AT&T seems to be buying the operations of T-Mobile from Deutsch Telecom. In other words, it’s not assuming debt or cash. More details will be needed to be certain, but if this is correct, then the purchase price is reflective of the enterprise value (EV) of the company. At $39 billion for roughly 35 million customers, let’s say the operations of T-Mobile are worth roughly $1,000 per customer. Sprint, a comparable operation to T-Mobile, has roughly 50 million customers, meaning it would be fairly valued with an EV of $50 billion. It’s current EV is $30 billion, so it looks significantly undervalued. Sprint also has rights to more spectrum than T-Mobile, although it is also incurring more expenses building out its network.