seekingalpha.com/article/4519587-at-and-t-free-cash-flow-yield-alert
Summary In terms of price action, AT&T has done fine versus the broad market since the Warner Brothers Discovery spin off. Furthermore, AT&T might have reached a relative bottom when looking at the longer view of price action over time. Perhaps more importantly, AT&T has continued to demonstrate strong free cash flows, plus the FCF yield appears to be stable, if not rising. Putting the Warner Brothers Discovery spin off and dividend cut behind, it appears that AT&T is positioned for success into 2023. Looking for a helping hand in the market? Members of Growth Stock Renegade get exclusive ideas and guidance to navigate any climate. Learn More ยป Getting to the Starting Line

On April 11th, AT&T (NYSE:T) completed the spin-off of Warner Brothers Discovery (WBD). Of course, most T and WBD investors are very aware of this, and even many of the important details.

What's less well understood is how valuation and price have been shifting rapidly in a strange market, or at least weird market conditions. We've got war, inflation, supply chain issues and more.

So, we shall take a look at T's valuation and price, and leave WBD for another day. In other words, WBD is only mentioned here to give more context for T. In this article, we'll see why now might be a good time to accumulate T. The specific emphasis will be free cash flow yield stability, and maybe even growth.

Something Weird Happened

Let's take a look at T versus WBD, just for a quick minute.

...there was never a good time to sell T once we found out that WBD was getting spun off. If you sold immediately, you'd be down since T's price was already suppressed by the market. And, if you held, your dividend was cut, and you got WBD. Since WBD is down, you've lost money. In other words, your dividend income is down, and your capital has been eroded.

Furthermore, I feel that it's still true, or even more true...

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