The stock still trades at a discount to peers, under 9.5 times forward earnings versus roughly 13x for the group. EPS growth is now guided to 6-7%, and free cash flow growth guidance got bumped to 9-10% from 7% previously. That’s a meaningful acceleration from the low single-digit free cash flow growth Verizon posted the last few years. Free cash flow payout ratio sits under half of what the company generates, and the roughly 6% yield comes with a multi-year streak of annual hikes. Total debt keeps climbing, and net debt jumped close to 20% year over year.