We are Reducing our FVE for Calix to $7 from $9 Based on Slower Gross Margin Expansion
We have taken a fresh look into Calix and will reduce our fair value estimate to $7 from $9 as we are less optimistic about near-term gross margins and long-term gross margin expansion. The increasing interest of Calix’s customers in hiring professional services, which come along with major project rollouts, could potentially limit the company’s future gross margin accretion. The company is also planning to further expand its professional services force, which will keep the downward pressure on ...Calix is a provider of cloud and software platforms, systems and software for fiber- and copper-based network architectures. The company is also a provider of software defined access and cloud products focused on access networks and the subscriber. The company's portfolio allows for a range of subscriber services to be provisioned and delivered over a single unified network. The company's access systems can deliver voice and data services, broadband services, mobile broadband, as well as high-definition video and online gaming. The company's premises systems enable communications service providers to manage the smart home and business and provide new services to their device enabled subscribers.
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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