Morningstar - Windstream Holdings Inc. (WINMQ) Challenges Lead to Extreme Uncertainty and Make Windstream Unattractive, Despite Our $4.50 FVE

Report

Morningstar

Matthew Dolgin

EUR 100.00 For Business Accounts Only

Challenges Lead to Extreme Uncertainty and Make Windstream Unattractive, Despite Our $4.50 FVE

We are initiating coverage on Windstream with no moat, a negative moat trend, and a $4.50 fair value estimate, which implies an enterprise value/EBITDA multiple of 3 based on our 2019 projections. But with equity value currently making up only a sliver of the firm's enterprise value, the stock price is extremely sensitive to any projection adjustments, and we wouldn't find it investable at any level. We see Windstream as very challenged, with a declining business that will constantly require the...

04/01/2019 13 EN

Underlying

Windstream Holdings Inc.

Windstream Holdings is a holding company. Through its subsidiaries, the company is a provider of network communications and technology solutions for businesses across the U.S. The company also provides broadband, entertainment and security solutions to consumers and small businesses primarily in rural areas. The company's consumer & small business segment provides local and long-distance voice services and high-speed Internet services. The company's enterprise segment provides integrated voice and data services, which deliver voice and broadband services over a single Internet connection. The company's wholesale operations are focused on providing network bandwidth to other telecommunications carriers and content providers.

See profile

US97382A3095 United States

Provider

Morningstar

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.

See profile

Analysts

Matthew Dolgin

Other Reports on these Companies

TheScreener

Due to a more favourable environment, WINDSTREAM HDG.INCO. slightly increases to Slightly Negative

WINDSTREAM HDG.INCO. (US), a company active in the Integrated Telecommunications industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Slightly Negative even if it remains under pressure. As of the analysis date January 10, 2020, the closing price was USD 0.10 and its target price was estimated at USD 0.03.

Free Trial

January 11, 2020 January 11, 2020 6 EN

Morningstar

Morningstar | Windstream Provides Update on Bankruptcy Proceedings and View of Uniti Lease With 1Q Results

No-moat Windstream released first-quarter results that highlighted some of the challenges its business faces but were consistent with recent trends. The unsurprising results also had some encouraging items, including accelerating growth in its consumer broadband base and continuing strides in enterprise strategic services. In addition, management provided its view on the Uniti network lease, which Windstream must accept or reject by June 25 (although we expect Windstream to invoke its right to extend the deadline by three months). We are leaving our fair value estimate under review during bank...

EUR 850.00

May 15, 2019 May 15, 2019 3 EN

Morningstar

Windstream Provides Update on Bankruptcy Proceedings and View of Uniti Lease With 1Q Results

EUR 100.00

May 15, 2019 May 15, 2019 15 EN

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

EUR 100.00

July 25, 2019 July 25, 2019 13 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Challenges Lead to Extreme Uncertainty and Make Windstream Unattractive, Despite Our $4.50 FVE

Due to a more favourable environment, WINDSTREAM HDG.INCO. slightly increases to Slightly Negative

Morningstar | Windstream Provides Update on Bankruptcy Proceedings and View of Uniti Lease With 1Q Results

Windstream Provides Update on Bankruptcy Proceedings and View of Uniti Lease With 1Q Results

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe