Intrinsic value of Consolidated Communications Holdings - CNSL

Previous Close

$12.47

  Intrinsic Value

$128.86

stock screener

  Rating & Target

str. buy

+933%

Previous close

$12.47

 
Intrinsic value

$128.86

 
Up/down potential

+933%

 
Rating

str. buy

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  743
  1,189
  1,837
  2,747
  3,985
  5,623
  7,730
  10,376
  13,625
  17,531
  22,144
  27,497
  33,618
  40,521
  48,212
  56,689
  65,943
  75,961
  86,726
  98,222
  110,431
  123,336
  136,926
  151,188
  166,117
  181,711
  197,971
  214,905
  232,524
  250,843
  269,883
Variable operating expenses, $m
 
  1,071
  1,613
  2,375
  3,412
  4,783
  6,547
  8,762
  11,481
  14,752
  18,612
  23,018
  28,142
  33,921
  40,359
  47,455
  55,202
  63,588
  72,600
  82,223
  92,443
  103,247
  114,623
  126,562
  139,060
  152,113
  165,725
  179,900
  194,649
  209,984
  225,923
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
  1,071
  1,613
  2,375
  3,412
  4,783
  6,547
  8,762
  11,481
  14,752
  18,612
  23,018
  28,142
  33,921
  40,359
  47,455
  55,202
  63,588
  72,600
  82,223
  92,443
  103,247
  114,623
  126,562
  139,060
  152,113
  165,725
  179,900
  194,649
  209,984
  225,923
Operating income, $m
  81
  118
  223
  372
  573
  840
  1,183
  1,614
  2,144
  2,780
  3,531
  4,479
  5,476
  6,600
  7,853
  9,234
  10,741
  12,373
  14,126
  15,999
  17,987
  20,090
  22,303
  24,626
  27,058
  29,598
  32,246
  35,005
  37,874
  40,858
  43,960
EBITDA, $m
  255
  358
  554
  828
  1,202
  1,695
  2,331
  3,128
  4,108
  5,286
  6,676
  8,290
  10,136
  12,217
  14,536
  17,091
  19,881
  22,902
  26,148
  29,613
  33,294
  37,185
  41,282
  45,583
  50,084
  54,785
  59,687
  64,793
  70,105
  75,628
  81,369
Interest expense (income), $m
  70
  69
  122
  203
  317
  472
  676
  940
  1,271
  1,677
  2,165
  2,741
  3,411
  4,176
  5,039
  6,000
  7,060
  8,216
  9,469
  10,814
  12,251
  13,777
  15,391
  17,089
  18,872
  20,738
  22,687
  24,720
  26,837
  29,039
  31,329
Earnings before tax, $m
  38
  49
  101
  169
  257
  368
  507
  675
  873
  1,103
  1,366
  1,737
  2,065
  2,424
  2,814
  3,234
  3,681
  4,156
  4,658
  5,185
  5,736
  6,312
  6,912
  7,537
  8,186
  8,860
  9,559
  10,285
  11,038
  11,819
  12,631
Tax expense, $m
  23
  13
  27
  46
  69
  99
  137
  182
  236
  298
  369
  469
  558
  655
  760
  873
  994
  1,122
  1,258
  1,400
  1,549
  1,704
  1,866
  2,035
  2,210
  2,392
  2,581
  2,777
  2,980
  3,191
  3,410
Net income, $m
  15
  36
  74
  123
  187
  269
  370
  492
  637
  805
  997
  1,268
  1,508
  1,770
  2,054
  2,361
  2,687
  3,034
  3,400
  3,785
  4,187
  4,608
  5,046
  5,502
  5,976
  6,468
  6,978
  7,508
  8,058
  8,628
  9,221

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
  3,302
  5,102
  7,630
  11,071
  15,619
  21,473
  28,823
  37,846
  48,698
  61,510
  76,382
  93,384
  112,559
  133,923
  157,470
  183,175
  211,002
  240,906
  272,839
  306,752
  342,601
  380,349
  419,967
  461,437
  504,753
  549,921
  596,959
  645,899
  696,785
  749,675
Adjusted assets (=assets-cash), $m
  2,066
  3,302
  5,102
  7,630
  11,071
  15,619
  21,473
  28,823
  37,846
  48,698
  61,510
  76,382
  93,384
  112,559
  133,923
  157,470
  183,175
  211,002
  240,906
  272,839
  306,752
  342,601
  380,349
  419,967
  461,437
  504,753
  549,921
  596,959
  645,899
  696,785
  749,675
Revenue / Adjusted assets
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
Average production assets, $m
  1,112
  1,780
  2,750
  4,112
  5,966
  8,417
  11,572
  15,533
  20,396
  26,245
  33,149
  41,164
  50,326
  60,660
  72,174
  84,863
  98,717
  113,713
  129,829
  147,038
  165,315
  184,635
  204,978
  226,329
  248,678
  272,022
  296,363
  321,713
  348,088
  375,512
  404,015
Working capital, $m
  -17
  -46
  -72
  -107
  -155
  -219
  -301
  -405
  -531
  -684
  -864
  -1,072
  -1,311
  -1,580
  -1,880
  -2,211
  -2,572
  -2,962
  -3,382
  -3,831
  -4,307
  -4,810
  -5,340
  -5,896
  -6,479
  -7,087
  -7,721
  -8,381
  -9,068
  -9,783
  -10,525
Total debt, $m
  1,392
  2,442
  4,062
  6,337
  9,434
  13,527
  18,795
  25,410
  33,531
  43,299
  54,829
  68,213
  83,515
  100,773
  120,001
  141,193
  164,327
  189,372
  216,286
  245,025
  275,547
  307,811
  341,784
  377,440
  414,764
  453,748
  494,399
  536,733
  580,779
  626,577
  674,178
Total liabilities, $m
  1,922
  2,972
  4,592
  6,867
  9,964
  14,057
  19,325
  25,940
  34,061
  43,829
  55,359
  68,743
  84,045
  101,303
  120,531
  141,723
  164,857
  189,902
  216,816
  245,555
  276,077
  308,341
  342,314
  377,970
  415,294
  454,278
  494,929
  537,263
  581,309
  627,107
  674,708
Total equity, $m
  171
  330
  510
  763
  1,107
  1,562
  2,147
  2,882
  3,785
  4,870
  6,151
  7,638
  9,338
  11,256
  13,392
  15,747
  18,317
  21,100
  24,091
  27,284
  30,675
  34,260
  38,035
  41,997
  46,144
  50,475
  54,992
  59,696
  64,590
  69,679
  74,968
Total liabilities and equity, $m
  2,093
  3,302
  5,102
  7,630
  11,071
  15,619
  21,472
  28,822
  37,846
  48,699
  61,510
  76,381
  93,383
  112,559
  133,923
  157,470
  183,174
  211,002
  240,907
  272,839
  306,752
  342,601
  380,349
  419,967
  461,438
  504,753
  549,921
  596,959
  645,899
  696,786
  749,676
Debt-to-equity ratio
  8.140
  7.400
  7.960
  8.310
  8.520
  8.660
  8.750
  8.820
  8.860
  8.890
  8.910
  8.930
  8.940
  8.950
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  0.070
  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
  15
  36
  74
  123
  187
  269
  370
  492
  637
  805
  997
  1,268
  1,508
  1,770
  2,054
  2,361
  2,687
  3,034
  3,400
  3,785
  4,187
  4,608
  5,046
  5,502
  5,976
  6,468
  6,978
  7,508
  8,058
  8,628
  9,221
Depreciation, amort., depletion, $m
  174
  240
  330
  456
  628
  855
  1,147
  1,514
  1,964
  2,506
  3,145
  3,811
  4,660
  5,617
  6,683
  7,858
  9,140
  10,529
  12,021
  13,615
  15,307
  17,096
  18,979
  20,956
  23,026
  25,187
  27,441
  29,788
  32,230
  34,770
  37,409
Funds from operations, $m
  214
  276
  404
  580
  815
  1,124
  1,517
  2,006
  2,602
  3,311
  4,142
  5,080
  6,167
  7,387
  8,737
  10,218
  11,828
  13,563
  15,421
  17,399
  19,494
  21,704
  24,026
  26,458
  29,001
  31,655
  34,419
  37,296
  40,288
  43,398
  46,629
Change in working capital, $m
  -4
  -17
  -25
  -35
  -48
  -64
  -82
  -103
  -127
  -152
  -180
  -209
  -239
  -269
  -300
  -331
  -361
  -391
  -420
  -448
  -476
  -503
  -530
  -556
  -582
  -608
  -634
  -660
  -687
  -714
  -743
Cash from operations, $m
  218
  294
  430
  615
  864
  1,188
  1,600
  2,110
  2,728
  3,464
  4,322
  5,289
  6,406
  7,656
  9,037
  10,549
  12,189
  13,954
  15,841
  17,848
  19,970
  22,207
  24,556
  27,015
  29,584
  32,263
  35,053
  37,957
  40,975
  44,112
  47,372
Maintenance CAPEX, $m
  0
  -103
  -165
  -255
  -381
  -552
  -779
  -1,071
  -1,438
  -1,889
  -2,430
  -3,069
  -3,811
  -4,660
  -5,617
  -6,683
  -7,858
  -9,140
  -10,529
  -12,021
  -13,615
  -15,307
  -17,096
  -18,979
  -20,956
  -23,026
  -25,187
  -27,441
  -29,788
  -32,230
  -34,770
New CAPEX, $m
  -125
  -668
  -970
  -1,362
  -1,854
  -2,451
  -3,155
  -3,961
  -4,863
  -5,849
  -6,904
  -8,015
  -9,163
  -10,334
  -11,513
  -12,690
  -13,853
  -14,997
  -16,116
  -17,209
  -18,276
  -19,320
  -20,343
  -21,351
  -22,349
  -23,344
  -24,342
  -25,350
  -26,375
  -27,424
  -28,503
Cash from investing activities, $m
  -108
  -771
  -1,135
  -1,617
  -2,235
  -3,003
  -3,934
  -5,032
  -6,301
  -7,738
  -9,334
  -11,084
  -12,974
  -14,994
  -17,130
  -19,373
  -21,711
  -24,137
  -26,645
  -29,230
  -31,891
  -34,627
  -37,439
  -40,330
  -43,305
  -46,370
  -49,529
  -52,791
  -56,163
  -59,654
  -63,273
Free cash flow, $m
  110
  -477
  -705
  -1,002
  -1,371
  -1,816
  -2,334
  -2,923
  -3,573
  -4,274
  -5,012
  -5,795
  -6,568
  -7,338
  -8,093
  -8,824
  -9,522
  -10,183
  -10,804
  -11,383
  -11,921
  -12,420
  -12,883
  -13,316
  -13,722
  -14,107
  -14,476
  -14,834
  -15,188
  -15,542
  -15,901
Issuance/(repayment) of debt, $m
  -9
  1,065
  1,620
  2,275
  3,097
  4,094
  5,268
  6,615
  8,121
  9,767
  11,530
  13,384
  15,302
  17,258
  19,228
  21,192
  23,135
  25,044
  26,914
  28,739
  30,522
  32,264
  33,973
  35,656
  37,323
  38,984
  40,651
  42,334
  44,046
  45,798
  47,601
Issuance/(repurchase) of shares, $m
  -1
  135
  106
  130
  157
  186
  215
  243
  265
  280
  284
  219
  193
  148
  82
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -21
  1,200
  1,726
  2,405
  3,254
  4,280
  5,483
  6,858
  8,386
  10,047
  11,814
  13,603
  15,495
  17,406
  19,310
  21,192
  23,135
  25,044
  26,914
  28,739
  30,522
  32,264
  33,973
  35,656
  37,323
  38,984
  40,651
  42,334
  44,046
  45,798
  47,601
Total cash flow (excl. dividends), $m
  89
  723
  1,021
  1,403
  1,882
  2,464
  3,149
  3,935
  4,813
  5,774
  6,802
  7,808
  8,927
  10,067
  11,217
  12,368
  13,613
  14,861
  16,110
  17,357
  18,601
  19,845
  21,090
  22,340
  23,601
  24,878
  26,175
  27,500
  28,858
  30,256
  31,700
Retained Cash Flow (-), $m
  75
  -171
  -180
  -253
  -344
  -455
  -585
  -735
  -902
  -1,085
  -1,281
  -1,487
  -1,700
  -1,918
  -2,136
  -2,355
  -2,571
  -2,783
  -2,990
  -3,193
  -3,391
  -3,585
  -3,775
  -3,962
  -4,147
  -4,332
  -4,517
  -4,704
  -4,894
  -5,089
  -5,289
Prev. year cash balance distribution, $m
 
  12
  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
 
  564
  841
  1,150
  1,538
  2,009
  2,564
  3,200
  3,911
  4,688
  5,521
  6,321
  7,226
  8,150
  9,080
  10,014
  11,042
  12,079
  13,120
  14,163
  15,210
  16,260
  17,315
  18,379
  19,454
  20,546
  21,658
  22,796
  23,964
  25,167
  26,411
Discount rate, %
 
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
 
  503
  661
  788
  907
  1,006
  1,076
  1,109
  1,101
  1,055
  976
  861
  743
  620
  500
  390
  297
  218
  155
  106
  70
  45
  28
  16
  9
  5
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  86.0
  81.0
  77.2
  74.3
  72.0
  70.1
  68.6
  67.5
  66.5
  65.8
  65.3
  65.0
  64.8
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7
  64.7

Consolidated Communications Holdings, Inc. is a holding company with operating subsidiaries that provide integrated communications services in consumer, commercial and carrier channels in California, Illinois, Iowa, Kansas, Minnesota, Missouri, North Dakota, Pennsylvania, South Dakota, Texas and Wisconsin. The Company operates as both an Incumbent Local Exchange Carrier (ILEC) and a Competitive Local Exchange Carrier (CLEC) dependent upon the territory served. The Company provides a range of services and products that include local and long-distance service, broadband Internet access, video services, Voice over Internet Protocol (VoIP), private line services, carrier grade access services, network capacity services over its regional fiber optic networks, cloud data services, data center and managed services, directory publishing, equipment sales and cloud data services. The Company markets services to its residential customers either individually or as a bundled package.

FINANCIAL RATIOS  of  Consolidated Communications Holdings (CNSL)

Valuation Ratios
P/E Ratio 42.1
Price to Sales 0.8
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 6.8
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 $743 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 60% 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 12.2%, 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 93.9%.

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% 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 149.7%.

Life of production assets of 10.8 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 -3.9%. 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 - $171 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 71.533 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 $0.9 billion.

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COMPANY NEWS

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▶ Consolidated Communications posts 3Q loss   [08:43AM  Associated Press]
▶ Consolidated Communications Announces Quarterly Dividend   [Oct-31-17 09:00AM  GlobeNewswire]
▶ Is Hormel a Good Dividend Stock?   [Aug-13-17 04:33PM  Motley Fool]
▶ Consolidated Communications posts 2Q loss   [Aug-04-17 02:36AM  Associated Press]
▶ Consolidated Communications Announces Quarterly Dividend   [Aug-01-17 10:00AM  GlobeNewswire]
▶ Consolidated Communications launches CCI All Access App   [Jul-28-17 11:00AM  GlobeNewswire]
▶ Consolidated Communications Completes FairPoint Acquisition   [Jul-03-17 01:00PM  GlobeNewswire]
▶ Consolidated Communications posts 1Q loss   [May-04-17 09:14AM  Associated Press]
▶ Consolidated Communications Announces Quarterly Dividend   [May-02-17 01:00PM  GlobeNewswire]
Financial statements of CNSL
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