Adtran Reported No Surprises in Q1, and We Maintain Our $15 FVE; Shares Overvalued
Adtran started fiscal 2017 in line with our expectations, posting 20% top-line growth thanks to an increased focus from carriers on upgrading access networks. The company’s solid portfolio of DSL-related technologies helps the firm to remain in the pole position relative to the competition and protect its market share. We are content with the company’s lower-than-historical gross margin given the scope and scale of new greenfield deployments, and we expect this metric to fluctuate in the near te...ADTRAN is a provider of networking and communications equipment. The company's solutions and services enable voice, data, video and internet communications across a variety of network infrastructures. The company has two segments: Network Solutions, which provides solutions supporting fiber-, copper- and coaxial-based infrastructures and a number of wireless solutions, lowering the overall cost to deploy services across a range of applications for Carrier and Cable/multiple-service operator networks; and Services and Support, which provides turn-key suit of services to help operators accelerate deployment of their networks including planning, engineering, construction, installation, test, and turn-up.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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