Report
Matthew Dolgin
EUR 100.00 For Business Accounts Only

CenturyLink's Near-Term Success Relies Primarily on a Successful Integration of Level 3

CenturyLink disappointed the market with third-quarter revenue well below consensus estimates, but while we agree the acceleration of the revenue decline looks bad, we see no change to the narrative management has been promoting since the merger with Level 3 last year. The firm has avoided giving revenue guidance and told us it's focusing on profitable revenue growth, willing to let unprofitable revenue leave. It is also intent on achieving massive synergies, expanding EBITDA margin, and growing...
Underlying
Lumen Technologies Inc.

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.

Provider
Morningstar
Morningstar

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.

Analysts
Matthew Dolgin

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