Intrinsic value of Consolidated Communications Holdings - CNSL

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$22.27

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$22.27

 
Intrinsic value

$44.42

 
Up/down potential

+99%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CNSL 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 1.1

 

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, %
  -4.25
  22.00
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
Revenue, $m
  743
  947
  1,139
  1,353
  1,588
  1,844
  2,122
  2,420
  2,737
  3,075
  3,431
  3,806
  4,199
  4,611
  5,040
  5,488
  5,955
  6,440
  6,945
  7,469
  8,014
  8,580
  9,169
  9,781
  10,417
  11,080
  11,769
  12,487
  13,234
  14,014
  14,827
Variable operating expenses, $m
 
  814
  964
  1,131
  1,314
  1,514
  1,730
  1,962
  2,210
  2,473
  2,750
  2,966
  3,273
  3,594
  3,928
  4,278
  4,641
  5,020
  5,413
  5,822
  6,246
  6,688
  7,147
  7,624
  8,120
  8,636
  9,173
  9,732
  10,315
  10,923
  11,556
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
  662
  814
  964
  1,131
  1,314
  1,514
  1,730
  1,962
  2,210
  2,473
  2,750
  2,966
  3,273
  3,594
  3,928
  4,278
  4,641
  5,020
  5,413
  5,822
  6,246
  6,688
  7,147
  7,624
  8,120
  8,636
  9,173
  9,732
  10,315
  10,923
  11,556
Operating income, $m
  81
  132
  175
  222
  274
  330
  392
  457
  527
  602
  680
  839
  926
  1,017
  1,112
  1,211
  1,314
  1,421
  1,532
  1,648
  1,768
  1,893
  2,023
  2,158
  2,298
  2,444
  2,596
  2,754
  2,919
  3,091
  3,271
EBITDA, $m
  255
  342
  411
  488
  573
  666
  766
  873
  988
  1,109
  1,238
  1,373
  1,515
  1,664
  1,819
  1,981
  2,149
  2,324
  2,506
  2,695
  2,892
  3,096
  3,309
  3,530
  3,759
  3,998
  4,247
  4,506
  4,776
  5,057
  5,350
Interest expense (income), $m
  70
  77
  100
  126
  155
  187
  222
  259
  300
  343
  389
  437
  488
  541
  597
  655
  716
  779
  845
  913
  984
  1,058
  1,135
  1,215
  1,298
  1,384
  1,474
  1,567
  1,664
  1,766
  1,872
Earnings before tax, $m
  38
  55
  75
  96
  119
  143
  170
  198
  228
  259
  292
  403
  439
  476
  515
  556
  598
  642
  687
  734
  783
  835
  888
  943
  1,000
  1,060
  1,122
  1,187
  1,255
  1,325
  1,399
Tax expense, $m
  23
  15
  20
  26
  32
  39
  46
  53
  61
  70
  79
  109
  118
  129
  139
  150
  161
  173
  186
  198
  212
  225
  240
  255
  270
  286
  303
  321
  339
  358
  378
Net income, $m
  15
  40
  54
  70
  87
  105
  124
  144
  166
  189
  213
  294
  320
  347
  376
  406
  436
  468
  502
  536
  572
  609
  648
  688
  730
  774
  819
  867
  916
  967
  1,021

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  2,093
  2,587
  3,112
  3,696
  4,339
  5,040
  5,797
  6,611
  7,479
  8,400
  9,374
  10,398
  11,473
  12,597
  13,771
  14,995
  16,270
  17,596
  18,975
  20,408
  21,897
  23,444
  25,052
  26,724
  28,463
  30,272
  32,155
  34,116
  36,159
  38,289
  40,510
Adjusted assets (=assets-cash), $m
  2,066
  2,587
  3,112
  3,696
  4,339
  5,040
  5,797
  6,611
  7,479
  8,400
  9,374
  10,398
  11,473
  12,597
  13,771
  14,995
  16,270
  17,596
  18,975
  20,408
  21,897
  23,444
  25,052
  26,724
  28,463
  30,272
  32,155
  34,116
  36,159
  38,289
  40,510
Revenue / Adjusted assets
  0.360
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
Average production assets, $m
  1,112
  1,421
  1,709
  2,030
  2,384
  2,769
  3,185
  3,632
  4,109
  4,615
  5,150
  5,712
  6,303
  6,920
  7,565
  8,238
  8,938
  9,667
  10,424
  11,211
  12,029
  12,879
  13,763
  14,681
  15,637
  16,631
  17,665
  18,742
  19,865
  21,035
  22,255
Working capital, $m
  -17
  -28
  -34
  -41
  -48
  -55
  -64
  -73
  -82
  -92
  -103
  -114
  -126
  -138
  -151
  -165
  -179
  -193
  -208
  -224
  -240
  -257
  -275
  -293
  -313
  -332
  -353
  -375
  -397
  -420
  -445
Total debt, $m
  1,392
  1,788
  2,253
  2,771
  3,340
  3,961
  4,632
  5,353
  6,122
  6,939
  7,801
  8,709
  9,661
  10,657
  11,697
  12,782
  13,911
  15,086
  16,308
  17,577
  18,896
  20,267
  21,692
  23,174
  24,714
  26,317
  27,986
  29,723
  31,533
  33,420
  35,388
Total liabilities, $m
  1,922
  2,292
  2,757
  3,275
  3,844
  4,465
  5,136
  5,857
  6,626
  7,443
  8,305
  9,213
  10,165
  11,161
  12,201
  13,286
  14,415
  15,590
  16,812
  18,081
  19,400
  20,771
  22,196
  23,678
  25,218
  26,821
  28,490
  30,227
  32,037
  33,924
  35,892
Total equity, $m
  171
  295
  355
  421
  495
  575
  661
  754
  853
  958
  1,069
  1,185
  1,308
  1,436
  1,570
  1,709
  1,855
  2,006
  2,163
  2,326
  2,496
  2,673
  2,856
  3,047
  3,245
  3,451
  3,666
  3,889
  4,122
  4,365
  4,618
Total liabilities and equity, $m
  2,093
  2,587
  3,112
  3,696
  4,339
  5,040
  5,797
  6,611
  7,479
  8,401
  9,374
  10,398
  11,473
  12,597
  13,771
  14,995
  16,270
  17,596
  18,975
  20,407
  21,896
  23,444
  25,052
  26,725
  28,463
  30,272
  32,156
  34,116
  36,159
  38,289
  40,510
Debt-to-equity ratio
  8.140
  6.060
  6.350
  6.580
  6.750
  6.890
  7.010
  7.100
  7.180
  7.250
  7.300
  7.350
  7.390
  7.420
  7.450
  7.480
  7.500
  7.520
  7.540
  7.560
  7.570
  7.580
  7.600
  7.610
  7.620
  7.630
  7.630
  7.640
  7.650
  7.660
  7.660
Adjusted equity ratio
  0.070
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  40
  54
  70
  87
  105
  124
  144
  166
  189
  213
  294
  320
  347
  376
  406
  436
  468
  502
  536
  572
  609
  648
  688
  730
  774
  819
  867
  916
  967
  1,021
Depreciation, amort., depletion, $m
  174
  209
  236
  266
  299
  335
  374
  416
  460
  508
  558
  534
  589
  647
  707
  770
  835
  903
  974
  1,048
  1,124
  1,204
  1,286
  1,372
  1,461
  1,554
  1,651
  1,752
  1,857
  1,966
  2,080
Funds from operations, $m
  214
  250
  291
  336
  386
  440
  498
  560
  627
  697
  771
  828
  909
  994
  1,083
  1,175
  1,272
  1,372
  1,476
  1,584
  1,696
  1,813
  1,934
  2,060
  2,192
  2,328
  2,470
  2,618
  2,772
  2,933
  3,101
Change in working capital, $m
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
Cash from operations, $m
  218
  227
  296
  343
  393
  448
  506
  569
  636
  707
  781
  839
  921
  1,007
  1,096
  1,189
  1,286
  1,386
  1,491
  1,600
  1,713
  1,830
  1,952
  2,079
  2,211
  2,348
  2,491
  2,640
  2,795
  2,957
  3,126
Maintenance CAPEX, $m
  0
  -109
  -133
  -160
  -190
  -223
  -259
  -298
  -339
  -384
  -431
  -481
  -534
  -589
  -647
  -707
  -770
  -835
  -903
  -974
  -1,048
  -1,124
  -1,204
  -1,286
  -1,372
  -1,461
  -1,554
  -1,651
  -1,752
  -1,857
  -1,966
New CAPEX, $m
  -125
  -256
  -288
  -321
  -353
  -385
  -416
  -447
  -477
  -506
  -535
  -563
  -590
  -618
  -645
  -672
  -700
  -728
  -757
  -787
  -818
  -850
  -884
  -919
  -955
  -994
  -1,034
  -1,077
  -1,122
  -1,170
  -1,220
Cash from investing activities, $m
  -108
  -365
  -421
  -481
  -543
  -608
  -675
  -745
  -816
  -890
  -966
  -1,044
  -1,124
  -1,207
  -1,292
  -1,379
  -1,470
  -1,563
  -1,660
  -1,761
  -1,866
  -1,974
  -2,088
  -2,205
  -2,327
  -2,455
  -2,588
  -2,728
  -2,874
  -3,027
  -3,186
Free cash flow, $m
  110
  -138
  -125
  -138
  -150
  -160
  -169
  -175
  -180
  -183
  -185
  -205
  -203
  -200
  -196
  -191
  -184
  -177
  -170
  -162
  -153
  -144
  -135
  -126
  -117
  -107
  -98
  -88
  -79
  -70
  -60
Issuance/(repayment) of debt, $m
  -9
  410
  465
  517
  570
  621
  671
  721
  769
  816
  862
  908
  952
  996
  1,040
  1,085
  1,129
  1,175
  1,221
  1,270
  1,319
  1,371
  1,425
  1,481
  1,541
  1,603
  1,668
  1,737
  1,810
  1,887
  1,968
Issuance/(repurchase) of shares, $m
  -1
  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 from financing (excl. dividends), $m  
  -21
  410
  465
  517
  570
  621
  671
  721
  769
  816
  862
  908
  952
  996
  1,040
  1,085
  1,129
  1,175
  1,221
  1,270
  1,319
  1,371
  1,425
  1,481
  1,541
  1,603
  1,668
  1,737
  1,810
  1,887
  1,968
Total cash flow (excl. dividends), $m
  89
  272
  340
  379
  420
  461
  503
  546
  589
  633
  678
  703
  749
  796
  844
  894
  945
  997
  1,052
  1,108
  1,166
  1,227
  1,290
  1,355
  1,424
  1,496
  1,570
  1,649
  1,731
  1,817
  1,907
Retained Cash Flow (-), $m
  75
  -54
  -60
  -67
  -73
  -80
  -86
  -93
  -99
  -105
  -111
  -117
  -123
  -128
  -134
  -140
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -191
  -198
  -206
  -215
  -224
  -233
  -243
  -253
Prev. year cash balance distribution, $m
 
  5
  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
 
  223
  281
  313
  346
  381
  416
  453
  490
  528
  567
  586
  626
  668
  711
  754
  800
  846
  894
  944
  996
  1,050
  1,106
  1,165
  1,226
  1,289
  1,356
  1,425
  1,498
  1,574
  1,654
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  200
  223
  218
  209
  197
  182
  165
  146
  127
  108
  87
  71
  57
  45
  34
  25
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Consolidated Communications Holdings, Inc., through its subsidiaries, provides various integrated communications services to business and residential customers. The company’s services include local and long-distance, high-speed broadband Internet access, video, voice over Internet protocol, private line, cloud data, carrier grade access, data center and managed services, and directory publishing, as well as network capacity services over its regional fiber optic networks. The company also sells and supports telecommunications equipment, such as key, private branch exchange, IP-based telephone systems, and other hardware solutions, as well as offers support services to medium and large business customers. As of December 31, 2015, it had approximately 483 thousand voice connections, 456 thousand data connections, and 118 thousand video connections. In addition, the company engages in the enterprise services equipment and IT services business. The company serves its customers in California, Illinois, Iowa, Kansas, Minnesota, Missouri, North Dakota, Pennsylvania, South Dakota, Texas, and Wisconsin. Consolidated Communications Holdings, Inc. was founded in 1894 and is headquartered in Mattoon, Illinois.

FINANCIAL RATIOS  of  Consolidated Communications Holdings (CNSL)

Valuation Ratios
P/E Ratio 75.1
Price to Sales 1.5
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.7%
Cap. Spend. - 3 Yr. Gr. Rate 3.2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 805.3%
Total Debt to Equity 814%
Interest Coverage 2
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 56.5%
Gross Margin - 3 Yr. Avg. 58.6%
EBITDA Margin 38%
EBITDA Margin - 3 Yr. Avg. 36.9%
Operating Margin 10.9%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 5.1%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 60.5%
Eff/ Tax Rate - 3 Yr. Avg. 85.7%
Payout Ratio 520%

CNSL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNSL stock intrinsic value calculation we used $776 million for the last fiscal year's total revenue generated by Consolidated Communications Holdings. The default revenue input number comes from 2016 income statement of Consolidated Communications Holdings. 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 CNSL stock valuation model: a) initial revenue growth rate of 22% 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 11.6%, whose default value for CNSL is calculated based on our internal credit rating of Consolidated Communications Holdings, 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 Consolidated Communications Holdings.
    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 CNSL stock the variable cost ratio is equal to 87.8%.

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 CNSL 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 5.6% for Consolidated Communications Holdings.

Corporate tax rate of 27% is the nominal tax rate for Consolidated Communications Holdings. 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 CNSL 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 CNSL are equal to 150.1%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Consolidated Communications Holdings 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 CNSL is equal to -3%. 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 - $246 million for Consolidated Communications Holdings - 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 48.387 million for Consolidated Communications Holdings 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 Consolidated Communications Holdings at the current share price and the inputted number of shares is $1.1 billion.


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COMPANY NEWS

▶ Consolidated Communications posts 1Q loss   [May-04-17 09:14AM  Associated Press]
▶ Consolidated Communications Announces Quarterly Dividend   [May-02-17 01:00PM  GlobeNewswire]
▶ Consolidated Communications posts 4Q profit   [Feb-23-17 09:47AM  Associated Press]
▶ FairPoint Communications to be sold in $1.5B stock and debt deal   [Dec-07-16 07:35AM  at bizjournals.com]
▶ [$$] Frontier Struggling After Verizon Deal   [Nov-02-16 03:46PM  at Barrons.com]
▶ Consolidated Communications Announces Quarterly Dividend   [Nov-01-16 03:15PM  GlobeNewswire]
▶ Consolidated Communications Completes Debt Refinancing   [Oct-05-16 06:06PM  GlobeNewswire]
▶ More people are cutting the cable cord than you think   [Aug-11-16 05:07PM  at MarketWatch]
Stock chart of CNSL Financial statements of CNSL Annual reports of CNSL
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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