Downgrading CenturyLink's Moat Rating From Narrow to None; Reducing FVE From $27 to $23
We have taken a fresh look at CenturyLink’s fundamentals and competitive positioning and are lowering our fair value estimate to $23 per share from $27 and downgrading our moat rating to none from narrow. We believe CenturyLink’s moat sources have eroded to the point where the company no longer possesses an economic moat. In both the consumer and business segments, CenturyLink’s steady loss of market share has crumbled its cost advantage. In the small and midsize business segment, the cable indu...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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