Zayo's Fiscal 2Q Results Meet Expectations Amid Strategic Confusion; FVE to $29 from $28
No-moat Zayo's fiscal second-quarter revenue and EBITDA margins were in line with our forecast. The bigger highlight, however, was the revelation and subsequent confusion regarding the reversal of the previously disclosed decision to split the company and management's new plan to reorganize its reporting segments. We wouldn't be surprised if the vacillation has caused investors angst, but we are heartened that it is not coming on the back of poor performance. To the contrary, results were fine, ...Zayo Group Holdings is a holding company. Through its subsidiaries, the company is a provider of communications and bandwidth infrastructure in the United States, Canada and Europe. The company has four segments: Zayo Networks, which provides access to bandwidth infrastructure; Zayo Colocation, which provides data center and cloud infrastructure solutions to a range of enterprise, carrier, cloud and content customers; Allstream, which provides Cloud VoIP and Data Solutions; and Other, which is comprised of Zayo Professional Services that provides network and technical resources to customers. Key products include leased dark fiber, fiber to cellular towers and small cell sites and other bandwidth offering.
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