CenturyLink Shares Are Very Compelling Even After Our $2 FVE Cut to $18
We are reducing our fair value estimate for CenturyLink to $18 from $20 after revising the time period over which we estimate CenturyLink will realize the cash tax benefits from its net operating losses, or NOLs, and mildly increasing our discount rate. Our opinion on the firm's underlying business is unchanged. We think it faces significant challenges in stabilizing revenue and does not benefit from a moat. However, we think the stock is undervalued.In our view, the market is pricing in top-li...
CenturyLink, via its subsidiaries, is a communications company engaged in providing an array of integrated services to its business and residential customers. The company's segments include: International and Global Accounts Management, which provides products and services to global enterprise customers; Enterprise, which provides products and services to regional domestic and global enterprises; Small and Medium Business, which provides products and services to small and medium businesses directly and through its indirect channel partners; and Wholesale, which provides products and services to other communication providers across the wireline, wireless, cable, voice and data center sectors.
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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