Cogent's Network and Lack of Legacy Products Make It Attractive; Launching Coverage With $53 FVE
We are launching coverage on Cogent with a narrow moat rating, stable trend, and $53 fair value estimate, which implies an EV/adjusted EBITDA multiple of 15 based on our 2019 forecast. In addition, our exemplary stewardship rating is based on what we see as very responsible us of capital throughout the firm's existence and shrewd network investment decisions. Our enthusiasm is tempered by challenging evolution in Cogent's industries, but we believe the firm is better positioned to succeed than m...Cogent Communications Holdings is a facilities-based provider of Internet access, private network services, and data center colocation space. The company's network is designed and optimized to transmit packet switched data. The company provides on-net Internet access services through its own facilities, which run from its network to its customers' premises. The company's on-net service consists of Internet access and private network services offered at speeds ranging from 100 Megabits per second to 100 Gigabits per second. In addition to providing its on-net services, the company provides Internet access and private network services to customers that are not located in buildings directly connected to its network.
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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