Intrinsic value of CyrusOne - CONE

Previous Close

$60.49

  Intrinsic Value

$3.52

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

+78%

Previous close

$60.49

 
Intrinsic value

$3.52

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

+78%

Our model is not good at valuating stocks of financial companies, such as CONE.

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

We calculate the intrinsic value of CONE 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 5.1

 

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, %
  32.58
  26.30
  24.17
  22.25
  20.53
  18.97
  17.58
  16.32
  15.19
  14.17
  13.25
  12.43
  11.68
  11.02
  10.41
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.11
  6.00
Revenue, $m
  529
  668
  830
  1,014
  1,222
  1,454
  1,710
  1,989
  2,291
  2,616
  2,962
  3,331
  3,720
  4,130
  4,560
  5,010
  5,480
  5,970
  6,481
  7,012
  7,564
  8,139
  8,735
  9,355
  9,999
  10,669
  11,366
  12,091
  12,845
  13,630
  14,449
Variable operating expenses, $m
 
  410
  498
  598
  712
  838
  977
  1,130
  1,294
  1,471
  1,660
  1,815
  2,027
  2,251
  2,485
  2,730
  2,987
  3,254
  3,532
  3,821
  4,123
  4,435
  4,761
  5,098
  5,450
  5,815
  6,194
  6,589
  7,000
  7,428
  7,874
Fixed operating expenses, $m
 
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  268
Total operating expenses, $m
  459
  541
  632
  736
  853
  983
  1,125
  1,282
  1,450
  1,631
  1,824
  1,983
  2,199
  2,427
  2,666
  2,915
  3,177
  3,449
  3,732
  4,026
  4,333
  4,650
  4,981
  5,324
  5,682
  6,052
  6,437
  6,838
  7,256
  7,690
  8,142
Operating income, $m
  71
  127
  198
  278
  369
  471
  584
  707
  841
  985
  1,139
  1,348
  1,520
  1,703
  1,894
  2,094
  2,303
  2,522
  2,749
  2,986
  3,232
  3,488
  3,754
  4,031
  4,318
  4,617
  4,928
  5,252
  5,589
  5,940
  6,306
EBITDA, $m
  255
  360
  475
  608
  757
  924
  1,109
  1,310
  1,528
  1,763
  2,014
  2,281
  2,563
  2,859
  3,171
  3,498
  3,839
  4,194
  4,565
  4,950
  5,351
  5,768
  6,201
  6,652
  7,120
  7,606
  8,113
  8,639
  9,188
  9,759
  10,354
Interest expense (income), $m
  55
  60
  79
  101
  127
  155
  187
  223
  261
  303
  347
  395
  446
  500
  556
  615
  677
  742
  810
  880
  953
  1,029
  1,108
  1,191
  1,276
  1,365
  1,457
  1,553
  1,653
  1,757
  1,865
Earnings before tax, $m
  22
  68
  118
  177
  243
  316
  397
  485
  580
  682
  791
  952
  1,075
  1,203
  1,338
  1,479
  1,626
  1,780
  1,940
  2,106
  2,279
  2,459
  2,646
  2,840
  3,042
  3,253
  3,471
  3,699
  3,936
  4,183
  4,441
Tax expense, $m
  2
  18
  32
  48
  66
  85
  107
  131
  157
  184
  214
  257
  290
  325
  361
  399
  439
  481
  524
  569
  615
  664
  714
  767
  821
  878
  937
  999
  1,063
  1,129
  1,199
Net income, $m
  20
  49
  86
  129
  177
  231
  290
  354
  423
  498
  578
  695
  784
  878
  977
  1,080
  1,187
  1,299
  1,416
  1,537
  1,664
  1,795
  1,931
  2,073
  2,221
  2,374
  2,534
  2,700
  2,873
  3,054
  3,242

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  2,852
  3,592
  4,460
  5,453
  6,572
  7,819
  9,194
  10,694
  12,318
  14,064
  15,927
  17,907
  19,999
  22,202
  24,514
  26,934
  29,462
  32,098
  34,843
  37,699
  40,669
  43,755
  46,963
  50,296
  53,761
  57,362
  61,107
  65,004
  69,059
  73,282
  77,681
Adjusted assets (=assets-cash), $m
  2,837
  3,592
  4,460
  5,453
  6,572
  7,819
  9,194
  10,694
  12,318
  14,064
  15,927
  17,907
  19,999
  22,202
  24,514
  26,934
  29,462
  32,098
  34,843
  37,699
  40,669
  43,755
  46,963
  50,296
  53,761
  57,362
  61,107
  65,004
  69,059
  73,282
  77,681
Revenue / Adjusted assets
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
Average production assets, $m
  1,868
  2,358
  2,929
  3,580
  4,315
  5,134
  6,036
  7,021
  8,088
  9,234
  10,458
  11,757
  13,131
  14,577
  16,095
  17,684
  19,344
  21,075
  22,877
  24,753
  26,702
  28,729
  30,835
  33,024
  35,298
  37,663
  40,122
  42,680
  45,343
  48,115
  51,004
Working capital, $m
  0
  -19
  -23
  -28
  -34
  -41
  -48
  -56
  -64
  -73
  -83
  -93
  -104
  -116
  -128
  -140
  -153
  -167
  -181
  -196
  -212
  -228
  -245
  -262
  -280
  -299
  -318
  -339
  -360
  -382
  -405
Total debt, $m
  1,387
  1,838
  2,355
  2,947
  3,614
  4,357
  5,176
  6,071
  7,039
  8,079
  9,190
  10,369
  11,616
  12,929
  14,307
  15,750
  17,256
  18,827
  20,463
  22,166
  23,936
  25,775
  27,687
  29,674
  31,738
  33,885
  36,117
  38,439
  40,856
  43,373
  45,995
Total liabilities, $m
  1,690
  2,141
  2,658
  3,250
  3,917
  4,660
  5,479
  6,374
  7,342
  8,382
  9,493
  10,672
  11,919
  13,232
  14,610
  16,053
  17,559
  19,130
  20,766
  22,469
  24,239
  26,078
  27,990
  29,977
  32,041
  34,188
  36,420
  38,742
  41,159
  43,676
  46,298
Total equity, $m
  1,162
  1,451
  1,802
  2,203
  2,655
  3,159
  3,714
  4,320
  4,977
  5,682
  6,435
  7,234
  8,080
  8,970
  9,904
  10,881
  11,903
  12,968
  14,077
  15,230
  16,430
  17,677
  18,973
  20,320
  21,719
  23,174
  24,687
  26,261
  27,900
  29,606
  31,383
Total liabilities and equity, $m
  2,852
  3,592
  4,460
  5,453
  6,572
  7,819
  9,193
  10,694
  12,319
  14,064
  15,928
  17,906
  19,999
  22,202
  24,514
  26,934
  29,462
  32,098
  34,843
  37,699
  40,669
  43,755
  46,963
  50,297
  53,760
  57,362
  61,107
  65,003
  69,059
  73,282
  77,681
Debt-to-equity ratio
  1.194
  1.270
  1.310
  1.340
  1.360
  1.380
  1.390
  1.410
  1.410
  1.420
  1.430
  1.430
  1.440
  1.440
  1.440
  1.450
  1.450
  1.450
  1.450
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.470
  1.470
Adjusted equity ratio
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  49
  86
  129
  177
  231
  290
  354
  423
  498
  578
  695
  784
  878
  977
  1,080
  1,187
  1,299
  1,416
  1,537
  1,664
  1,795
  1,931
  2,073
  2,221
  2,374
  2,534
  2,700
  2,873
  3,054
  3,242
Depreciation, amort., depletion, $m
  184
  233
  278
  330
  388
  453
  525
  603
  687
  778
  875
  933
  1,042
  1,157
  1,277
  1,404
  1,535
  1,673
  1,816
  1,964
  2,119
  2,280
  2,447
  2,621
  2,801
  2,989
  3,184
  3,387
  3,599
  3,819
  4,048
Funds from operations, $m
  134
  282
  364
  459
  565
  684
  814
  957
  1,111
  1,276
  1,453
  1,628
  1,827
  2,035
  2,254
  2,483
  2,722
  2,972
  3,232
  3,502
  3,783
  4,075
  4,379
  4,694
  5,022
  5,364
  5,718
  6,088
  6,472
  6,872
  7,290
Change in working capital, $m
  -47
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
Cash from operations, $m
  181
  286
  369
  464
  571
  690
  821
  964
  1,119
  1,285
  1,463
  1,639
  1,837
  2,047
  2,266
  2,496
  2,736
  2,986
  3,246
  3,517
  3,798
  4,091
  4,395
  4,712
  5,040
  5,382
  5,738
  6,108
  6,493
  6,894
  7,313
Maintenance CAPEX, $m
  0
  -148
  -187
  -232
  -284
  -342
  -407
  -479
  -557
  -642
  -733
  -830
  -933
  -1,042
  -1,157
  -1,277
  -1,404
  -1,535
  -1,673
  -1,816
  -1,964
  -2,119
  -2,280
  -2,447
  -2,621
  -2,801
  -2,989
  -3,184
  -3,387
  -3,599
  -3,819
New CAPEX, $m
  -731
  -491
  -570
  -652
  -735
  -819
  -902
  -985
  -1,066
  -1,146
  -1,224
  -1,300
  -1,374
  -1,446
  -1,518
  -1,589
  -1,660
  -1,731
  -1,802
  -1,875
  -1,950
  -2,027
  -2,106
  -2,189
  -2,275
  -2,365
  -2,459
  -2,558
  -2,663
  -2,773
  -2,888
Cash from investing activities, $m
  -730
  -639
  -757
  -884
  -1,019
  -1,161
  -1,309
  -1,464
  -1,623
  -1,788
  -1,957
  -2,130
  -2,307
  -2,488
  -2,675
  -2,866
  -3,064
  -3,266
  -3,475
  -3,691
  -3,914
  -4,146
  -4,386
  -4,636
  -4,896
  -5,166
  -5,448
  -5,742
  -6,050
  -6,372
  -6,707
Free cash flow, $m
  -549
  -353
  -388
  -420
  -448
  -471
  -488
  -500
  -504
  -502
  -494
  -491
  -469
  -442
  -409
  -371
  -328
  -280
  -229
  -174
  -116
  -55
  9
  76
  145
  216
  290
  365
  443
  523
  605
Issuance/(repayment) of debt, $m
  239
  451
  517
  592
  667
  743
  819
  894
  968
  1,040
  1,111
  1,180
  1,247
  1,313
  1,378
  1,442
  1,507
  1,571
  1,636
  1,702
  1,770
  1,840
  1,912
  1,987
  2,065
  2,146
  2,232
  2,322
  2,417
  2,517
  2,622
Issuance/(repurchase) of shares, $m
  449
  255
  264
  272
  275
  273
  266
  252
  233
  207
  175
  104
  61
  12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  663
  706
  781
  864
  942
  1,016
  1,085
  1,146
  1,201
  1,247
  1,286
  1,284
  1,308
  1,325
  1,378
  1,442
  1,507
  1,571
  1,636
  1,702
  1,770
  1,840
  1,912
  1,987
  2,065
  2,146
  2,232
  2,322
  2,417
  2,517
  2,622
Total cash flow (excl. dividends), $m
  114
  352
  393
  443
  494
  545
  596
  647
  696
  745
  792
  793
  838
  883
  969
  1,072
  1,179
  1,291
  1,407
  1,528
  1,654
  1,785
  1,921
  2,063
  2,210
  2,363
  2,522
  2,688
  2,860
  3,040
  3,227
Retained Cash Flow (-), $m
  -340
  -304
  -351
  -401
  -452
  -504
  -555
  -606
  -656
  -705
  -753
  -800
  -845
  -890
  -934
  -978
  -1,021
  -1,065
  -1,109
  -1,154
  -1,200
  -1,247
  -1,296
  -1,347
  -1,400
  -1,455
  -1,513
  -1,574
  -1,638
  -1,706
  -1,777
Prev. year cash balance distribution, $m
 
  15
  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
 
  63
  43
  42
  42
  41
  41
  41
  40
  40
  39
  -6
  -7
  -7
  35
  94
  158
  226
  298
  374
  454
  538
  625
  716
  810
  908
  1,009
  1,113
  1,222
  1,334
  1,450
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  58
  36
  32
  29
  25
  22
  19
  16
  14
  11
  -2
  -1
  -1
  4
  9
  11
  12
  12
  10
  9
  7
  6
  4
  3
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  95.2
  91.4
  88.4
  86.0
  84.0
  82.4
  81.2
  80.2
  79.5
  78.9
  78.6
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5
  78.5

CyrusOne Inc., a real estate investment trust (REIT), owns, operates, and develops enterprise-class, carrier-neutral, and multi-tenant data center properties. The company provides mission-critical data center facilities that protect and ensure the continued operation of information technology infrastructure. Its customers operate in various industries, including information technology, financial services, energy, oil and gas, mining, medical, and consumer goods and services. As of December 9, 2016, the company’s property portfolio included 35 data centers and 2 recovery centers in the United States, the United Kingdom, and Singapore. The company qualified as a REIT for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 2012 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  CyrusOne (CONE)

Valuation Ratios
P/E Ratio 252.7
Price to Sales 9.6
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 27.9
Price to Free Cash Flow -9.2
Growth Rates
Sales Growth Rate 32.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 211.1%
Cap. Spend. - 3 Yr. Gr. Rate 26.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 119.4%
Total Debt to Equity 119.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. -0.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 64.7%
Gross Margin - 3 Yr. Avg. 63.3%
EBITDA Margin 49.3%
EBITDA Margin - 3 Yr. Avg. 45.2%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 8.9%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. -1.4%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. -0.8%
Effective Tax Rate 9.1%
Eff/ Tax Rate - 3 Yr. Avg. -5.8%
Payout Ratio 570%

CONE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CONE stock intrinsic value calculation we used $529 million for the last fiscal year's total revenue generated by CyrusOne. The default revenue input number comes from 2016 income statement of CyrusOne. 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 CONE stock valuation model: a) initial revenue growth rate of 26.3% 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 8.6%, whose default value for CONE is calculated based on our internal credit rating of CyrusOne, 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 CyrusOne.
    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 CONE stock the variable cost ratio is equal to 63.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $128 million in the base year in the intrinsic value calculation for CONE 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 4.3% for CyrusOne.

Corporate tax rate of 27% is the nominal tax rate for CyrusOne. 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 CONE 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 CONE are equal to 353%.

Life of production assets of 12.6 years is the average useful life of capital assets used in CyrusOne 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 CONE is equal to -2.8%. 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 - $1162 million for CyrusOne - 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 84.753 million for CyrusOne 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 CyrusOne at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Investor Network: CyrusOne, Inc. to Host Earnings Call   [Aug-03-17 08:40AM  ACCESSWIRE]
▶ CyrusOne reports 2Q results   [Aug-02-17 10:57PM  Associated Press]
▶ ETFs with exposure to CyrusOne, Inc. : July 24, 2017   [Jul-24-17 03:02PM  Capital Cube]
▶ 4 REIT Plays with Beat Potential in Q2 Earnings   [Jul-19-17 05:19PM  Zacks]
▶ ETFs with exposure to CyrusOne, Inc. : July 14, 2017   [Jul-14-17 01:38PM  Capital Cube]
▶ Equinix, CyrusOne Are Buys, Cloud Services Drive New Data Centers   [Jun-30-17 04:07PM  Investor's Business Daily]
▶ Investor Network: CyrusOne, Inc. to Host Earnings Call   [May-04-17 08:20AM  Accesswire]
▶ CyrusOne reports 1Q results   [May-03-17 04:08PM  Associated Press]
▶ CyrusOne Reports First Quarter 2017 Earnings   [04:01PM  Business Wire]
▶ CyrusOne plans to develop massive data center campus in Allen   [May-01-17 01:45PM  American City Business Journals]
▶ Investing In This Explosive REIT Sector   [Apr-20-17 10:39AM  Forbes]
▶ Fujitsu Announces Strategic Partnership with CyrusOne   [Apr-11-17 09:00AM  PR Newswire]
▶ 6 Great Data Center REITs For 2017   [Mar-13-17 12:03PM  Motley Fool]
▶ 6 Great Data Center REITs For 2017   [12:03PM  at Motley Fool]
▶ CyrusOne Inc. to Present at Investor Events in March 2017   [Mar-02-17 04:05PM  Business Wire]
▶ CyrusOne CEO: Data industry booming, Cincinnati could be a hub   [Feb-21-17 06:45AM  at bizjournals.com]
▶ CyrusOne gets regional foothold with Sentinal buy   [Feb-06-17 01:40PM  at bizjournals.com]
▶ RBC Out With Top Data Center Dividend Picks for 2017   [Dec-20-16 09:50AM  at 24/7 Wall St.]
▶ Hedge Funds Arent Crazy About CyrusOne Inc (CONE) Anymore   [Dec-01-16 07:46AM  at Insider Monkey]
▶ CyrusOne Reports Third Quarter 2016 Earnings   [06:00AM  Business Wire]
Stock chart of CONE Financial statements of CONE
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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