FYBR: Company worth at least $63 / share, based on mgmt. forecast
We are grateful for management’s most recent arguments in favor of the current deal price. Management asserts that a DCF is the best approach to value the Company, given a dearth of good comps. We will focus this response on management’s approach to the DCF. We show that, based on management’s own forecasts, a DCF yields a standalone value of at least $63 / share. We show that the Company is worth at least $131 / share to Verizon. We will respond to management’s thoughts on comps in the next report.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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