as the sole basis in evaluating \\na company or security. Ratings involve unknown risks and \\nuncertainties which may cause our expectations not to \\noccur or to differ significantly from what was expected \\nand should not be considered an offer or solicitation to \\nbuy or sell a security.\\nRisk Warning\\nPlease note that investments in securities are subject to \\nmarket and other risks and there is no assurance or guar-\\nantee that the intended investment objectives will be \\nachieved. Past performance of a security may or may not \\nbe sustained in future and is no indication of future per-\\nformance. A security investment return and an investor’s \\nprincipal value will fluctuate so that, when redeemed, an \\ninvestor’s shares may be worth more or less than their \\noriginal cost. A security’s current investment performance \\nmay be lower or higher than the investment performance \\nnoted within the report. Morningstar’s Uncertainty Rating \\nserves as a useful data point with respect to sensitivity \\nanalysis of the assumptions used in our determining a fair \\nvalue price.\\nGeneral Disclosure\\nUnless otherwise provided in a separate agreement, re-\\ncipients accessing this report may only use it in the coun-\\ntry in which the Morningstar distributor is based. Unless \\nstated otherwise, the original distributor of the report is \\nMorningstar Research Services LLC, a U.S.A. domiciled \\nfinancial institution.\\nThis report is for informational purposes only and has no \\nregard to the specific investment objectives, financial situation or particular needs of any specific recipient. This \\npublication is intended to provide information to assist in-\\nstitutional investors in making their own investment de-\\ncisions, not to provide investment advice to any specific \\ninvestor. Therefore, investments discussed and recom-\\nmendations made herein may not be suitable for all in-\\nvestors: recipients must exercise their own independent \\njudgment as to the suitability of such investments and re-\\ncommendations in the light of their own investment ob-\\njectives, experience, taxation status and financial posi-\\ntion.\\nThe information, data, analyses and opinions presented \\nherein are not warranted to be accurate, correct, com-\\nplete or timely. Unless otherwise provided in a separate \\nagreement, neither Morningstar, Inc. or the Equity Re-\\nsearch Group represents that the report contents meet all \\nof the presentation and/or disclosure standards applic-\\nable in the jurisdiction the recipient is located.\\nExcept as otherwise required by law or provided for in a \\nseparate agreement, the analyst, Morningstar, Inc. and \\nthe Equity Research Group and their officers, directors \\nand employees shall not be responsible or liable for any \\ntrading decisions, damages or other losses resulting from, \\nor related to, the information, data, analyses or opinions \\nwithin the report. The Equity Research Group encourages \\nrecipients recipients of this report to read all relevant is-\\nsue documents \u001b[0m\u001b[32m(\u001b[0m\u001b[32me.g., prospectus\u001b[0m\u001b[32m)\u001b[0m\u001b[32m pertaining to the secur-\\nity concerned, including without limitation, information \\nrelevant to its investment objectives, risks, and costs be-\\nfore making an in vestment decision and when deemed \\nnecessary, to seek the advice of a legal, tax, and/or ac-\\ncounting professional.\\nThe Report and its contents are not directed to, or inten-\\nded for distribution to or use by, any person or entity who \\nis a citizen or resident of or located in any locality, state, \\ncountry or other jurisdiction where such distribution, pub-\\nlication, availability or use would be contrary to law or \\nregulation or which would subject Morningstar, Inc. or its \\naffiliates to any registration or licensing requirements in \\nsuch jurisdiction.\\nWhere this report is made available in a language other \\nthan English and in the case of inconsistencies between \\nthe English and translated versions of the report, the Eng-\\nlish version will control and supersede any ambiguities \\nassociated with any part or section of a report that has \\nbeen issued in a foreign language. Neither the analyst, \\nMorningstar, Inc., or the Equity Research Group guaran-\\ntees the accuracy of the translations.\\nThis report may be distributed in certain localities, coun-\\ntries and/or jurisdictions \u001b[0m\u001b[32m(\u001b[0m\u001b[32m“Territories”\u001b[0m\u001b[32m)\u001b[0m\u001b[32m by independent \\nthird parties or independent intermediaries and/or distrib-\\nutors \u001b[0m\u001b[32m(\u001b[0m\u001b[32m“Distributors”\u001b[0m\u001b[32m)\u001b[0m\u001b[32m. Such Distributors are not acting as \\nagents or representatives of the analyst, Morningstar, '\u001b[0m,\n", "\u001b[2;32m│ │ \u001b[0m\u001b[32m'Morningstar Equity Analyst Note | Report as of 25 Jan 2023 23:04, UTC | Reporting Currency: USD | Trading Currency: USD | Exchange: NEW YORK STOCK EXCHANGE, INC. Page 11 of 11\\n©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and \\nopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or \\naccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or \\nother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in \\npart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research \\nServices LLC, registered with and governed by the U.S. Securities and Exchange Commission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Please see important disclosures at \\nthe end of this report.ß ®Research Methodology for Valuing Companies\\nInc. or the Equity Research Group. In Territories where a \\nDistributor distributes our report, the Distributor is solely \\nresponsible for complying with all applicable regulations, \\nlaws, rules, circulars, codes and guidelines established by \\nlocal and/or regional regulatory bodies, including laws in \\nconnection with the distribution third-party research re-\\nports.\\nConflicts of Interest\\nuNo interests are held by the analyst with respect to the \\nsecurity subject of this investment research report.\\nuMorningstar, Inc. may hold a long position in the se-\\ncurity subject of this investment research report that \\nexceeds 0.5% of the total issued share capital of the \\nsecurity. To determine if such is the case, please click \\nhttp://msi.morningstar.com and http://mdi.morning-\\nstar.com\\nuAnalysts’ compensation is derived from Morningstar, \\nInc.’s overall earnings and consists of salary, bonus \\nand in some cases restricted stock.\\nuNeither Morningstar, Inc. or the Equity Research Group \\nreceives commissions for providing research nor do \\nthey charge companies to be rated.\\nuNeither Morningstar, Inc. or the Equity Research Group \\nis a market maker or a liquidity provider of the security \\nnoted within this report.\\nuNeither Morningstar, Inc. or the Equity Research Group \\nhas been a lead manager or co-lead manager over the \\nprevious 12-months of any publicly disclosed offer of \\nfinancial instruments of the issuer.\\nuMorningstar, Inc.’s investment management group \\ndoes have arrangements with financial institutions to \\nprovide portfolio management/investment advice some \\nof which an analyst may issue investment research re-\\nports on. However, analysts do not have authority over \\nMorningstar’s investment management group’s busi-\\nness arrangements nor allow employees from the in-\\nvestment management group to participate or influ-\\nence the analysis or opinion prepared by them.\\nuMorningstar, Inc. is a publicly traded company \u001b[0m\u001b[32m(\u001b[0m\u001b[32mTicker \\nSymbol: MORN\u001b[0m\u001b[32m)\u001b[0m\u001b[32m and thus a financial institution the se-\\ncurity of which is the subject of this report may own \\nmore than 5% of Morningstar, Inc.’s total outstanding \\nshares. Please access Morningstar, Inc.’s proxy state-\\nment, “Security Ownership of Certain Beneficial Own-\\ners and Management” section https://\\nshareholders.morningstar.com/investor-relations/fin-\\nancials/sec-filings/default.aspx\\nuMorningstar, Inc. may provide the product issuer or its \\nrelated entities with services or products for a fee and \\non an arms’ length basis including software products \\nand licenses, research and consulting services, data \\nservices, licenses to republish our ratings and research \\nin their promotional material, event sponsorship and \\nwebsite advertising.\\nFurther information on Morningstar, Inc.’s conflict of in-terest policies is available from https://\\nshareholders.morningstar.com Also, please note analysts \\nare subject to the CFA Institute’s Code of Ethics and \\nStandards of Professional Conduct.\\nFor a list of securities which the Equity Research Group \\ncurrently covers and provides written analysis on please \\ncontact your local Morningstar office. In addition, for his-\\ntorical analysis of securities covered, including their fair \\nvalue estimate, please contact your local office.\\nFor Recipients in Australia: This Report has been issued \\nand distributed in Australia by Morningstar Australasia \\nPty Ltd \u001b[0m\u001b[32m(\u001b[0m\u001b[32mABN: 95 090 665 544; ASFL: 240892 \u001b[0m\u001b[32m)\u001b[0m\u001b[32m. Morning-\\nstar Australasia Pty Ltd is the provider of the general ad-\\nvice \u001b[0m\u001b[32m(\u001b[0m\u001b[32m‘the Service’\u001b[0m\u001b[32m)\u001b[0m\u001b[32m and takes responsibility for the produc-\\ntion of this report. The Service is provided through the re-\\nsearch of investment products.\\nTo the extent the Report contains general advice it has \\nbeen prepared without reference to an investor’s object-\\nives, financial situation or needs. Investors should con-\\nsider the advice in light of these matters and, if applic-\\nable, the relevant Product Disclosure Statement before \\nmaking any decision to invest. Refer to our Financial Ser-\\nvices Guide \u001b[0m\u001b[32m(\u001b[0m\u001b[32mFSG\u001b[0m\u001b[32m)\u001b[0m\u001b[32m for more information at http://\\nwww.morningstar.com.au/fsg.pdf\\nFor Recipients in New Zealand: This report has been is-\\nsued and distributed by Morningstar Australasia Pty Ltd \\nand/or Morningstar Research Ltd \u001b[0m\u001b[32m(\u001b[0m\u001b[32mtogether ‘Morning-\\nstar’\u001b[0m\u001b[32m)\u001b[0m\u001b[32m. Morningstar is the provider of the regulated finan-\\ncial advice and takes responsibility for the production of \\nthis report. To the extent the report contains regulated \\nfinancial advice it has been prepared without reference to \\nan investor’s objectives, financial situation or needs. In-\\nvestors should consider the advice in light of these mat-\\nters and, if applicable, the relevant Product Disclosure \\nStatement before making any decision to invest. Refer to \\nour Financial Advice Provider Disclosure Statement at \\nwww.morningstar.com.au/s/fapds.pdf for more informa-\\ntion.\\nFor Recipients in Hong Kong: The Report is distributed \\nby Morningstar Investment Management Asia Limited, \\nwhich is regulated by the Hong Kong Securities and Fu-\\ntures Commission to provide services to professional in-\\nvestors only. Neither Morningstar Investment Manage-\\nment Asia Limited, nor its representatives, are acting or \\nwill be deemed to be acting as an investment profession-\\nal to any recipients of this information unless expressly \\nagreed to by Morningstar Investment Management Asia \\nLimited. For enquiries regarding this research, please con-\\ntact a Morningstar Investment Management Asia Limited \\nLicensed Representative at https://shareholders.morning-\\nstar.com\\nFor recipients in India: This Investment Research is is-sued by Morningstar Investment Adviser India Private \\nLimited. Morningstar Investment Adviser India Private \\nLimited is registered with the Securities and Exchange \\nBoard of India \u001b[0m\u001b[32m(\u001b[0m\u001b[32mRegistration number INA000001357 \u001b[0m\u001b[32m)\u001b[0m\u001b[32m and \\nprovides investment advice and research. Morningstar In-\\nvestment Adviser India Private Limited has not been the \\nsubject of any disciplinary action by SEBI or any other leg-\\nal/regulatory body. Morningstar Investment Adviser India \\nPrivate Limited is a wholly owned subsidiary of Morning-\\nstar Investment Management LLC. In India, Morningstar \\nInvestment Adviser India Private Limited has one asso-\\nciate, Morningstar India Private Limited, which provides \\ndata related services, financial data analysis and software \\ndevelopment. The Research Analyst has not served as an \\nofficer, director or employee of the fund company within \\nthe last 12 months, nor has it or its associates engaged in \\nmarket making activity for the fund company.\\n*The Conflicts of Interest disclosure above also applies to \\nrelatives and associates of Manager Research Analysts in \\nIndia # The Conflicts of Interest disclosure above also ap-\\nplies to associates of Manager Research Analysts in In-\\ndia. The terms and conditions on which Morningstar In-\\nvestment Adviser India Private Limited offers Investment \\nResearch to clients, varies from client to client, and are \\ndetailed in the respective client agreement.\\nFor recipients in Japan: The Report is distributed by Ib-\\nbotson Associates Japan, Inc., which is regulated by Fin-\\nancial Services Agency. Neither Ibbotson Associates Ja-\\npan, Inc., nor its representatives, are acting or will be \\ndeemed to be acting as an investment professional to any \\nrecipients of this information.\\nFor recipients in Singapore: For Institutional Investor \\naudiences only. Recipients of this report should contact \\ntheir financial professional in Singapore in relation to this \\nreport. Morningstar, Inc., and its affiliates, relies on cer-\\ntain exemptions \u001b[0m\u001b[32m(\u001b[0m\u001b[32mFinancial Advisers Regulations, Section \\n32B and 32C\u001b[0m\u001b[32m)\u001b[0m\u001b[32m to provide its investment research to recipi-\\nents in Singapore.'\u001b[0m\n", "\u001b[2;32m│ \u001b[0m\u001b[1m]\u001b[0m\n", "\u001b[1m}\u001b[0m\n" ] }, "metadata": {}, "output_type": "display_data" } ], "source": [ "upload_url = 'http://localhost:80/upload/'\n", "\n", "upload_files(data_dir, filelist[1], upload_url, show_content=True)" ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "### All files at once" ] }, { "cell_type": "code", "execution_count": 118, "metadata": {}, "outputs": [ { "data": { "text/html": [ "
'Uploaded ATT_SEC_AnnualReport_2022.pdf with response 200'\n",
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\n" ], "text/plain": [ "\u001b[32m'Uploaded AMZN_Morning Star_Transcript_Annual.pdf with response 200'\u001b[0m\n" ] }, "metadata": {}, "output_type": "display_data" } ], "source": [ "upload_files(data_dir, filelist, upload_url, show_content=False)" ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "All files and their embeddings are now in the parquet file. We can decide to push it into the vectorstore. " ] }, { "cell_type": "code", "execution_count": 114, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"message\":\"No data to erase\"}" ] } ], "source": [ "# does not affect the vectorstore, but it will destroy the parquet file with the embeddings\n", "# so make sure to create the index first\n", "!curl -X DELETE http://localhost:80/erase_data/" ] }, { "cell_type": "code", "execution_count": 119, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"files\":[\"ATT_SEC_AnnualReport_2022.pdf\",\"text_vectors.parquet\",\"ATT_StockAnalystNote_Annual_20230125.pdf\",\"ATT_CompanyReport_Annual_20230126.pdf\",\"AMZN_MS_CompanyReport_Annual_20230203.pdf\",\"AMZN_Morning Star_StockAnalystNote_20230203.pdf\",\"AMZN_Moodys_CreditRating_2023.pdf\",\"AMZN_Morning Star_Transcript_Annual.pdf\"]}" ] } ], "source": [ "!curl -X GET http://localhost:80/list_files/" ] }, { "cell_type": "code", "execution_count": 116, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "[\"message\\\": \\\"Collection erased!\"]" ] } ], "source": [ "!curl -X DELETE http://localhost:80/empty_collection/" ] }, { "cell_type": "code", "execution_count": 120, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"message\":\"Index creation successful\"}" ] } ], "source": [ "# uploading files creates the embeddings in a parquet file\n", "# when one is satisfied with the nb of files uploaded, he can create the index\n", "# the parquet file is then destroyed to allow uploading files incrementally\n", "!curl -X POST http://localhost:80/create_index/" ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "Now, we can ask questions" ] }, { "cell_type": "code", "execution_count": 121, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":[\"Lastly, during the quarter, we increased our reserves for general product and automobile self-\\ninsurance liabilities, driven by changes in our estimates about the cost of asserted and unasserted \\nclaims, resulting in additional expense of $1.3 billion. This impact is primarily recorded in cost of \\nsales on our income statement. As our business has grown quickly over the last several years, \\nparticularly as we've built out our fulfillment and transportation network, and claim amounts have \\nseen industry-wide inflation, we've continued to evaluate and adjust this reserve for both asserted \\nclaims, as well as our estimate for unasserted claims.\\nWe reported overall net income of $278 million in the fourth quarter. While we primarily focus our \\ncomments on operating income, I'd point out that this net income includes a pre-tax valuation loss \\nof $2.3 billion included in non-operating income from our common stock investment in Rivian \\nAutomotive. As we've noted in recent quarters, this activity is not related to Amazon's ongoing \\noperations, but rather the quarter-to-quarter fluctuations in Rivian's stock price. As we head into \\nthe New Year, we remain heads down focused on driving a better customer experience.\",\"tenet of we want to find a way to meaningfully streamline our costs in all of our businesses, not \\njust their existing large businesses, but also in some of the investments we're making, we want to \\nactually do a pretty good thorough look about what we're investing and how much we think we \\nneed to. But doing so, without having to give up our ability to invest in the key long-term strategic \\ninvestments that we think could change broad customer experiences, and change Amazon over \\ntime.\\nAnd you saw that process led to us choosing to pause on incremental headcount, as we tried to \\nassess what was happening in the economy, and we eliminated some programs, Fabric.com, and \\nAmazon Care, and Amazon Glow, and Amazon Explore, and we decided to go slower on some -- \\non the physical store expansion and the grocery space until we had a format that we really \\nbelieved in rolling out, and we went a little bit slower on some devices. Until we made the very \\nhard decision that Brian talked about earlier, which was the hardest decision I think we've all been \\na part of, which was to reduce or eliminate 18,000 roles.\",\"operating income. This operating income was negatively impacted by three large items, which \\nadded approximately $2.7 billion of costs in the quarter. This is related to employee severance, \\nimpairments of property and equipment and operating leases, and changes in estimates related to \\nself-insurance liabilities. These costs primarily impacted our North America segment. If we had not \\nincurred these charges in Q4, our operating income would have been approximately $5.4 billion. \\nWe are encouraged with the progress we continue to make in streamlining the costs in our \\nAmazon Stores business. We entered the quarter with labor more appropriately matched to \\ndemand across our operations network, compared to Q4 of last year, allowing us to have the right \\nlabor, in the right place, at the right time, and drive productivity gains. We also saw continued \\nefficiencies across our transportation network, where process and tech improvements resulted in \\nhigher Amazon Logistics productivity and improved line haul fill rates. While transportation \\noverperformed expectations in the quarter, we also saw productivity improvements across our \\nfulfillment centers, in line with our plan. We also saw good leverage driven by strong holiday \\nvolumes.\"]}" ] } ], "source": [ "!curl -X POST http://localhost:80/ask/ -H \"Content-Type: application/json\" -d '{\"question\": \"what is Amazon loss\"}' " ] }, { "cell_type": "code", "execution_count": 124, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":[\"Lastly, during the quarter, we increased our reserves for general product and automobile self-\\ninsurance liabilities, driven by changes in our estimates about the cost of asserted and unasserted \\nclaims, resulting in additional expense of $1.3 billion. This impact is primarily recorded in cost of \\nsales on our income statement. As our business has grown quickly over the last several years, \\nparticularly as we've built out our fulfillment and transportation network, and claim amounts have \\nseen industry-wide inflation, we've continued to evaluate and adjust this reserve for both asserted \\nclaims, as well as our estimate for unasserted claims.\\nWe reported overall net income of $278 million in the fourth quarter. While we primarily focus our \\ncomments on operating income, I'd point out that this net income includes a pre-tax valuation loss \\nof $2.3 billion included in non-operating income from our common stock investment in Rivian \\nAutomotive. As we've noted in recent quarters, this activity is not related to Amazon's ongoing \\noperations, but rather the quarter-to-quarter fluctuations in Rivian's stock price. As we head into \\nthe New Year, we remain heads down focused on driving a better customer experience.\",\"tenet of we want to find a way to meaningfully streamline our costs in all of our businesses, not \\njust their existing large businesses, but also in some of the investments we're making, we want to \\nactually do a pretty good thorough look about what we're investing and how much we think we \\nneed to. But doing so, without having to give up our ability to invest in the key long-term strategic \\ninvestments that we think could change broad customer experiences, and change Amazon over \\ntime.\\nAnd you saw that process led to us choosing to pause on incremental headcount, as we tried to \\nassess what was happening in the economy, and we eliminated some programs, Fabric.com, and \\nAmazon Care, and Amazon Glow, and Amazon Explore, and we decided to go slower on some -- \\non the physical store expansion and the grocery space until we had a format that we really \\nbelieved in rolling out, and we went a little bit slower on some devices. Until we made the very \\nhard decision that Brian talked about earlier, which was the hardest decision I think we've all been \\na part of, which was to reduce or eliminate 18,000 roles.\",\"operating income. This operating income was negatively impacted by three large items, which \\nadded approximately $2.7 billion of costs in the quarter. This is related to employee severance, \\nimpairments of property and equipment and operating leases, and changes in estimates related to \\nself-insurance liabilities. These costs primarily impacted our North America segment. If we had not \\nincurred these charges in Q4, our operating income would have been approximately $5.4 billion. \\nWe are encouraged with the progress we continue to make in streamlining the costs in our \\nAmazon Stores business. We entered the quarter with labor more appropriately matched to \\ndemand across our operations network, compared to Q4 of last year, allowing us to have the right \\nlabor, in the right place, at the right time, and drive productivity gains. We also saw continued \\nefficiencies across our transportation network, where process and tech improvements resulted in \\nhigher Amazon Logistics productivity and improved line haul fill rates. While transportation \\noverperformed expectations in the quarter, we also saw productivity improvements across our \\nfulfillment centers, in line with our plan. We also saw good leverage driven by strong holiday \\nvolumes.\"]}" ] } ], "source": [ "!curl -X POST http://localhost:80/ask/ -H \"Content-Type: application/json\" -d '{\"question\": \"what is Amazon loss\"}' " ] }, { "cell_type": "code", "execution_count": 125, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":[\"In addition, AT&T has only begrudgingly invested to \\nexpand its fiber optic network in the past. New CEO John Stankey has increased investment to retain customers \\nand has made fiber construction a top priority, which should improve AT&T’s position but will also dent cash flow \\nover at least the next couple of years. \\nAT&T has placed a priority on debt reduction since the Time Warner merger closed, using asset sales as a part of \\nthis effort. Not all these sales have made strategic sense, in our view. For example, the sale of its wireless assets \\nin Puerto Rico seemed odd, given the territory’s strong ties to the U.S. and AT&T’s presence elsewhere in Latin \\nAmerica. Management has also been less than forthright, in our view, concerning the debt load, using preferred \\nshares, receivables securitization, and vendor financing to cloud its financial picture. \\nShareholders have suffered because of AT&T’s choices. The stock returned only 2% annually over the 20 years \\nleading up to the Warner spinoff and 3% over the previous decade, as a declining share price has partially offset \\ndividends paid.\",\"The firm then pursued the AWS-3 auction, the DirecTV deal, expansion into Mexico, the Time Warner \\nacquisition, and the recent C-band auction. With leverage nearing 3.2 times EBITDA in early 2021, AT&T’s capital \\nstructure simply didn’t line up well with a large dividend payout. Yet management explicitly expressed support for \\nthe prior dividend until immediately before changing direction, catching long-suffering investors off guard. \\nThese capital forays not only left AT&T with a weaker balance sheet, they also left the firm in a weaker \\ncompetitive position overall, in our view. With 2015’s DirecTV purchase, AT&T acquired a satellite TV business \\nthat was, at best, peaking in maturity. AT&T has sold a stake in the television business but still has exposure to \\nthis declining business. More importantly, as the firm was shifting its strategy, it didn’t invest as aggressively as \\nit should have in its core business. Until recently, it had prioritized short-term margins over maintaining wireless \\nmarket share, allowing T-Mobile to steadily steal customers.\",\"We believe this operation holds a solid \\ncompetitive position in a consolidating market. AT&T is one of only a handful of companies capable of providing \\ncomplex communications services to business customers with geographically diverse needs. We roughly estimate \\nthis segment earns 10%-15% returns on invested capital excluding goodwill (AT&T’s most recent major \\nacquisition in this area was the 2005 purchase of the legacy AT&T long-distance business). Business services \\nrevenue has steadily declined in recent years, falling to less than $23 billion in 2022 from $29 billion five years \\nearlier. Margins in this segment have held steady, but profits have also declined (EBITDA was less than $9 billion \\n2022 versus $11 billion in 2017). A significant but undisclosed amount of legacy business remains and will \\ncontinue to exert pressure on growth over the next several years, but AT&T has begun to focus its efforts on core \\nnetwork connectivity and services where its assets allow it to deliver unique solutions. Management expects the \\nsegment will near stability in 2023 with growth returning thereafter. \\nAT&T’s last significant business, consumer fixed-line services, doesn’t possess a moat, in our view.\"]}" ] } ], "source": [ "!curl -X POST http://localhost:80/ask/ -H \"Content-Type: application/json\" -d '{\"question\": \"Is ATT financially healthy?\"}' " ] }, { "cell_type": "code", "execution_count": 123, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":[\"Antitrust, data \\nprivacy, and section 230 have been repeatedly invoked.\\nFrom an environmental, social, and governance perspective, data breaches and service outages are a concern for \\nany type of cloud service provider. As a retailer, Amazon has personal information for hundreds of millions of \\nconsumers around the world, while AWS hosts proprietary mission-critical data for enterprises.\\nFinancial Strength Dan Romanoff, Senior Equity Analyst, 3 Feb 2023\\nWe believe Amazon is financially sound. Revenue is growing rapidly, margins are expanding, the company has \\nunrivaled scale, and the balance sheet is in great shape. In our view, the marketplace will remain attractive to \\nthird-party sellers, as Prime continues to tightly weave consumers to Amazon. We also see AWS and advertising \\ndriving overall corporate growth and continued margin expansion.\\nAs of Dec. 31, 2022, Amazon had $70.0 billion in cash and marketable securities, offset by $67.2 billion in debt. \\nWe also expect free cash flow generation, which suffered during COVID-19 as the company invested heavily in \\nfacility expansion, content creation, and its transportation network, to return to more normal levels over the next \\ncouple of years.\",\"All figures are calculated using Moody’s estimates and standard adjustments.\\nSource: Moody’s Financial Metrics™\\nExhibit 12\\nPeer snapshot\\n(in US millions)FYE\\nDec-21FYE\\nDec-22LTM\\nMar-23FYE\\nJan-21FYE\\nJan-22FYE\\nJan-23FYE\\nDec-21FYE\\nDec-22LTM\\nMar-23FYE\\nAug-21FYE\\nAug-22LTM\\nFeb-23FYE\\nMay-21FYE\\nMay-22LTM\\nFeb-23\\nRevenue $469,822 $513,983 $524,897 $559,151 $572,754 $611,289 $257,637 $282,836 $284,612 $195,929 $226,954 $234,390 $40,479 $42,440 $47,957\\nEBITDA $59,058 $44,673 $47,159 $36,657 $39,032 $37,233 $91,935 $94,469 $93,141 $8,928 $10,195 $10,493 $19,363 $19,268 $19,314\\nTotal Debt $133,\",\"We believe \\nthat Amazon’s advertising business is growing approximately as fast as Facebook revenue was growing when \\nFacebook was the size of Amazon’s other business and is growing considerably faster than Google was at the \\nsame scale. Overall, we see clear share gains in online advertising, which we think are a result of years of \\ninvesting in and building out the firm’s advertising platform, but the opaque disclosures around the business \\nkeep us from definitively identifying a positive moat trend around its proprietary data and technology.\\nRisk and Uncertainty Dan Romanoff, Senior Equity Analyst, 3 Jun 2022\\nWe believe that the uncertainty for Amazon is high and that despite being an e-commerce leader, the company \\nfaces a variety of risks.\\nAmazon must protect its leading online retailing position, which can be challenging as consumer preferences \\nchange, especially post-COVID-19 (as consumers may revert to prior behaviors), and traditional retailers bolster \\ntheir online presence. Maintaining an e-commerce edge has pushed the company to make investments in \\nnontraditional areas, such as producing content for Prime Video and building out its own transportation network. \\nSimilarly, the company must also maintain an attractive value proposition for its third-party sellers.\"]}" ] } ], "source": [ "!curl -X POST http://localhost:80/ask/ -H \"Content-Type: application/json\" -d '{\"question\": \"Is Google financially healthy?\"}' " ] }, { "cell_type": "code", "execution_count": 134, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":\"The context provided does not contain specific information regarding Google's financial health.\"}" ] } ], "source": [ "!curl -X POST http://localhost:80/ragit/ -H \"Content-Type: application/json\" -d '{\"question\": \"Is Google financially healthy?\"}' " ] }, { "cell_type": "code", "execution_count": 133, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":\"Amazon reported a pre-tax valuation loss of $2.3 billion included in non-operating income from their common stock investment in Rivian Automotive.\"}" ] } ], "source": [ "!curl -X POST http://localhost:80/ragit/ -H \"Content-Type: application/json\" -d '{\"question\": \"what is Amazon loss\"}' " ] }, { "cell_type": "code", "execution_count": 136, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":\"Yes, AT&T does have postpaid phone customers. The company added 813,000 postpaid phone customers during the quarter, marking the strongest second quarter performance in a decade. Additionally, the average revenue per postpaid phone customer grew by 1.1% compared to the previous year, indicating a positive trend in this customer segment.\"}" ] } ], "source": [ "!curl -X POST http://localhost:80/ragit/ -H \"Content-Type: application/json\" -d '{\"question\": \"Does ATT have postpaid phone customers?\"}' " ] }, { "cell_type": "code", "execution_count": 139, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "{\"answer\":\"Yes, AT&T has postpaid phone customers according to the information provided in the context. The data shows that AT&T added a specific number of postpaid phone customers during a quarter, indicating that AT&T offers postpaid phone services.\"}" ] } ], "source": [ "!curl -X POST http://localhost:80/ragit/ -H \"Content-Type: application/json\" -d '{\"question\": \"Does Google have postpaid phone customers?\"}' " ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "This error comes from the fact that the search results do not always contain 'ATT' in them. And Cisco sells phones too, so it's easy for the LLM to make an error." ] }, { "cell_type": "code", "execution_count": 141, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "Your space is in error, check its status on hf.co" ] } ], "source": [ "!curl -X POST \"https://jpbianchi-finrag.hf.space/ragit/\" -H \"Content-Type: application/json\" -d '{\"question\": \"Does ATT have postpaid phone customers?\"}'" ] }, { "cell_type": "code", "execution_count": 2, "metadata": {}, "outputs": [ { "name": "stdout", "output_type": "stream", "text": [ "Your space is in error, check its status on hf.co" ] } ], "source": [ "!curl -X GET \"https://jpbianchi-finrag.hf.space/ping/\"" ] } ], "metadata": { "kernelspec": { "display_name": "venv", "language": "python", "name": "python3" }, "language_info": { "codemirror_mode": { "name": "ipython", "version": 3 }, "file_extension": ".py", "mimetype": "text/x-python", "name": "python", "nbconvert_exporter": "python", "pygments_lexer": "ipython3", "version": "3.10.14" } }, "nbformat": 4, "nbformat_minor": 2 }