Intrinsic value of CyrusOne - CONE

Previous Close

$59.45

  Intrinsic Value

$3.24

stock screener

  Rating & Target

str. sell

-95%

Previous close

$59.45

 
Intrinsic value

$3.24

 
Up/down potential

-95%

 
Rating

str. sell

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

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 5.4

 

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
  28.50
  26.15
  24.04
  22.13
  20.42
  18.88
  17.49
  16.24
  15.12
  14.10
  13.19
  12.37
  11.64
  10.97
  10.38
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
  6.23
  6.11
Revenue, $m
  529
  680
  858
  1,064
  1,299
  1,564
  1,860
  2,185
  2,540
  2,923
  3,336
  3,776
  4,243
  4,737
  5,257
  5,802
  6,373
  6,969
  7,591
  8,238
  8,911
  9,612
  10,339
  11,096
  11,882
  12,698
  13,547
  14,431
  15,349
  16,305
  17,301
Variable operating expenses, $m
 
  416
  513
  625
  753
  898
  1,059
  1,236
  1,430
  1,639
  1,863
  2,058
  2,312
  2,582
  2,865
  3,162
  3,473
  3,798
  4,137
  4,490
  4,857
  5,238
  5,635
  6,047
  6,475
  6,920
  7,383
  7,864
  8,365
  8,886
  9,429
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
  547
  647
  763
  894
  1,043
  1,207
  1,388
  1,586
  1,799
  2,027
  2,226
  2,484
  2,758
  3,046
  3,347
  3,663
  3,993
  4,337
  4,695
  5,067
  5,453
  5,855
  6,273
  6,707
  7,157
  7,626
  8,113
  8,621
  9,148
  9,697
Operating income, $m
  71
  133
  210
  301
  404
  521
  652
  796
  954
  1,125
  1,308
  1,550
  1,759
  1,979
  2,211
  2,455
  2,710
  2,976
  3,254
  3,544
  3,845
  4,158
  4,484
  4,823
  5,175
  5,541
  5,921
  6,317
  6,729
  7,157
  7,604
EBITDA, $m
  255
  369
  496
  644
  814
  1,005
  1,219
  1,454
  1,711
  1,989
  2,289
  2,608
  2,947
  3,306
  3,684
  4,080
  4,495
  4,929
  5,381
  5,852
  6,342
  6,851
  7,381
  7,931
  8,503
  9,098
  9,716
  10,360
  11,029
  11,725
  12,451
Interest expense (income), $m
  55
  60
  81
  105
  134
  166
  203
  243
  288
  337
  390
  447
  507
  572
  640
  711
  786
  865
  947
  1,033
  1,122
  1,215
  1,311
  1,412
  1,516
  1,624
  1,737
  1,854
  1,975
  2,102
  2,234
Earnings before tax, $m
  22
  73
  130
  195
  271
  355
  450
  553
  666
  788
  919
  1,104
  1,251
  1,407
  1,571
  1,743
  1,923
  2,111
  2,307
  2,511
  2,723
  2,944
  3,173
  3,411
  3,659
  3,917
  4,184
  4,463
  4,753
  5,055
  5,370
Tax expense, $m
  2
  20
  35
  53
  73
  96
  121
  149
  180
  213
  248
  298
  338
  380
  424
  471
  519
  570
  623
  678
  735
  795
  857
  921
  988
  1,057
  1,130
  1,205
  1,283
  1,365
  1,450
Net income, $m
  20
  53
  95
  143
  198
  260
  328
  404
  486
  575
  671
  806
  913
  1,027
  1,147
  1,273
  1,404
  1,541
  1,684
  1,833
  1,988
  2,149
  2,316
  2,490
  2,671
  2,859
  3,055
  3,258
  3,470
  3,690
  3,920

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
  3,655
  4,610
  5,718
  6,984
  8,410
  9,998
  11,746
  13,654
  15,717
  17,934
  20,301
  22,813
  25,467
  28,262
  31,194
  34,263
  37,469
  40,811
  44,291
  47,911
  51,676
  55,588
  59,654
  63,879
  68,270
  72,836
  77,583
  82,523
  87,664
  93,017
Adjusted assets (=assets-cash), $m
  2,837
  3,655
  4,610
  5,718
  6,984
  8,410
  9,998
  11,746
  13,654
  15,717
  17,934
  20,301
  22,813
  25,467
  28,262
  31,194
  34,263
  37,469
  40,811
  44,291
  47,911
  51,676
  55,588
  59,654
  63,879
  68,270
  72,836
  77,583
  82,523
  87,664
  93,017
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
  2,400
  3,027
  3,755
  4,586
  5,522
  6,564
  7,712
  8,965
  10,320
  11,775
  13,329
  14,978
  16,721
  18,556
  20,482
  22,497
  24,601
  26,795
  29,080
  31,457
  33,929
  36,498
  39,168
  41,942
  44,825
  47,822
  50,940
  54,183
  57,558
  61,073
Working capital, $m
  0
  -19
  -24
  -30
  -36
  -44
  -52
  -61
  -71
  -82
  -93
  -106
  -119
  -133
  -147
  -162
  -178
  -195
  -213
  -231
  -250
  -269
  -290
  -311
  -333
  -356
  -379
  -404
  -430
  -457
  -484
Total debt, $m
  1,387
  1,875
  2,445
  3,105
  3,859
  4,709
  5,656
  6,698
  7,835
  9,065
  10,386
  11,796
  13,293
  14,876
  16,541
  18,289
  20,118
  22,028
  24,020
  26,094
  28,252
  30,496
  32,827
  35,251
  37,769
  40,386
  43,107
  45,937
  48,881
  51,945
  55,135
Total liabilities, $m
  1,690
  2,178
  2,748
  3,408
  4,162
  5,012
  5,959
  7,001
  8,138
  9,368
  10,689
  12,099
  13,596
  15,179
  16,844
  18,592
  20,421
  22,331
  24,323
  26,397
  28,555
  30,799
  33,130
  35,554
  38,072
  40,689
  43,410
  46,240
  49,184
  52,248
  55,438
Total equity, $m
  1,162
  1,476
  1,863
  2,310
  2,822
  3,398
  4,039
  4,745
  5,516
  6,350
  7,245
  8,201
  9,216
  10,289
  11,418
  12,603
  13,842
  15,137
  16,487
  17,893
  19,356
  20,877
  22,458
  24,100
  25,807
  27,581
  29,426
  31,344
  33,339
  35,416
  37,579
Total liabilities and equity, $m
  2,852
  3,654
  4,611
  5,718
  6,984
  8,410
  9,998
  11,746
  13,654
  15,718
  17,934
  20,300
  22,812
  25,468
  28,262
  31,195
  34,263
  37,468
  40,810
  44,290
  47,911
  51,676
  55,588
  59,654
  63,879
  68,270
  72,836
  77,584
  82,523
  87,664
  93,017
Debt-to-equity ratio
  1.194
  1.270
  1.310
  1.340
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
  1.430
  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
  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
  53
  95
  143
  198
  260
  328
  404
  486
  575
  671
  806
  913
  1,027
  1,147
  1,273
  1,404
  1,541
  1,684
  1,833
  1,988
  2,149
  2,316
  2,490
  2,671
  2,859
  3,055
  3,258
  3,470
  3,690
  3,920
Depreciation, amort., depletion, $m
  184
  236
  286
  343
  409
  484
  566
  658
  757
  865
  980
  1,058
  1,189
  1,327
  1,473
  1,626
  1,785
  1,952
  2,127
  2,308
  2,497
  2,693
  2,897
  3,109
  3,329
  3,558
  3,795
  4,043
  4,300
  4,568
  4,847
Funds from operations, $m
  134
  289
  380
  486
  607
  743
  895
  1,061
  1,243
  1,440
  1,651
  1,863
  2,102
  2,354
  2,620
  2,898
  3,190
  3,494
  3,811
  4,141
  4,484
  4,842
  5,213
  5,599
  6,000
  6,417
  6,850
  7,301
  7,770
  8,259
  8,767
Change in working capital, $m
  -47
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
Cash from operations, $m
  181
  293
  385
  492
  614
  751
  903
  1,071
  1,253
  1,450
  1,662
  1,876
  2,115
  2,368
  2,634
  2,913
  3,205
  3,510
  3,828
  4,159
  4,503
  4,861
  5,233
  5,620
  6,022
  6,439
  6,874
  7,326
  7,796
  8,285
  8,795
Maintenance CAPEX, $m
  0
  -148
  -190
  -240
  -298
  -364
  -438
  -521
  -612
  -711
  -819
  -935
  -1,058
  -1,189
  -1,327
  -1,473
  -1,626
  -1,785
  -1,952
  -2,127
  -2,308
  -2,497
  -2,693
  -2,897
  -3,109
  -3,329
  -3,558
  -3,795
  -4,043
  -4,300
  -4,568
New CAPEX, $m
  -731
  -532
  -627
  -728
  -831
  -936
  -1,042
  -1,148
  -1,252
  -1,355
  -1,456
  -1,554
  -1,649
  -1,743
  -1,835
  -1,925
  -2,015
  -2,104
  -2,194
  -2,285
  -2,377
  -2,472
  -2,569
  -2,670
  -2,774
  -2,883
  -2,997
  -3,117
  -3,243
  -3,376
  -3,515
Cash from investing activities, $m
  -730
  -680
  -817
  -968
  -1,129
  -1,300
  -1,480
  -1,669
  -1,864
  -2,066
  -2,275
  -2,489
  -2,707
  -2,932
  -3,162
  -3,398
  -3,641
  -3,889
  -4,146
  -4,412
  -4,685
  -4,969
  -5,262
  -5,567
  -5,883
  -6,212
  -6,555
  -6,912
  -7,286
  -7,676
  -8,083
Free cash flow, $m
  -549
  -387
  -433
  -476
  -515
  -550
  -578
  -598
  -611
  -616
  -612
  -612
  -592
  -564
  -528
  -485
  -435
  -380
  -319
  -252
  -182
  -107
  -28
  54
  139
  227
  319
  413
  510
  610
  712
Issuance/(repayment) of debt, $m
  239
  488
  570
  660
  754
  850
  946
  1,042
  1,137
  1,230
  1,321
  1,410
  1,497
  1,582
  1,666
  1,748
  1,829
  1,910
  1,992
  2,074
  2,158
  2,244
  2,332
  2,423
  2,518
  2,617
  2,721
  2,830
  2,944
  3,064
  3,191
Issuance/(repurchase) of shares, $m
  449
  276
  292
  305
  314
  317
  313
  303
  284
  259
  225
  150
  101
  45
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  663
  764
  862
  965
  1,068
  1,167
  1,259
  1,345
  1,421
  1,489
  1,546
  1,560
  1,598
  1,627
  1,666
  1,748
  1,829
  1,910
  1,992
  2,074
  2,158
  2,244
  2,332
  2,423
  2,518
  2,617
  2,721
  2,830
  2,944
  3,064
  3,191
Total cash flow (excl. dividends), $m
  114
  378
  428
  490
  553
  617
  682
  746
  810
  873
  934
  948
  1,007
  1,064
  1,138
  1,263
  1,394
  1,531
  1,673
  1,822
  1,976
  2,137
  2,303
  2,477
  2,657
  2,845
  3,040
  3,243
  3,454
  3,674
  3,903
Retained Cash Flow (-), $m
  -340
  -329
  -386
  -448
  -511
  -576
  -641
  -706
  -771
  -834
  -896
  -956
  -1,015
  -1,073
  -1,129
  -1,185
  -1,240
  -1,295
  -1,350
  -1,406
  -1,463
  -1,521
  -1,581
  -1,643
  -1,707
  -1,774
  -1,844
  -1,918
  -1,996
  -2,077
  -2,163
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
  42
  42
  41
  41
  40
  40
  39
  39
  38
  -8
  -8
  -9
  9
  78
  154
  236
  323
  416
  513
  616
  723
  834
  950
  1,071
  1,195
  1,325
  1,458
  1,597
  1,740
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
  28
  25
  22
  19
  16
  13
  11
  -2
  -2
  -1
  1
  7
  11
  13
  13
  12
  10
  8
  6
  5
  3
  2
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  95.1
  91.2
  88.1
  85.7
  83.7
  82.0
  80.7
  79.7
  78.9
  78.3
  78.0
  77.8
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7
  77.7

CyrusOne Inc. is a real estate investment trust. The Company is an owner, operator and developer of enterprise-class, carrier-neutral, multi-tenant data center properties. The Company's data centers are generally purpose-built facilities with redundant power and cooling. The CyrusOne National IX Platform (the National IX Platform) delivers interconnection across states and between metro-enabled sites within its footprint and beyond. The Company has data centers in the United States, London and Singapore. As of December 31, 2016, the Company provided mission-critical data center facilities for 932 customers in 35 data centers and two recovery centers in 11 distinct markets (nine cities in the United States, London and Singapore) with approximately 3,904,000 net rentable square feet (NRSF). The Company provides round the clock security guard monitoring with customizable security features. As of December 31, 2016, the Company had approximately 1,657,000 NRSF under development.

FINANCIAL RATIOS  of  CyrusOne (CONE)

Valuation Ratios
P/E Ratio 248.3
Price to Sales 9.4
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 27.4
Price to Free Cash Flow -9
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 28.5% 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 91.291 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 $5.4 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: CyrusOne   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ CyrusOne Scores Relative Strength Rating Upgrade; Hits Key Threshold   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ CyrusOne, Inc. to Host Earnings Call   [Oct-31-17 09:00AM  ACCESSWIRE]
▶ CyrusOne reports 3Q results   [Oct-30-17 04:37PM  Associated Press]
▶ CyrusOne Reports Third Quarter 2017 Earnings   [04:02PM  Business Wire]
▶ Dallas' CyrusOne to kick off massive $600M data center campus in DFW   [Oct-25-17 04:37PM  American City Business Journals]
▶ CyrusOne Sees IBD RS Rating Improve To 72   [03:00AM  Investor's Business Daily]
▶ [$$] Two Data-Center REITs Picks for Q3 Earnings   [Oct-20-17 11:12AM  Barrons.com]
▶ Switch Inc: $4 bln valuation after IPO   [Sep-25-17 09:59AM  Reuters]
▶ 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]
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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