RCN Corporation Rating: Buy
|
|
- Christine Wilcox
- 5 years ago
- Views:
Transcription
1 SATELLITE, CABLE & BROADCASTING David B. Kestenbaum James Leahy Company Update September 7, 2007 Key Metrics RCNI - NASDAQ $13.39 Pricing Date 09/06/2007 Price Target $ Week Range $30.74-$12.16 Shares Outstanding (mm) 37.9 Market Capitalization ($mm) $ Mo Average Daily Volume 518,426 Institutional Ownership 92% Debt/Total Capital 73.3% ROE NM Book Value/Share $5.10 Price/Book 2.6x Dividend Yield NM LTM EBITDA Margin NM EPS($) FY: December Prior Curr. Prior Curr. 2006A 2007E 2007E 2008E 2008E 1Q-Mar (0.59)A Q-Jun (0.69) -- (2.15)A Q-Sep (0.60) -- (0.35)E Q-Dec (0.65) -- (0.25)E FY (0.25) -- (3.32)E -- (2.96)E P/E NM NM NM Revenue($mm) Prior Curr. Prior Curr. 2006A 2007E 2007E 2008E 2008E 1Q-Mar A Q-Jun A Q-Sep E Q-Dec E FY E E 1 Year Price History for RCNI Q3 Q1 Q Created by BlueMatrix Company Description: RCN Corporation ( is a provider of bundled telecommunication services in the US. These include analog cable TV, digital cable TV, high-speed Internet, and voice service. The company also provides a variety of commercial products and services to voice carriers, Internet Service Providers, data providers, and other enterprise customers. These services include SONET and Ethernet-based transport services, dark fiber leases, high-speed Internet access, managed servers and Webhosting, bulk and retail video service, and voice services RCN Corporation Rating: Buy Despite the Tape; Things Look Good; Reiterate Buy Investment Highlights: We remain confident in RCN's flexible financial structure, LT growth initiatives, and consistent operating performance. In our view, the company continues to take the appropriate steps to grow the business, maintain balance sheet flexibility, and increase shareholder value. Given RCN's strong operating fundamentals, consistent financial performance, and current valuation, we reiterate our Buy and $20PT. We believe RCN can reach 30% EBITDA margins within 2 years. EBITDA margins were 23.6% in 2Q07, representing a 380bp improvement off 19.8% margins in 2Q06 as RCN continued to focus on streamlining targeted marketing initiatives and improving field operations. While the company's SG&A remains above its competitors, we believe its cost cutting initiatives are working and that they will continue in 2008 and beyond. Further, we note that the Commercial side is already generating EBITDA margins of nearly 30%, which we believe can grow to the mid-30% range in the next two years. Ultimately, the combination of accelerated SG&A containment and continued Commercial margin upside leads us to believe our 2008 EBITDA margin estimate of 25.8% could prove conservative. Telephone drags but negative impact should diminish. Telephone revenue declined 8.2% in 2Q07, which dragged overall Core Residential growth downwards to 3.3% growth from 7.0% ex-voice. However, the other two businesses continue to perform well and offset Telephone declines related to both microwave and fixed-to-mobile substitution. Additionally, few microwave customers are left. Going forward, we believe that while Telephone revenues will continue to fall, the rate of decline will moderate around 2%-3% Y/Y. FiOS threat is overdone. FiOS is only in 50% of RCN's markets and does not target MDU's (multi-dwelling units). Given that RCN's New York MDU penetration is approximately 97% and Verizon is not located in Chicago, Boston is the only RCN market that could potentially feel some FiOS impact (MDU's make up 41% of total penetration). However, pricing for both services is relatively consistent; accordingly, we do not believe there is much incentive for customers to switch. Neon bank financing secure; we believe deal multiple will be favorable. RCN expects the transaction to close around November 1. We ultimately believe the acquisition price will be favorable. Annualizing Neon's 1H07 EBITDA generates a 13.7x multiple, which excludes potential margin improvement or synergy impact. Our $15mm synergy expectation generates a 7.6x EV/EBITDA in 2008, which we believe is more than acceptable. The Disclosure section may be found on pages 5-6 of this report. The Valuation section may be found on page 5 of this report.
2 We remain confident in RCN's flexible financial structure, long term growth initiatives, and consistent operating performance. In our view, the company continues to take the appropriate steps to grow the business, maintain balance sheet flexibility, and increase shareholder value. More specifically, we remain confident that RCN can generate EBITDA margins of 30% over the next two years via continued revenue growth, SG&A cost containment, and additional Commercial upside, which will soon include the Neon acquisition. Given the company's strong operating fundamentals, consistent financial performance, and current valuation, we reiterate our Buy rating and $20PT. Still confident the company can reach 30% EBITDA margins within 2 years. EBITDA margins were 23.6% in 2Q07, and represented a 380bp improvement Y/Y as RCN continued to focus on streamlining targeted marketing initiatives and improving field operations. While the company's SG&A remains above that of its competitor's, RCNI has vastly improved this metric from 2006 levels in the year to date. Overall, we believe the company's cost cutting initiatives are taking hold and will accelerate in 2008 and beyond. Accordingly, we believe our 2008 SG&A expectations could prove conservative, which could boost EBITDA margins higher than currently expected levels. Further, we note that the Commercial side of RCN's business is already generating EBITDA margins of nearly 30%, which could contribute additional upside to overall company margins. More specifically, given the high revenue-growth, fixed-cost nature of the business (as well as continued cuts in SG&A expenses), we believe the Commercial side could easily grow to the mid-30% range in the next two years. Ultimately, the combination of accelerated SG&A containment as well as continued Commercial margin upside (our current estimates do not include Neon) leads us to believe our 2008 EBITDA margin estimate of 25.8% could prove very conservative. Telephone remains somewhat of a drag but negative impact should diminish; other businesses are strong. Telephone revenue declined 8.2% in 2Q07, which dragged overall Core Residential growth downwards to 3.3% growth from 7.0% ex-voice during the quarter. However, the other two businesses continue to perform well and offset Telephone declines related to both microwave and fixed-to-mobile substitution. Video and Data revenues rose 6.7% and 8.7%, respectively, Y/Y in 2Q07, while RGU additions were also strong, particularly on the Data side. Further, we believe the segment's rate of decline will moderate as microwave customers are now almost completely churned (we estimate that less than 5,000 subscribers currently remain). Overall, we believe that while Telephone revenues will continue to fall, the rate of decline will moderate around 2-3% per quarter going forward. In our view, the FiOS threat is overdone. Despite noise from Verizon (VZ - $ - NYSE) about its FiOS deployment and speculation that FiOS competition has hit RCN, we believe RCN has seen little competitive impact and that most of its markets will be relatively well insulated going forward. More specifically, FiOS is only in 50% of RCN's markets and does not target MDU's (multi-dwelling units), a core component of RCN's New York, Boston, and Chicago markets. Given that RCN's New York MDU penetration is approximately 97% and Verizon is not located in Chicago, Boston is the only RCN market that could potentially feel some FiOS impact (MDU's make up 41% of total penetration). However, pricing for both services is relatively consistent, and accordingly, we do not believe there is a huge incentive for customers to switch from RCN's network over to FiOS. Overall, given that FiOS only overlaps with approximately 25% of RCN's total network base, we believe the threat from FiOS is largely overexaggerated. Bank financing for Neon is secure; we believe the deal multiple will be favorable. The company expects the transaction to close around November 1. It will pay for the transaction with a $250mm bank facility and $10mm in cash. Once the financing closes, Neon must hit agreed-upon financial metrics in 3Q07 to complete the acquisition. Given the company's performance(revenues grew 12% in 1H07 while EBITDA grew 166%), 2 MORGAN JOSEPH & CO. INC.
3 we believe Neon will meet the requirements. In addition, we believe the acquisition price will be very favorable for RCN once the deal closes (estimated 4Q07) and synergies come into play. More specifically, annualizing 1H07 EBITDA generates an EV/EBITDA multiple of approximately 13.7x, which is inline with Neon's peers; however, this does not include potential margin improvement or synergy impact. While RCN expects to see approximately 10mm in synergies (implies an 8.9x multiple), we believe this view is conservative and expect synergies of approximately $15mm. This generates a multiple to 7.6x in 2008, which is more than acceptable, in our view. We continue to expect long-term upside from RCN's footprint expansion. RCN continues to expand its footprint, having built out 20,000 homes of the 50,000-75,000 it targets for the year. To that end, the company has already announced that it will build out four new Lehigh Valley communities and four Boston neighborhoods over the balance of the year. Going forward, we believe RCN's move to build out new areas and target "cold pockets" within current service areas will drive both RGUs and long-term revenue growth. Valuation. The company's currently trade at x 2008E TEV/EBITDA, below our 6.8x target multiple and well below the current 6.9x and 7.0x multiples for Comcast (CMCSA - $ - NASDAQ) and Cablevision (CVC - $ - NYSE). This comes as RCN continues to demonstrate its ability to deliver consistent performance and in the midst of several long-term growth initiatives. 3 MORGAN JOSEPH & CO. INC.
4 RCN Corporation - Quarterly and Annual Income Statements E ($ in millions) December Q06 1Q06PF 2Q06 3Q06 3Q06PF 4Q06 4Q06PF Q07 2Q07 3Q07E 4Q07E 2007E 2008E Total Revenues $561.0 $143.6 $135.8 $157.3 $157.6 $149.7 $158.3 $150.6 $616.8 $153.3 $159.2 $157.9 $161.2 $631.5 $654.0 Yr/Yr Change in Revenue ($) 19.2% 2.0% NE 11.2% 13.5% 7.8% 13.2% 7.6% 10.0% 12.9% 1.2% 5.5% 7.0% NE 3.6% Qtr/Qtr Change in Revenue ($) NE 2.6% NE 9.5% 0.2% -4.8% 5.8% 0.6% NE 1.8% 3.8% -0.8% 2.1% NE NE Costs and expenses Direct expenses $196.8 $49.9 $47.5 $50.3 $51.9 $49.3 $54.8 $52.4 $206.8 $53.1 $54.3 $52.9 $51.6 $211.8 $209.3 % of Revenues 35.1% 34.8% 34.9% 32.0% 32.9% 32.9% 34.6% 34.8% 33.5% 34.6% 34.1% 33.5% 32.0% 33.5% 32.0% Operating and selling, general and administrative $276.0 $66.5 $62.8 $70.7 $71.2 $67.0 $69.8 $66.0 $278.2 $64.1 $63.3 $67.2 $71.1 $265.7 $276.2 Total Costs $472.8 $116.5 $110.2 $120.9 $123.0 $116.3 $124.6 $118.4 $485.0 $117.2 $117.6 $120.1 $122.7 $477.6 $485.5 EBITDA $88.1 $27.1 $25.6 $36.4 $34.6 $33.4 $33.7 $32.3 $131.9 $36.1 $41.6 $37.8 $38.5 $154.0 $168.5 % of Revenues 15.7% 18.9% 18.9% 23.1% 22.0% 22.3% 21.3% 21.4% 21.4% 23.6% 26.1% 23.9% 23.9% 24.4% 25.8% EBITDA Growth NE 17.2% NE 83.9% 48.6% 43.5% 53.9% 47.1% 49.6% 41.0% NE 9.2% 19.3% 16.8% 9.4% Depreciation & Amortization Other Charges/Asset Impairments (2.2) Stock Compensation Expenses Operating Income (expense) ($116.3) ($30.1) ($30.1) ($18.1) ($18.8) ($20.0) ($21.4) ($22.9) ($88.4) ($20.5) ($10.2) ($10.5) ($6.8) ($48.0) ($71.5) Operating Margin NE NE NE NE NE NE NE NE NM NE NE NE NE NM NM Interest Income (Expense) (42.3) (9.3) (9.3) (4.9) (2.9) (2.9) (2.8) (2.8) (20.0) (2.3) (4.0) (2.3) (2.3) (11.0) (40.0) Other Income (expense) (2.2) (0.0) (0.0) (0.2) (0.1) (65.2) (65.4) 0.0 Pretax Income ($137.8) $68.4 $68.4 ($25.3) ($21.8) ($23.0) ($24.4) ($24.5) ($3.0) ($23.0) ($79.5) ($12.8) ($9.1) ($124.4) ($111.5) Pretax Income Margin NE 47.6% 50.4% NE NE NE NE NE NE NE NE NE NE NE NE Income Tax (0.8) (7.5) (7.5) (0.1) (0.1) (7.6) (0.1) (0.1) 0.3 (0.4) Net Income ($138.6) $61.0 $60.9 ($25.3) ($21.8) ($23.0) ($24.5) ($24.7) ($10.6) ($22.4) ($79.5) ($12.9) ($9.2) ($124.1) ($111.9) EPS (weighted average) ($3.85) $1.68 $1.68 ($0.69) ($0.60) ($0.63) ($0.65) ($0.65) ($0.25) ($0.59) ($2.15) ($0.35) ($0.25) ($3.32) ($2.96) EPS Growth NE NE NE NE NE NE NE NE NE NE NE NE NE NE NE Shares (weighted average) Source: Company reports and Morgan Joseph & Co. Inc. estimates 4 MORGAN JOSEPH & CO. INC.
5 Required Disclosures Rating and Price Target History for: RCN Corporation (RCNI) as of /07/06 I:Hold:NA 08/10/07 Buy:$ Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q Created by BlueMatrix Price Target Our price target is $20.00 per share. Valuation Methodology Our Buy rating and $20.00 price target are based on TEV/EBITDA multiple analysis. On a TEV/EBITDA basis, RCN today trades at a 5.8x our 2007E estimate and 5.3x our 2008E estimate. On a comparative basis, Comcast (CMCSA - $ NASDAQ) and Cablevision (CVC - $ NYSE) each trade at 7.9x 2007E Street consensus estimates and at 6.9x and 7.1x 2008 Street consensus, respectively. Our target 2008E TEV/EBITDA estimate is 6.8x, still at a discount to the current trading levels for Comcast and Cablevision, a discount we believe is prudent given the level of growth RCN should deliver compared to the growth that Comcast and Cablevision are set to deliver. Risk Factors RCN operates in a highly competitive market. RCN's network buildout strategy is relatively expensive and may not generate sufficient RGU additions. The telecommunications industry is subject to an ever changing regulatory environment. As programming costs rise, RCN has less bargaining power compared to its larger competitors. The company recently took on significant additional debt. I, David Kestenbaum, the author of this research report, certify that the views expressed in this report accurately reflect my personal views about the subject securities and issuers, and no part of my compensation was, is, or will be directly or indirectly tied to the specific recommendations or views contained in this research report. I, James Leahy, the author of this research report, certify that the views expressed in this report accurately reflect my personal views about the subject securities and issuers, and no part of my compensation was, is, or will be directly or indirectly tied to the specific recommendations or views contained in this research report. Research analyst compensation is dependent, in part, upon investment banking revenues received by Morgan Joseph & Co. Inc. Morgan Joseph & Co. Inc. intends to seek or expects to receive compensation for investment banking services from the subject company within the next three months. 5 MORGAN JOSEPH & CO. INC.
6 Investment Banking Services/Past 12 Mos. Rating Percent Percent BUY [B] HOLD [H] SELL [S] Meaning of Ratings A) Buy means reasonable outperformance relative to the market over months. B) Hold means market-type risk adjusted performance; potential source of funds. C) Sell means expected to underperform the market. Other Disclosures The information contained herein is based upon sources believed to be reliable but is not guaranteed by us and is not considered to be all inclusive. It is not to be construed as an offer or the solicitation of an offer to sell or buy the securities mentioned herein. Morgan Joseph & Co. Inc., its affiliates, shareholders, officers, staff, and/or members of their families, may have a position in the securities mentioned herein, and, before or after your receipt of this report, may make or recommend purchases and/or sales for their own accounts or for the accounts of other customers of the Firm from time to time in the open market or otherwise. Opinions expressed are our present opinions only and are subject to change without notice. Morgan Joseph & Co. Inc. is under no obligation to provide updates to the opinions or information provided herein. Additional information is available upon request. Copyright 2007 by Morgan Joseph & Co. Inc. Morgan Joseph & Co. Inc. 600 Fifth Avenue, 19th Fl New York, NY Tel Fax Sales and Trading New York Tel Fax Pittsford Tel Fax MORGAN JOSEPH & CO. INC.
RCN Corporation Rating: Hold
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com James Leahy 212-218-3784 jleahy@morganjoseph.com Company Update / Estimates Change March 15, 2007 Key Metrics
More informationMillicom International Cellular Rating: Buy
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com Heather Hou 212-218-3713 hhou@morganjoseph.com Company Update October 7, 2008 Key Metrics MICC - NASDAQ $58.45
More informationCentral European Media Enterprises Rating: Buy
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com Company Update July 29, 2008 Key Metrics CETV - NASDAQ $82.82 Pricing Date 07/28/2008 Price Target $150.00
More informationCentral European Media Enterprises Rating: Buy
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com Julia A. Heckman 212-218-3772 jheckman@morganjoseph.com Company Update / Estimates Change October 22, 2007
More informationSterling Construction Company, Inc. Rating: Hold
ENGINEERING & CONSTRUCTION Richard S. Paget, CFA 212-218-3894 rpaget@morganjoseph.com Christopher Bamman 212-218-3989 cbamman@morganjoseph.com Company Update / Estimates Change May 11, 2006 Key Metrics
More informationMarvel Entertainment, Inc. Rating: Hold
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com Company Update / Estimates Change February 24, 2006 Key Metrics MVL - NYSE $17.34 Pricing Date 02/23/2006 Price
More informationJAKKS Pacific, Inc. Rating: Buy
HARDLINE/LEISURE Jeffrey Blaeser 212-218-3739 jblaeser@morganjoseph.com Andrew R. Peters 212-218-3992 apeters@morganjoseph.com Company Update / Price Target Change / Estimates Change February 21, 2008
More informationCalgon Carbon Corporation Rating: Hold
WATER COMPANIES Christopher Bamman 212-218-3989 cbamman@morganjoseph.com Richard S. Paget, CFA 212-218-3894 rpaget@morganjoseph.com Company Update / Estimates Change February 25, 2008 Key Metrics CCC -
More informationConn's Inc. Rating: Buy
HARDLINE/LEISURE Jeffrey Blaeser 212-218-3739 jblaeser@morganjoseph.com Company Update August 8, 2007 Key Metrics CONN - NASDAQ $22.35 Pricing Date 08/07/2007 Price Target $34.00 52-Week Range $32.19-$17.61
More informationPep Boys - Manny, Moe & Jack Rating: Buy
HARDLINE/LEISURE Jeffrey Blaeser 212-218-3739 jblaeser@morganjoseph.com Company Update / Estimates Change November 29, 2007 Key Metrics PBY - NYSE $11.51 Pricing Date 11/28/2007 Price Target $24.00 52-Week
More informationAlvarion Ltd. Rating: Buy
TECHNOLOGY Kevin Dede, CFA 212-218-3714 kdede@morganjoseph.com Company Update June 11, 2008 Key Metrics ALVR - NASDAQ $7.95 Pricing Date 06/11/2008 Price Target $11.00 52-Week Range $15.21-$5.20 Shares
More informationTrump Entertainment Resorts, Inc. Rating: Hold
GAMING Justin T. Sebastiano (212) 218-3857 jsebastiano@morganjoseph.com Company Update April 14, 2008 Key Metrics TRMP - NASDAQ $2.87 Pricing Date 04/11/2008 Price Target NA 52-Week Range $17.52-$2.86
More informationSirius Satellite Radio Rating: Buy
SATELLITE, CABLE & BROADCASTING David B. Kestenbaum 212-218-3851 dkestenbaum@morganjoseph.com Company Update / Estimates Change February 8, 2006 Key Metrics SIRI - NASDAQ $5.76 Pricing Date 02/07/2006
More informationAkamai Technologies, Inc. Rating: Buy
COMMUNICATIONS TECHNOLOGY Erik Zamkoff 212-218-3850 ezamkoff@morganjoseph.com Company Update / Price Target Change December 21, 2005 Key Metrics AKAM - NASDAQ $19.66 Pricing Date 12/20/2005 Price Target
More informationLakes Entertainment, Inc. Rating: Buy
GAMING Justin T. Sebastiano (212) 218-3857 jsebastiano@morganjoseph.com Company Update September 26, 2008 Key Metrics LACO - NASDAQ $6.27 Pricing Date 09/26/2008 Price Target $10.00 52-Week Range $10.02-$3.86
More informationCeragon Networks, Ltd. Rating: Buy
TECHNOLOGY Kevin Dede, CFA 212-218-3714 kdede@morganjoseph.com James R. Moore 212-218-3773 jmoore@morganjoseph.com Company Update September 25, 2008 Key Metrics CRNT - NASDAQ $7.45 Pricing Date 09/24/2008
More informationTrump Entertainment Resorts, Inc. Rating: Hold
GAMING Justin T. Sebastiano (212) 218-3857 jsebastiano@morganjoseph.com Company Update May 29, 2008 Key Metrics TRMP - NASDAQ $3.40 Pricing Date 05/28/2008 Price Target NA 52-Week Range $16.41-$2.29 Shares
More informationCablevision Systems Corporation.
January 14, 2015 Cablevision Systems Corporation. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/10/2014 Current Price (01/13/15) $20.00 Target Price
More informationCharter Communications Inc.
December 12, 2014 Charter Communications Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 02/26/2014 Current Price (12/11/14) $164.16 Target Price $172.00 SUMMARY
More informationVerizon Communications Inc.
April 22, 2016 Verizon Communications Inc. VZ * - NYSE Rating: Neutral Price: (4/21/16) $50.03 Price Targets: 12-18 month: $53 5-year: $57 Industry: Telecommunications James G. Moorman, CFA 212.240.9863
More informationComcast EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Comcast 2Q16 Follow-Up: Raising Price Target to $74, 8x 2017E EBITDA.
EQUITY RESEARCH QUARTERLY UPDATE July 29, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $74.00 CMCSA - NASDAQ $67.86 3-5 Yr. EPS Gr. Rate 17% 52-Wk Range $68.36-$50.01 Shares Outstanding 2,446.0M
More informationRCN Announces Second Quarter 2002 Results
RCN Announces Second Quarter Results Company Continues Operational Progress; Announces Charge in Second Quarter PRINCETON, NJ -- August 07, - RCN Corporation (OTC Bulletin Board: RCNCQ.PK) today reported
More informationIsle of Capri Casinos Inc. Rating: Buy
GAMING Adam Steinberg, CFA 212-218-3756 asteinberg@morganjoseph.com Initiating Coverage January 9, 2006 Key Metrics ISLE - NASDAQ $24.88 Pricing Date 01/06/2006 Price Target $29.00 52-Week Range $31.39-$19.09
More informationAruba Networks, Inc. Rating: Buy
TECHNOLOGY Kevin Dede, CFA 212-218-3714 kdede@morganjoseph.com James R. Moore 212-218-3773 jmoore@morganjoseph.com Company Update September 29, 2008 Key Metrics ARUN - NASDAQ $4.93 Pricing Date 09/26/2008
More informationVerizon EQUITY RESEARCH QUARTERLY UPDATE PERFORM. VZ 3Q16 First Look: Mixed Results, Positive Guidance Maintained.
EQUITY RESEARCH QUARTERLY UPDATE October 20, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $50.38 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$43.79 Shares Outstanding 4,085.0M Float 3,758.0M
More informationVerizon EQUITY RESEARCH COMPANY UPDATE PERFORM. Verizon 2Q16 Follow-up; Guidance Points to Improved 2017 Outlook. July 26, 2016
EQUITY RESEARCH COMPANY UPDATE July 26, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $54.81 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$38.06 Shares Outstanding 4,085.0M Float 3,758.0M
More informationFrontier Communications Corporation
January 20, 2015 Frontier Communications Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 02/27/2006 Current Price (01/19/15) $6.83 Target Price
More informationStage Stores, Inc. Rating: Hold
HARDLINE/LEISURE Jeffrey Blaeser 212-218-3739 jblaeser@morganjoseph.com Company Update October 26, 2007 Key Metrics SSI - NYSE $17.79 Pricing Date 10/25/2007 Price Target NA 52-Week Range $24.24-$15.27
More informationInitiating Coverage of XM Satellite Radio (XMSR:NASDAQ) with a Buy (1) Rating and a Price Target of $40
Initiating Coverage of XM Satellite Radio (XMSR:NASDAQ) with a Buy (1) Rating and a Price Target of $40 RATING Industry: Satellite, Cable & Broadcasting Current Buy (1) Analyst: David B. Kestenbaum (212)
More informationO'Reilly Automotive, Inc. Quick Read: Weather Likely Weighed Upon Sales a Bit
EQUITY RESEARCH QUARTERLY UPDATE July 27, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $300.00 ORLY - NASDAQ $277.51 3-5 Yr. EPS Gr. Rate 18% 52-Wk Range $284.66-$225.12 Shares Outstanding 99.4M
More information[Please refer to Appendix. Comcast Corporation (CMCSA) Solid Q3, Though Competition Concerns Weighing on Stock ESTIMATE CHANGE
October 27, 2016 Baird Equity Research Connected Technology Comcast Corporation (CMCSA) Solid Q3, Though Competition Concerns Weighing on Stock X1 a differentiator. Yesterday morning Comcast reported solid
More informationInvestor Update. First Quarter 2015
Investor Update First Quarter 2015 May 5, 2015 Safe Harbor Statement Forward-Looking Language This report contains forward-looking statements, related to future, not past, events. Forward-looking statements
More informationCredit Suisse Global Credit Products Conference. October 4, 2012
Credit Suisse Global Credit Products Conference October 4, 2012 Ralph Kelly SVP and Treasurer Basis of Presentation All financial and operating results included in this presentation (except for capital
More informationAmerican Tower Corp. AMT 3Q16 Results: Solid Quarter with a Beat and Raise on EBITDA
EQUITY RESEARCH COMPANY UPDATE October 27, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $130.00 AMT - NYSE $115.67 3-5 Yr. EPS Gr. Rate 20% 52-Wk Range $118.26-$83.07 Shares Outstanding 430.0M
More informationVerizon EQUITY RESEARCH COMPANY UPDATE PERFORM. Verizon to Acquire Fleetmatics; Smart/Accretive Acquisition. August 1, 2016 COMMUNICATION AND CLOUD
EQUITY RESEARCH COMPANY UPDATE August 1, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $55.41 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$38.06 Shares Outstanding 4,085.0M Float 3,758.0M
More informationSidoti & Company, LLC Member FINRA & SIPC Required disclosures appear in the Appendix.
Member FINRA & SIPC Required disclosures appear in the Appendix. 122 East 42 nd Street New York, NY 10168 (212) 297-0001 (212) 297-9166 www.sidoti.com AAON, Inc. (AAON-$23.39) Morning Meeting Note NEUTRAL
More informationVerizon EQUITY RESEARCH QUARTERLY UPDATE PERFORM. VZ 3Q16 Follow-Up: EPS Beat Despite Soft Wireless Subscriber Momentum.
EQUITY RESEARCH QUARTERLY UPDATE October 20, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA VZ - NYSE $50.38 3-5 Yr. EPS Gr. Rate 12% 52-Wk Range $56.95-$43.79 Shares Outstanding 4,086.0M Float 4,076.0M
More information[Please refer to Appendix. Verizon Communications, Inc. (VZ) Competition Weighing on Revenue, but Cash Flow Solid RAISING PRICE TARGET
July 26, 2016 Baird Equity Research Connected Technology Verizon Communications, Inc. (VZ) Competition Weighing on Revenue, but Cash Flow Solid Maintain Neutral rating. This morning, Verizon reported mixed
More informationTE Connectivity Ltd. (TEL-NYSE) Analyst Note
January 30, 2015 TE Connectivity Ltd. (TEL-NYSE) Analyst Note Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/30/2012 Current Price (01/29/15) $67.57
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certifications on Page 5
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics WGL - NYSE - as of 2/7/18 $85.41 Price Target -- 52-Week Range $81.59 - $86.89 Shares Outstanding (mm) 51.4 Market Cap. ($mm) $4,386.0 1-Mo. Average Daily Volume
More informationJune Quarter Preview: Casino Operators Still Challenged. Investment Highlights: Companies Featured Buy. Hold. Industry Update.
GAMING Justin T. Sebastiano (212) 218-3857 jsebastiano@morganjoseph.com Industry Update July 17, 2008 Companies Featured Buy Full House Resorts, Inc. (FLL - $1.75 - AMEX) EPS ($) 0.02 0.09 0.23 P/E 87.5x
More informationDarden Restaurants, Inc.
Darden Restaurants, Inc. DRI: Reports Solid Performance; Expectations Were Pretty High Despite Evidence Segment Is Slowing Our View: We reiterate our OW rating following shares coming under pressure because
More informationAutoZone, Inc. EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Quick Read: Sales a Bit Soft, But Results Solid. September 22, 2016
EQUITY RESEARCH QUARTERLY UPDATE September 22, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $900.00 AZO - NYSE $751.45 3-5 Yr. EPS Gr. Rate 14% 52-Wk Range $819.54-$681.01 Shares Outstanding 30.8M
More informationNote Important Disclosures on Pages 7-8. Note Analyst Certification on Page 7. COMPANY UPDATE / ESTIMATE CHANGE
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics GME - NYSE (as of 4/2/18) $12.82 Price Target N/A 52-Week Range $12.20 - $25.31 Shares Outstanding (mil) 101.5 Market Cap. ($mil) $1,301 3-Mo. Average Daily
More informationSidoti & Company, LLC Member FINRA & SIPC Required disclosures appear in the Appendix.
Member FINRA & SIPC Required disclosures appear in the Appendix. 122 East 42 nd Street New York, NY 10168 (212) 297-0001 (212) 297-9166 www.sidoti.com AAON, Inc. (AAON-$26.55) Morning Meeting Note NEUTRAL
More informationUPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended June 30, 2009
UPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended 2009 Amsterdam, the Netherlands August 5, 2009: UPC Holding B.V. ( UPC Holding ) is today providing selected,
More informationAAON, Inc. (AAON) NEUTRAL Price Target: $35 Price: $ Sidoti & Company, LLC
September 15, 2017 Morning Meeting Note Company Update AAON, Inc. (AAON) Equity Research We Maintain Our Outlook For Robust Growth For AAON, Following A Peer s Positive Commentary Earlier This Week; Maintain
More informationIndustry: CABLE TV August 7, 2013 Recommendation: BUY. Company Overview
Price Target $74.09 Price (08/07/2013) $61.11 52-WK ($) 47.71-67.85 Market Cap ($M) $34,000 Outstanding Shares 556 Insider % 7.0 Revenue $30,750 Valuation TEV ($M) $50,590 EBITDA ($M) $7,480 EV/EBITDA
More informationEquity Research. Apple Inc. AAPL: T-Mobile And Sprint Sees Strong iphone 7 Preorders. Market Perform. September 13, 2016
September 13, 2016 Equity Research Apple Inc. AAPL: T-Mobile And Sprint Sees Strong iphone 7 Preorders T-Mobile and Sprint announces strong iphone 7 Pre-orders. T-Mobile announced iphone 7 and 7 Plus pre-orders
More informationInvestor Update. Second Quarter 2018 July 31, Frontier Communications
Investor Update Second Quarter July 31, Agenda 1 Strategic and Operational Review Daniel McCarthy President & Chief Executive Officer 2 Financial Review Perley McBride Executive Vice President & Chief
More informationAkamai Technologies Inc.
February 19, 2015 Akamai Technologies Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 12/22/2013 Current Price (02/18/15) $70.29 Target Price $74.00 NEUTRAL SUMMARY (AKAM-NASDAQ)
More informationAlphabet Inc. GOOGL - NASDAQ Neutral -1
COMPANY UPDATE / TARGET CHANGE ESTIMATE CHANGE Key Metrics GOOGL - NASDAQ - as of 5/1/17 $932.82 Price Target $1,000.00 52-Week Range $672.66 - $935.82 Diluted Shares Outstanding (mil) 702.0 Market Cap.
More informationBCommunication Ltd. (BCOM.IT - NIS Buy) Investment Summary:
Initiating Coverage Telecom Services BCommunication Ltd. (BCOM.IT - NIS92.20 - Buy) COMPANY NOTE Lena Rogovin, Senior Research Analyst, +972-54-7232782 lrogovin@chardancm.com Sales and trading 7 a.m. to
More informationUPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended September 30, 2009
UPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended 2009 Amsterdam, the Netherlands November 5, 2009: UPC Holding B.V. ( UPC Holding ) is today providing selected,
More informationMedifast, Inc. Top line still not taking shape, reiterate Neutral rating and decrease 2015 estimates. NYSE: MED
Medifast, Inc. NYSE: MED Top line still not taking shape, reiterate Neutral rating and decrease 2015 estimates. Medifast engages in the production, distribution, and sale of weight loss and weight loss
More informationWOW! REPORTS SECOND QUARTER 2018 RESULTS
Contact: Lucas Binder VP Corporate Development & Investor Relations 303-927-4951 lucas.binder@wowinc.com WOW! REPORTS SECOND QUARTER 2018 RESULTS ENGLEWOOD, Colo. () WideOpenWest, Inc. ( WOW! or the Company
More informationLiberty Interactive Corporation
September 11, 2014 Liberty Interactive Corporation (LINTA-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 09/11/2014 Current Price (09/10/14) $29.41 Target Price $27.00
More informationSodaStream Follow-Up: 1Q Results Better Than Expected; Guidance Raised; Wal-Mart!!!
EQUITY RESEARCH COMPANY UPDATE May 9, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $55.00 SODA - NASDAQ $36.90 3-5 Yr. EPS Gr. Rate 30% 52-Wk Range $79.72-$27.60 Shares Outstanding 19.9M Float
More informationLifeVantage Corp. NasdaqCM: LFVN
LifeVantage Corp. NasdaqCM: LFVN New Products and Valuation Outweigh issues in Japan, reiterate Strong Buy LifeVantage Corp (LFVN) focuses on selling healthy living products through direct selling. They
More informationSodaStream Follow-Up: Very Strong 4Q Results Reflect Broad-Based Growth; Estimates Raised
EQUITY RESEARCH COMPANY UPDATE March 1, 2011 Stock Rating: OUTPERFORM 12-18 mo. Price Target $48.00 SODA - NASDAQ $39.68 3-5 Yr. EPS Gr. Rate 30% 52-Wk Range $46.88-$20.00 Shares Outstanding 19.2M Float
More informationCharter Communications Second Quarter 2008 Earnings Call August 5, 2008
Charter Communications Second Quarter 2008 Earnings Call August 5, 2008 1 Cautionary Statement Regarding Forward Looking Statements CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This presentation
More informationNote Important Disclosures on Pages 7-8. Note Analyst Certification on Page 7. COMPANY UPDATE / ESTIMATE CHANGE
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics GME - NYSE (as of 11/24/17) $17.42 Price Target N/A 52-Week Range $15.85 - $26.84 Shares Outstanding (mil) 101.4 Market Cap. ($mil) $1,766 3-Mo. Average Daily
More informationInvestor Update. Third Quarter 2016 NOVEMBER 1, 2016
184934579 Investor Update Third Quarter 2016 NOVEMBER 1, 2016 Earnings Call Agenda Strategic and Operational Review Financial Results Daniel McCarthy PRESIDENT & CHIEF EXECUTIVE OFFICER Perley McBride
More informationEquity Research. Beacon Roofing Supply, Inc. (BECN-NSDQ) OUTLOOK SUMMARY DATA ZACKS ESTIMATES. Hold Prior Recommendation. Current Recommendation
Equity Research July 7, 2006 Mario Ricchio www.zacks.com 155 North Wacker Drive Chicago, IL 60606 Beacon Roofing Supply, Inc. (BECN-NSDQ) Current Recommendation Hold Prior Recommendation Buy Date of Last
More informationThe Clorox Company NEUTRAL ZACKS CONSENSUS ESTIMATES (CLX-NYSE)
March 11, 2015 The Clorox Company Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 11/11/2012 Current Price (03/10/15) $107.83 Target Price $113.00 SUMMARY DATA (CLX-NYSE)
More informationAAON, Inc. (AAON) NEUTRAL Price Target: $34 Price: $ Sidoti & Company, LLC
December 16, 2016 Morning Meeting Note Raise Price Target AAON, Inc. (AAON) Equity Research Raise Target To $34 (From $28) On Anticipation Of A Lower Tax Rate; Continue To Forecast Strong Growth In 2017-2018;
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certification on Page 5
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics COP - NYSE - as of 7/27/17 $44.66 Price Target $65.00 52-Week Range $38.80 - $53.17 Shares Outstanding (mm) 1248.7 Market Cap. ($mm) 1-Mo. Average Daily Volume
More informationALTICE USA REPORTS SECOND QUARTER 2018 RESULTS
ALTICE USA REPORTS SECOND QUARTER 2018 RESULTS Accelerating Revenue Growth with Free Cash Flow Growth +73% YoY Residential Data Units Growth; Video Units Better than Expected Spin-Off from Altice N.V.
More informationCalAmp Corp. CAMP - $ NASDAQ Buy
Scott W. Searle, CFA, (646) 616-2782 ssearle@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH June 28, 2018 Technology: Communications, Wireless & IoT CalAmp Corp. CAMP
More informationQ Results Conference Call. August 3, 2017
Q2 2017 Results Conference Call August 3, 2017 Safe harbour notice Certain statements made in this presentation are forward-looking statements. These statements include, without limitation, statements
More informationZacks Small-Cap Research
Zacks SmallCap Research Sponsored Impartial Comprehensive May 11, 2018 Lisa Thompson 3122659154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Chicken Soup For The Soul Entertainment
More informationAlphabet Inc. GOOGL - NASDAQ Neutral -1
COMPANY UPDATE / ESTIMATE CHANGE / TARGET CHANGE Key Metrics GOOGL - NASDAQ - as of 10/30/17 $1,033.13 Price Target $1,100 52-Week Range $743.59 - $1,063.62 Diluted Shares Outstanding (mil) 703.5 Market
More informationTELEWEST Q1 RESULTS SHOW CONTINUED STRONG OPERATIONAL AND FINANCIAL PERFORMANCE
EARNINGS RELEASE TELEWEST Q1 RESULTS SHOW CONTINUED STRONG OPERATIONAL AND FINANCIAL PERFORMANCE May 12, 2005 London, United Kingdom Telewest Global, Inc. ( Telewest or the Reorganized ) (NASDAQ TLWT)
More informationElectronic Arts Inc. EA NASDAQ Neutral-2 Good 2Q Results; Neutral Rating Based on Stock Valuation
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics EA - NASDAQ (as of 10/31/17) $119.60 Two Year Price Target N/A 52-Week Range $73.74 - $122.79 Shares Outstanding (mil) 309 Market Cap. ($mil) $36,956 3-Mo.
More informationInvestor Update. Second Quarter 2015
Investor Update Second Quarter 2015 August 3, 2015 Safe Harbor Statement Forward-Looking Language This report contains forward-looking statements, related to future, not past, events. Forward-looking statements
More informationGolden Entertainment, Inc. Global Gaming Operators GDEN NASDAQ $28.72 Company Update
16 March 2018 North American Research Rating: Buy Price Target: $40.00 Price $28.72 52wk Range $11.70 - $26.33 Shares Outstanding (MM) 26.4 Market Capitalization (MM) $757.4 Enterprise Value (MM) $1,657.4
More informationHillhouse Research Partners
Hillhouse Research Partners DISH Network Corp. DISH NASDAQ Rating : HOLD Industry: Cable TV Changes From To November 25, 2009 (Previous) (Current) Rating - HOLD Target Price - $23.50 Initiate with HOLD
More informationSecond Quarter 2018 Results. August 3, 2018
Second Quarter 2018 Results August 3, 2018 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 All information set forth in this presentation, except historical and factual
More information4th QUARTER AND FULL-YEAR 2018 RESULTS. January 23, 2019
4th QUARTER AND FULL-YEAR 2018 RESULTS January 23, 2019 Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the
More informationAAON, Inc. (AAON) NEUTRAL Price Target: $33 Price: $ Sidoti & Company, LLC
February 28, 2019 Intraday Note Lower Earnings Estimates; Earnings Release AAON, Inc. (AAON) Equity Research 4Q:18 Revenue Beats, But EPS Misses On Soft Gross Margin; Although Backlog Supports Growth,
More informationDollarama Inc. Q2 F2017 Preview. (1) Growth expected to continue (2) A deeper look at valuation HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $97.04 Stock Rating: Outperform (Unchanged) Target: $105.00 (Was $104.00) Risk Rating: Average (Unchanged) Est. Total Return: 8.6% Stock Data: 52-week High-Low (Canada) Bloomberg $98.94 - $66.32
More informationWijaya Karya (WIKA IJ)
Equity Indonesia Construction Wijaya Karya (WIKA IJ) BUY (Unchanged) Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp2,900 Rp2,900 Rp1,745 Upside/downside (%) +66.2 Sharesoutstanding (m) 8,970
More informationEquity Research. Verizon Communications Inc. VZ: Resuming Equity Research Coverage At Outperform. Outperform. October 14, 2016
October 14, 2016 Equity Research Verizon Communications Inc. VZ: Resuming Equity Research Coverage At Outperform On August 1, 2016, we suspended equity research coverage on Verizon Communications Inc.
More informationMedco Energy (MEDC IJ)
Medco Energy (MEDC IJ) BUY (Unchanged) 04 May 2018 Results Note Equity Indonesia Mining 280 260 240 220 180 160 140 120 80 Stock Data Target price Prior TP Shareprice Rp1,370 Rp1,370 Rp1,170 Upside/downside
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certification on Page 5
COMPANY UPDATE Key Metrics NWN - NYSE - as of 12/21/17 $58.80 Price Target $50.00 52-Week Range $56.53 - $69.50 Shares Outstanding (mm) 28.7 Market Cap. ($mm) $1,685.3 1-Mo. Average Daily Volume 141,832
More informationZacks Small-Cap Research
Zacks Small-Cap Research Sponsored Impartial - Comprehensive May 1, 2018 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Revolution Lighting Technologies,
More informationShenandoah Telecommunications Company Reports Second Quarter 2018 Results
Shenandoah Telecommunications Company Reports Second Quarter 2018 Results August 7, 2018 Company Achieves Triple Digit Operating Income Growth Second Quarter 2018 Highlights Second quarter operating revenue
More informationALTICE USA REPORTS FOURTH QUARTER AND FULL YEAR 2018 RESULTS
ALTICE USA REPORTS FOURTH QUARTER AND FULL YEAR 2018 RESULTS NEW YORK (February 21, 2019) - Altice USA (NYSE: ATUS) today reported results for the fourth quarter and full year ended December 31, 2018.
More informationDollarama Inc. Q4 F2017 Results. A straight-forward beat and other notable business updates HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $110.88 Stock Rating: Outperform (Unchanged) Target: $122.00 (Was $113.00) Risk Rating: Below Average (Unchanged) Est. Total Return: 10.4% Stock Data: 52-week High-Low (Canada) Bloomberg $104.94
More informationCondensed Consolidated Statements of Income
Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) 9/30/17 9/30/16 % Change 9/30/17 9/30/16 % Change Operating Revenues Service revenues and other Wireless equipment
More informationAcquisition of UPC Austria: Creating a Fixed-Mobile Convergence Challenger in Austria Investor presentation
Acquisition of UPC Austria: Creating a Fixed-Mobile Convergence Challenger in Austria Investor presentation 22 December 2017 Disclaimer This presentation contains forward-looking statements that reflect
More informationathenahealth Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (ATHN-NASDAQ) SUMMARY
February 10, 2015 athenahealth Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 10/23/2011 Current Price (02/09/15) $136.28 Target Price $143.00 52-Week
More informationEquity Research. Cummins Inc. CMI: Headwinds Continue Adjusting Estimates & Maintain Market Perform. Market Perform.
August 2, 2016 Equity Research CMI: Headwinds Continue Adjusting Estimates & Maintain Market Perform Summary: CMI continued to encounter difficult end market conditions that deteriorated through Q2 16
More informationCEVA Inc. CEVA - $ NASDAQ Buy
Suji Desilva, CFA, (415) 306-5120 sdesilva@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH August 07, 2018 Semiconductors & IT Hardware CEVA Inc. CEVA - $32.55 - NASDAQ
More informationWe Raise Our Price Target To $4 (From $3); Think Strong Outlook For Revenue And EBITDA Growth Warrants Higher Valuation
July 13, 2018 Company Sponsored Research Morning Meeting Note Raise Price Target Sify Technologies Limited Sponsored ADR (SIFY) Equity Research We Raise Our Price Target To $4 (From $3); Think Strong Outlook
More informationSHAW COMMUNICATIONS INC.
SHAW COMMUNICATIONS INC. ANNUAL GENERAL MEETING JANUARY 12, 2012 1 ANNUAL GENERAL MEETING 01 12 2012 FORWARD LOOKING DISCLAIMER Certain statements included in this presentation may constitute forward-looking
More informationFirst Quarter 2018 Results. May 1, 2018
First Quarter 2018 Results May 1, 2018 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 All information set forth in this presentation, except historical and factual information,
More informationRaymond James 31 st Annual Institutional Investors Conference. Tony Thomas, Chief Financial Officer Orlando, FL March 9, 2010
Raymond James 31 st Annual Institutional Investors Conference Tony Thomas, Chief Financial Officer Orlando, FL March 9, 2010 Safe Harbor Statement Safe Harbor Statement Windstream claims the protection
More informationCredit Suisse Global Credit Products Conference September 18, 2014
Credit Suisse 2014 Global Credit Products Conference September 18, 2014 Ralph Kelly Senior Vice President and Treasurer Mike Pflantz Senior Vice President of Corporate Finance Company Profile Corporate
More informationEuskaltel 1H15 update and R Cable transaction. 28 July 2015
Euskaltel 1H15 update and R Cable transaction 28 July 2015 0 Strong momentum across our residential KPIs Inflexion point in Residential subs Residential subs (1) ( 000) 3P & 4P % of total subs Annual churn
More information