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...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.
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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