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Due to a more favourable environment, WINDSTREAM HDG.INCO. slightly in...
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, ...
- Matthew Dolgin
Morningstar | Windstream Provides Update on Bankruptcy Proceedings and...
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 e...
- Matthew Dolgin
Windstream Provides Update on Bankruptcy Proceedings and View of Uniti...
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 e...
- Matthew Dolgin
Morningstar | Importance of Windstream's Unsurprising 4Q Results Is Ov...
After filing for bankruptcy last month and delaying its scheduled fourth-quarter earnings update, Windstream released results on March 15 but did not hold a conference call. Results were consistent with the recent trends that we expect to continue for this no-moat company--overall business is declining, as Windstream's legacy services are uprooted by newer options, but Windstream is finding success with newer offerings of its own, which may one day become meaningful contributors. Nonetheless, be...
- Matthew Dolgin
Importance of Windstream's Unsurprising 4Q Results Is Overshadowed by ...
After filing for bankruptcy last month and delaying its scheduled fourth-quarter earnings update, Windstream released results on March 15 but did not hold a conference call. Results were consistent with the recent trends that we expect to continue for this no-moat company--overall business is declining, as Windstream's legacy services are uprooted by newer options, but Windstream is finding success with newer offerings of its own, which may one day become meaningful contributors. Nonetheless, be...
Moody's downgrades Windstream's PDR to D-PD from Caa3-PD; Ratings to b...
Rating Action: Moody's downgrades Windstream's PDR to D-PD from Caa3-PD; Ratings to be withdrawn. Global Credit Research- 26 Feb 2019. New York, February 26, 2019-- Moody's Investors Service downgraded Windstream Services, LLC's probability of default rating to D-PD from Caa3-PD following the announcement that the company filed a petition for relief under Chapter 11 of the US Bankruptcy Code on February 25, 2019. Windstream's corporate family rating was affirmed at Caa3, its...
- Matthew Dolgin
Morningstar | We're Placing Windstream and Uniti Under Review Amid Rum...
Rumors circled on Feb. 25, 2019, that a Windstream bankruptcy filing was imminent, the immediate aftereffect of the firm's recent trial loss that determined it had breached a debt covenant. Though we assumed Windstream would be unable to survive that judgment, we expected the firm would remain solvent until it could appeal the decision. With that looking increasingly unlikely, we are placing Windstream stock under review. Uniti has also been in flux in the aftermath of the legal decision, as it...
- Matthew Dolgin
We're Placing Windstream and Uniti Under Review Amid Rumors of Pending...
Rumors circled on Feb. 25, 2019, that a Windstream bankruptcy filing was imminent, the immediate aftereffect of the firm's recent trial loss that determined it had breached a debt covenant. Though we assumed Windstream would be unable to survive that judgment, we expected the firm would remain solvent until it could appeal the decision. With that looking increasingly unlikely, we are placing Windstream stock under review. Uniti has also been in flux in the aftermath of the legal decision, as it ...
- Matthew Dolgin
Morningstar | Windstream's Trial Loss Marginally Increases Its Bankrup...
On Feb. 15, 2019, District Court Judge Jesse Furman issued his ruling in favor of Aurelius in its trial against Windstream. He found that Windstream violated debt covenants when it spun off Uniti; Windstream did not legitimately issue new bonds with its attempt to negate the default; and Aurelius is entitled to a money judgment of over $300 million. We expect Windstream to appeal the decision, so we don't believe any repercussions are imminent. However, although we expected an appeal regardless ...
- Matthew Dolgin
Morningstar | We See Windstream as Uninvestable Unless It Wins an Appe...
We see Windstream as very challenged, with a declining business that will constantly require the firm to make staying solvent its priority. We see avenues to accomplish that, but we have a difficult time realistically expecting more. Windstream's enterprise business accounts for more than half the firm's revenue and is undergoing a major evolution. The firm has embraced SD-WAN, software-defined wide area networking, technology to meet customers' networking needs. Though SD-WAN and other strategi...
- Matthew Dolgin
We See Windstream as Uninvestable Unless It Wins an Appeal, Resulting ...
On Feb. 15, 2019, District Court Judge Jesse Furman issued his ruling in favor of Aurelius in its trial against Windstream. He found that Windstream violated debt covenants when it spun off Uniti; Windstream did not legitimately issue new bonds with its attempt to negate the default; and Aurelius is entitled to a money judgment of over $300 million. We expect Windstream to appeal the decision, so we don't believe any repercussions are imminent. However, although we expected an appeal regardless ...
- Matthew Dolgin
Morningstar | Windstream's Trial Loss Marginally Increases Its Bankrup...
On Feb. 15, 2019, District Court Judge Jesse Furman issued his ruling in favor of Aurelius in its trial against Windstream. He found that Windstream violated debt covenants when it spun off Uniti; Windstream did not legitimately issue new bonds with its attempt to negate the default; and Aurelius is entitled to a money judgment of over $300 million. We expect Windstream to appeal the decision, so we don't believe any repercussions are imminent. However, although we expected an appeal regardless ...
- Matthew Dolgin
Windstream's Trial Loss Marginally Increases Its Bankruptcy Risk and H...
On Feb. 15, 2019, District Court Judge Jesse Furman issued his ruling in favor of Aurelius in its trial against Windstream. He found that Windstream violated debt covenants when it spun off Uniti; Windstream did not legitimately issue new bonds with its attempt to negate the default; and Aurelius is entitled to a money judgment of over $300 million. We expect Windstream to appeal the decision, so we don't believe any repercussions are imminent. However, although we expected an appeal regardless ...
- Matthew Dolgin
Morningstar | WIN Updated Star Rating from 04 Jan 2019
We see Windstream as very challenged, with a declining business that will constantly require the firm to make staying solvent its priority. We see avenues to accomplish that, but we have a difficult time realistically expecting more. Windstream's enterprise business accounts for more than half the firm's revenue and is undergoing a major evolution. The firm has embraced SD-WAN, software-defined wide area networking, technology to meet customers' networking needs. Though SD-WAN and other strategi...
- Matthew Dolgin
Morningstar | Challenges Lead to Extreme Uncertainty and Make Windstre...
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...
- Matthew Dolgin
A Declining Business and Weak Financial Position Leave Windstream Stoc...
We see Windstream as very challenged, with a declining business that will constantly require the firm to make staying solvent its priority. We see avenues to accomplish that, but we have a difficult time realistically expecting more. Windstream's enterprise business accounts for more than half the firm's revenue and is undergoing a major evolution. The firm has embraced SD-WAN, software-defined wide area networking, technology to meet customers' networking needs. Though SD-WAN and other strategi...
- Matthew Dolgin
Challenges Lead to Extreme Uncertainty and Make Windstream Unattractiv...
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...
Moody's appends limited default designation to Windstream's PDR
Moody's Investors Service (Moody's) affirmed Windstream Services, LLC's (Windstream) Caa1-PD probability of default rating (PDR) and appended a limited default (LD) designation to the PDR, which will be removed within three business days. Concurrently, Moody's affirmed Windstream's other ratings...
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