Adtran's business is steady. However, much work remains to be done on margins.
Adtran posted second-quarter results that were above our expectations thanks to solid gross margin expansion. While revenue growth was fairly modest, the strong gross margin expansion due to a favorable product mix boosted overall results. Adtran continues to benefit from Connect America Fund Phase II and overall growth in deployments of next-generation fixed-access broadband solutions such as G.fast and GPON2. Our no-moat rating and $13 fair value estimate are unchanged. We believe the stock is...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.
We have operations in 27 countries.
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