Initiating Coverage of Charter With a $350 FVE and Narrow Moat; Shares Modestly Overvalued
We are initiating coverage on Charter with a $350 fair value estimate, leaving the shares modestly overvalued at current prices. We expect the firm’s network architecture will enable it to steadily add network capacity at modest incremental cost, allowing it to meet customers’ Internet access needs. However, the firm’s returns on capital are subpar today. Thus, while we believe Charter will enjoy a strong competitive position, we have only awarded it a narrow moat rating. We also believe the eff...Charter Communications is a holding company. Through its subsidiaries, the company is a cable operator and a broadband communications company providing video, Internet and voice services. The company also provides its mobile service to residential customers. In addition, the company sells video and online advertising inventory to local, regional and national advertising customers and communications and managed solutions to enterprise customers. The company also owns and operates regional sports networks and local sports, news and community channels. The company owns and operates a two-way telecommunications network which passes various households and small and medium businesses across United States.
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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