Skepticism About GTT's Organic Growth Potential Leads Us to Initiate Coverage With a $31 FVE
We are initiating coverage on GTT with a $31 fair value estimate, no-moat rating, and stable trend. Our valuation implies an enterprise value/adjusted EBITDA multiple of 11, slightly below the low- to midteens range of recent years, and makes the stock currently appear overvalued.GTT operates a global communications network, which it has built through a series of leases, and it has no metro footprint, instead partnering with local carriers for last-mile connections. GTT further distinguishes it...
GTT Communications provides cloud networking services including: wide area networking, which provides a variety of wide area networking solutions, including software-defined wide area networking, multiprotocol label switching, virtual private LAN service, and Ethernet; transport and infrastructure services, which provides a suite of transport and infrastructure services over its global network; internet, which provides clients internet connectivity and IP transit with availability and packet delivery; managed services, which provides managed network services, including managed equipment, security, managed hosting; and voice, which provides local voice service in various countries.
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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