CoreSite's Future Is Bright Due to Its Uniquely Connected Data Centers; Initiating With $110 FVE
We are initiating coverage on CoreSite with a narrow moat, stable moat trend, and fair value estimate of $110 per share, which implies an EV/adjusted EBITDA multiple of 17 and a price/AFFO multiple of 24 based on our 2018 forecast. We view the stock as fairly valued at current levels, but we would jump at this name on a material pullback.CoreSite operates carrier hotels and prioritizes interconnection, which we think makes the firm's business much more attractive than nearly all competitors ove...
The company is a self-administered, and self-managed real estate investment trust (REIT) and the company conducts certain activities through its taxable REIT subsidiaries. Through its controlling interest in CoreSite, L.P., the company is engaged in the business of ownership, acquisition, construction and operation of data centers in some data center markets in the United States, including the San Francisco Bay area, Los Angeles, the Northern Virginia area (including Washington D.C.), the New York area, Boston, Chicago, Denver and Miami. The company delivers data center and interconnection solutions to a customer ecosystem across eight key North American communication markets.
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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