Intrinsic value of Cincinnati Bell - CBB

Previous Close

$20.50

  Intrinsic Value

$0.94

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+96%

Previous close

$20.50

 
Intrinsic value

$0.94

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+96%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CBB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.54
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,186
  1,210
  1,238
  1,269
  1,305
  1,345
  1,388
  1,435
  1,486
  1,542
  1,601
  1,664
  1,732
  1,804
  1,880
  1,961
  2,047
  2,138
  2,234
  2,336
  2,443
  2,556
  2,676
  2,802
  2,934
  3,074
  3,221
  3,376
  3,539
  3,710
  3,890
Variable operating expenses, $m
 
  1,098
  1,124
  1,152
  1,185
  1,221
  1,260
  1,303
  1,349
  1,399
  1,453
  1,509
  1,570
  1,635
  1,705
  1,778
  1,856
  1,939
  2,026
  2,118
  2,215
  2,318
  2,426
  2,541
  2,661
  2,788
  2,921
  3,061
  3,209
  3,364
  3,528
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,112
  1,098
  1,124
  1,152
  1,185
  1,221
  1,260
  1,303
  1,349
  1,399
  1,453
  1,509
  1,570
  1,635
  1,705
  1,778
  1,856
  1,939
  2,026
  2,118
  2,215
  2,318
  2,426
  2,541
  2,661
  2,788
  2,921
  3,061
  3,209
  3,364
  3,528
Operating income, $m
  74
  111
  114
  117
  120
  124
  128
  132
  137
  142
  148
  155
  161
  168
  175
  183
  191
  199
  208
  218
  228
  238
  249
  261
  273
  286
  300
  315
  330
  346
  363
EBITDA, $m
  256
  168
  172
  176
  181
  187
  193
  199
  206
  214
  222
  231
  240
  250
  261
  272
  284
  297
  310
  324
  339
  355
  372
  389
  408
  427
  447
  469
  491
  515
  540
Interest expense (income), $m
  71
  70
  56
  57
  60
  62
  65
  68
  71
  74
  78
  82
  86
  91
  96
  101
  106
  112
  118
  125
  132
  139
  147
  155
  163
  172
  182
  192
  202
  213
  225
Earnings before tax, $m
  163
  41
  58
  59
  61
  62
  63
  65
  66
  68
  70
  73
  75
  77
  79
  82
  84
  87
  90
  93
  96
  99
  102
  106
  110
  114
  118
  123
  127
  132
  137
Tax expense, $m
  61
  11
  16
  16
  16
  17
  17
  17
  18
  18
  19
  20
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
Net income, $m
  102
  30
  43
  43
  44
  45
  46
  47
  48
  50
  51
  53
  55
  56
  58
  60
  61
  63
  65
  68
  70
  72
  75
  77
  80
  83
  86
  90
  93
  97
  100

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,541
  1,571
  1,607
  1,649
  1,695
  1,746
  1,803
  1,864
  1,930
  2,002
  2,079
  2,161
  2,249
  2,342
  2,441
  2,547
  2,658
  2,777
  2,901
  3,033
  3,173
  3,320
  3,475
  3,639
  3,811
  3,992
  4,183
  4,384
  4,596
  4,818
  5,052
Adjusted assets (=assets-cash), $m
  1,531
  1,571
  1,607
  1,649
  1,695
  1,746
  1,803
  1,864
  1,930
  2,002
  2,079
  2,161
  2,249
  2,342
  2,441
  2,547
  2,658
  2,777
  2,901
  3,033
  3,173
  3,320
  3,475
  3,639
  3,811
  3,992
  4,183
  4,384
  4,596
  4,818
  5,052
Revenue / Adjusted assets
  0.775
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  543
  553
  566
  580
  596
  614
  634
  656
  679
  705
  732
  760
  791
  824
  859
  896
  935
  977
  1,021
  1,067
  1,116
  1,168
  1,223
  1,280
  1,341
  1,405
  1,472
  1,543
  1,617
  1,696
  1,778
Working capital, $m
  -3
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Total debt, $m
  1,207
  958
  990
  1,028
  1,069
  1,116
  1,166
  1,222
  1,281
  1,346
  1,415
  1,489
  1,568
  1,652
  1,741
  1,836
  1,937
  2,043
  2,155
  2,274
  2,400
  2,532
  2,672
  2,819
  2,974
  3,137
  3,309
  3,490
  3,680
  3,881
  4,091
Total liabilities, $m
  1,663
  1,414
  1,446
  1,484
  1,525
  1,572
  1,622
  1,678
  1,737
  1,802
  1,871
  1,945
  2,024
  2,108
  2,197
  2,292
  2,393
  2,499
  2,611
  2,730
  2,856
  2,988
  3,128
  3,275
  3,430
  3,593
  3,765
  3,946
  4,136
  4,337
  4,547
Total equity, $m
  -122
  157
  161
  165
  169
  175
  180
  186
  193
  200
  208
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  332
  348
  364
  381
  399
  418
  438
  460
  482
  505
Total liabilities and equity, $m
  1,541
  1,571
  1,607
  1,649
  1,694
  1,747
  1,802
  1,864
  1,930
  2,002
  2,079
  2,161
  2,249
  2,342
  2,441
  2,547
  2,659
  2,777
  2,901
  3,033
  3,173
  3,320
  3,476
  3,639
  3,811
  3,992
  4,183
  4,384
  4,596
  4,819
  5,052
Debt-to-equity ratio
  -9.893
  6.100
  6.160
  6.230
  6.310
  6.390
  6.470
  6.550
  6.640
  6.720
  6.810
  6.890
  6.970
  7.050
  7.130
  7.210
  7.280
  7.360
  7.430
  7.500
  7.560
  7.630
  7.690
  7.750
  7.800
  7.860
  7.910
  7.960
  8.010
  8.050
  8.100
Adjusted equity ratio
  -0.086
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  30
  43
  43
  44
  45
  46
  47
  48
  50
  51
  53
  55
  56
  58
  60
  61
  63
  65
  68
  70
  72
  75
  77
  80
  83
  86
  90
  93
  97
  100
Depreciation, amort., depletion, $m
  182
  57
  58
  59
  61
  63
  65
  67
  69
  72
  75
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  162
  170
  178
Funds from operations, $m
  135
  87
  101
  103
  105
  108
  111
  114
  118
  121
  125
  129
  134
  139
  144
  149
  155
  161
  168
  174
  182
  189
  197
  205
  214
  224
  233
  244
  255
  266
  278
Change in working capital, $m
  -38
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  173
  87
  101
  103
  105
  108
  111
  114
  118
  122
  126
  130
  134
  139
  144
  150
  155
  161
  168
  175
  182
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
Maintenance CAPEX, $m
  0
  -54
  -55
  -57
  -58
  -60
  -61
  -63
  -66
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
New CAPEX, $m
  -286
  -10
  -13
  -15
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
Cash from investing activities, $m
  -96
  -64
  -68
  -72
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136
  -142
  -148
  -156
  -164
  -172
  -180
  -189
  -198
  -207
  -218
  -228
  -240
  -252
Free cash flow, $m
  77
  22
  33
  32
  31
  30
  30
  29
  29
  29
  28
  28
  27
  27
  27
  27
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  27
  27
  27
Issuance/(repayment) of debt, $m
  -52
  -249
  33
  37
  42
  46
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  140
  147
  155
  163
  172
  181
  190
  200
  211
Issuance/(repurchase) of shares, $m
  -5
  249
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -65
  0
  33
  37
  42
  46
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  140
  147
  155
  163
  172
  181
  190
  200
  211
Total cash flow (excl. dividends), $m
  12
  22
  65
  69
  73
  77
  81
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  145
  152
  159
  166
  173
  181
  190
  198
  207
  217
  227
  238
Retained Cash Flow (-), $m
  -176
  -279
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -257
  62
  65
  68
  72
  75
  78
  82
  86
  90
  93
  97
  102
  106
  111
  116
  121
  126
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  214
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  -226
  47
  43
  38
  33
  29
  24
  20
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Cincinnati Bell Inc., together with its subsidiaries, provides diversified telecommunications and technology services to residential and business customers in the United States. The Entertainment and Communications segment offers data services, including high-speed Internet access, data transport, and interconnection services, as well as metro-Ethernet products; and voice local services, such as Fioptics voice lines, voice over Internet protocol, long distance, digital trunking, switched access, caller identification, voicemail, call waiting, and call return. It also provides video services comprising entertainment channels, including digital music, local, movie, and sports programming, high-definition (HD) channels, parental controls, HD DVR, and video on-demand. In addition, the company undertakes wiring projects for business customers; and offers advertising, directory assistance, maintenance, and information services. The IT Services and Hardware segment provides professional services, such as consulting, staffing, installation, and project-based engagements, including engineering and installation of voice, connectivity and IT technologies, development of application solutions, and staff augmentation; and hosted solutions comprising converged IP communications platforms of data, voice, video, and mobility applications. It also offers various services, including hardware and software components management services; cloud-based audio, video, and Web conferencing services; cloud call center and call recording application services; cloud services, such as virtual data center, storage, and backup services; and monitoring and managing technology environments and applications, as well as sells, architects, and installs telecommunications and IT infrastructure equipment. Cincinnati Bell Inc. was founded in 1873 and is headquartered in Cincinnati, Ohio.

FINANCIAL RATIOS  of  Cincinnati Bell (CBB)

Valuation Ratios
P/E Ratio 8.5
Price to Sales 0.7
Price to Book -7.1
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow -7.6
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -982.8%
Total Debt to Equity -989.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity -48.6%
Return On Equity - 3 Yr. Avg. -44.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 42.7%
Gross Margin - 3 Yr. Avg. 43.2%
EBITDA Margin 35.1%
EBITDA Margin - 3 Yr. Avg. 49.2%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 23.2%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 15.1%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 9.8%

CBB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBB stock intrinsic value calculation we used $1186 million for the last fiscal year's total revenue generated by Cincinnati Bell. The default revenue input number comes from 2016 income statement of Cincinnati Bell. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CBB stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13.6%, whose default value for CBB is calculated based on our internal credit rating of Cincinnati Bell, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cincinnati Bell.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CBB stock the variable cost ratio is equal to 90.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for Cincinnati Bell.

Corporate tax rate of 27% is the nominal tax rate for Cincinnati Bell. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CBB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CBB are equal to 45.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Cincinnati Bell operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CBB is equal to -0.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-122 million for Cincinnati Bell - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 40.153 million for Cincinnati Bell is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cincinnati Bell at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Cincinnati Bell tops 2Q revenue forecasts   [Aug-04-17 10:37PM  Associated Press]
▶ Hawaiian Telcom merges with Ohio-based company   [Jul-14-17 09:30AM  American City Business Journals]
▶ Cincinnati Bell announces $851 million in mergers and acquisitions   [Jul-13-17 05:00PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [11:56AM  Briefing.com]
▶ Cincinnati Reds, CBTS partner to leverage NaaS solution   [Jun-22-17 10:43AM  GlobeNewswire]
▶ Cincinnati Bell misses 1Q revenue forecasts   [09:23AM  Associated Press]
▶ Smart Cincy Summit: 11 ways to become a smarter city   [May-01-17 11:25AM  TechRepublic]
▶ Cincinnati Bell Names a New CEO   [Mar-03-17 09:23AM  at Investopedia]
▶ Cincinnati Bell CEO exits   [Mar-02-17 04:55PM  at bizjournals.com]
▶ Cincinnati Bell CEO exits   [04:55PM  American City Business Journals]
▶ CBTS Introduces Disaster Recovery-as-a-Service   [Feb-23-17 03:28PM  GlobeNewswire]
▶ CyrusOne CEO: Data industry booming, Cincinnati could be a hub   [Feb-21-17 06:45AM  at bizjournals.com]
▶ CyrusOne CEO: Data industry booming, Cincinnati could be a hub   [06:45AM  American City Business Journals]
▶ CBTS Announces Acquisition of SunTel Services   [Feb-20-17 01:00PM  GlobeNewswire]
▶ Five things we learned from Cincinnati Bell's top tech exec   [Jan-26-17 01:57PM  at bizjournals.com]
Stock chart of CBB Financial statements of CBB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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