Cloud Boom Aids CyrusOne, but We See Undifferentiated Data Centers; Initiating Coverage With $50 FVE
We are initiating coverage on CyrusOne with a no-moat rating, stable trend, and fair value estimate of $50 per share, which implies an EV/adjusted EBITDA multiple of 16 and a price/AFFO multiple of 16 based on our 2018 forecast. We view the stock as overvalued at current levels, and we would likely be looking to other names in the space on an industrywide pullback.CyrusOne is primarily a wholesale data center provider that pursues hyperscale tenants. About 70% of its annualized rent comes from ...
CyrusOne is a self-managed data center real estate investment trust that owns, operates and develops enterprise-class, carrier-neutral, multi-tenant and single-tenant data center properties. Data centers are real estate assets that serve as centralized repositories of server, storage and network equipment. They are designed to provide the space, power, cooling and network connectivity necessary to operate information technology equipment. The company provides data center facilities that protect and ensure the continued operation of information technology infrastructure for customers in data centers and recovery centers in markets including in the U.S., London, U.K., Singapore and Frankfurt, Germany.
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.
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