Despite Cogent’s cost advantage, sustaining long-term double-digit top-line growth is a tough goal.
Cogent delivered second-quarter results that roughly track with our expectations, as total revenue grew 9% year over year, or 10% in constant currency. While such growth is high in absolute terms, it is at the low end of management’s long-term revenue growth target of 10%-20% per year. Reported EBITDA margin, which excludes gains from asset-related transactions, was 33.5% in the quarter, up from 31.8% a year ago, due to favorable operating leverage. We are affirming our no-moat rating and fair v...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.
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