Assuming Tougher Competition Across the Board, We're Reducing Rogers' FVE to CAD 55
After taking a fresh look at Rogers Communications, we are reducing our fair value estimate to CAD 55 from CAD 60. We are maintaining our narrow-moat rating but downgrading Rogers' moat trend to negative from stable. We think greater competition in both the wireless and cable segments (collectively about 85% of total revenue) in the medium term will result in more modest subscriber gains, less pricing power, and minimal EBITDA margin expansion. Our valuation implies an EV/EBITDA multiple of 8 ba...Rogers Communications is a holding company operating as a communications and media company. Co. has four segments: Wireless, which provides wireless telecommunications operations; Cable, which provides cable telecommunications, including internet, television, and telephony services; Business Solutions, which provides network connectivity through its fibre network and data centre assets to support voice, data, networking, hosting, and cloud-based services for businesses, governments, and other telecommunications providers; and Media, which consist of media properties, including television and radio broadcasting, shopping, publishing, sports media and entertainment, and digital media.
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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