CenturyLink’s Legacy Businesses Declined while Strategic Services Disappointed; Shares Undervalued
CenturyLink delivered first-quarter results that largely track our expectations, as total revenue was down 4% year over year. This was driven by a 9% decline in its legacy business relative to last year that outweighed flattish performance in its strategic services. The firm saw weakness in both enterprise and consumer markets. We are maintaining our narrow moat rating based on the firm’s scale in the enterprise telecom market, which we believe will be enhanced by the acquisition of Level-3. Man...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.
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