Intrinsic value of Zayo Group Holdings - ZAYO

Previous Close

$22.20

  Intrinsic Value

$26.24

stock screener

  Rating & Target

hold

+18%

Previous close

$22.20

 
Intrinsic value

$26.24

 
Up/down potential

+18%

 
Rating

hold

We calculate the intrinsic value of ZAYO 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 0001), $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 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.00
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
Revenue, $m
  2,596
  3,029
  3,500
  4,006
  4,548
  5,125
  5,735
  6,379
  7,055
  7,763
  8,503
  9,275
  10,079
  10,916
  11,786
  12,691
  13,631
  14,608
  15,624
  16,679
  17,777
  18,919
  20,107
  21,344
  22,632
  23,975
  25,375
  26,836
  28,360
  29,952
Variable operating expenses, $m
  1,812
  2,064
  2,337
  2,632
  2,947
  3,282
  3,637
  4,011
  4,404
  4,815
  4,943
  5,391
  5,859
  6,345
  6,851
  7,377
  7,924
  8,492
  9,082
  9,696
  10,334
  10,998
  11,688
  12,407
  13,156
  13,937
  14,751
  15,600
  16,486
  17,411
Fixed operating expenses, $m
  254
  260
  266
  272
  278
  284
  290
  296
  303
  310
  316
  323
  330
  338
  345
  353
  360
  368
  377
  385
  393
  402
  411
  420
  429
  438
  448
  458
  468
  478
Total operating expenses, $m
  2,066
  2,324
  2,603
  2,904
  3,225
  3,566
  3,927
  4,307
  4,707
  5,125
  5,259
  5,714
  6,189
  6,683
  7,196
  7,730
  8,284
  8,860
  9,459
  10,081
  10,727
  11,400
  12,099
  12,827
  13,585
  14,375
  15,199
  16,058
  16,954
  17,889
Operating income, $m
  529
  705
  897
  1,103
  1,324
  1,559
  1,808
  2,071
  2,348
  2,638
  3,244
  3,560
  3,889
  4,233
  4,590
  4,961
  5,347
  5,748
  6,165
  6,599
  7,050
  7,519
  8,008
  8,517
  9,047
  9,600
  10,176
  10,778
  11,406
  12,062
EBITDA, $m
  1,417
  1,690
  1,987
  2,308
  2,650
  3,016
  3,402
  3,810
  4,239
  4,688
  5,157
  5,647
  6,158
  6,690
  7,242
  7,817
  8,415
  9,036
  9,682
  10,353
  11,051
  11,777
  12,533
  13,321
  14,141
  14,996
  15,888
  16,818
  17,789
  18,804
Interest expense (income), $m
  196
  305
  375
  453
  538
  629
  726
  830
  940
  1,056
  1,177
  1,304
  1,437
  1,576
  1,721
  1,871
  2,028
  2,190
  2,359
  2,535
  2,718
  2,907
  3,105
  3,310
  3,524
  3,746
  3,978
  4,219
  4,471
  4,733
  5,008
Earnings before tax, $m
  225
  330
  443
  565
  695
  833
  978
  1,132
  1,292
  1,461
  1,939
  2,122
  2,313
  2,512
  2,718
  2,933
  3,156
  3,388
  3,630
  3,881
  4,142
  4,414
  4,698
  4,993
  5,301
  5,622
  5,957
  6,307
  6,673
  7,055
Tax expense, $m
  61
  89
  120
  153
  188
  225
  264
  306
  349
  394
  524
  573
  625
  678
  734
  792
  852
  915
  980
  1,048
  1,118
  1,192
  1,268
  1,348
  1,431
  1,518
  1,608
  1,703
  1,802
  1,905
Net income, $m
  164
  241
  324
  412
  507
  608
  714
  826
  943
  1,066
  1,416
  1,549
  1,689
  1,834
  1,984
  2,141
  2,304
  2,474
  2,650
  2,833
  3,024
  3,222
  3,429
  3,645
  3,870
  4,104
  4,349
  4,604
  4,871
  5,150

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  10,301
  12,021
  13,888
  15,898
  18,049
  20,337
  22,759
  25,312
  27,994
  30,804
  33,740
  36,804
  39,995
  43,317
  46,771
  50,361
  54,092
  57,970
  61,999
  66,188
  70,543
  75,074
  79,789
  84,698
  89,811
  95,139
  100,695
  106,491
  112,541
  118,857
Adjusted assets (=assets-cash), $m
  10,301
  12,021
  13,888
  15,898
  18,049
  20,337
  22,759
  25,312
  27,994
  30,804
  33,740
  36,804
  39,995
  43,317
  46,771
  50,361
  54,092
  57,970
  61,999
  66,188
  70,543
  75,074
  79,789
  84,698
  89,811
  95,139
  100,695
  106,491
  112,541
  118,857
Revenue / Adjusted assets
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
Average production assets, $m
  6,894
  8,046
  9,295
  10,641
  12,081
  13,612
  15,233
  16,942
  18,737
  20,617
  22,583
  24,633
  26,769
  28,992
  31,304
  33,707
  36,205
  38,800
  41,497
  44,300
  47,216
  50,248
  53,404
  56,689
  60,111
  63,678
  67,397
  71,276
  75,325
  79,552
Working capital, $m
  -369
  -430
  -497
  -569
  -646
  -728
  -814
  -906
  -1,002
  -1,102
  -1,207
  -1,317
  -1,431
  -1,550
  -1,674
  -1,802
  -1,936
  -2,074
  -2,219
  -2,368
  -2,524
  -2,686
  -2,855
  -3,031
  -3,214
  -3,404
  -3,603
  -3,811
  -4,027
  -4,253
Total debt, $m
  6,953
  8,396
  9,962
  11,649
  13,454
  15,373
  17,405
  19,547
  21,798
  24,155
  26,618
  29,189
  31,866
  34,653
  37,551
  40,563
  43,694
  46,947
  50,328
  53,842
  57,496
  61,297
  65,253
  69,372
  73,662
  78,132
  82,794
  87,657
  92,732
  98,031
Total liabilities, $m
  8,642
  10,086
  11,652
  13,339
  15,143
  17,063
  19,095
  21,237
  23,487
  25,844
  28,308
  30,878
  33,556
  36,343
  39,241
  42,253
  45,383
  48,636
  52,017
  55,532
  59,186
  62,987
  66,943
  71,061
  75,351
  79,822
  84,484
  89,346
  94,422
  99,721
Total equity, $m
  1,658
  1,935
  2,236
  2,560
  2,906
  3,274
  3,664
  4,075
  4,507
  4,959
  5,432
  5,925
  6,439
  6,974
  7,530
  8,108
  8,709
  9,333
  9,982
  10,656
  11,357
  12,087
  12,846
  13,636
  14,460
  15,317
  16,212
  17,145
  18,119
  19,136
Total liabilities and equity, $m
  10,300
  12,021
  13,888
  15,899
  18,049
  20,337
  22,759
  25,312
  27,994
  30,803
  33,740
  36,803
  39,995
  43,317
  46,771
  50,361
  54,092
  57,969
  61,999
  66,188
  70,543
  75,074
  79,789
  84,697
  89,811
  95,139
  100,696
  106,491
  112,541
  118,857
Debt-to-equity ratio
  4.190
  4.340
  4.460
  4.550
  4.630
  4.700
  4.750
  4.800
  4.840
  4.870
  4.900
  4.930
  4.950
  4.970
  4.990
  5.000
  5.020
  5.030
  5.040
  5.050
  5.060
  5.070
  5.080
  5.090
  5.090
  5.100
  5.110
  5.110
  5.120
  5.120
Adjusted equity ratio
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  164
  241
  324
  412
  507
  608
  714
  826
  943
  1,066
  1,416
  1,549
  1,689
  1,834
  1,984
  2,141
  2,304
  2,474
  2,650
  2,833
  3,024
  3,222
  3,429
  3,645
  3,870
  4,104
  4,349
  4,604
  4,871
  5,150
Depreciation, amort., depletion, $m
  887
  985
  1,091
  1,205
  1,327
  1,456
  1,594
  1,739
  1,891
  2,050
  1,914
  2,088
  2,269
  2,457
  2,653
  2,857
  3,068
  3,288
  3,517
  3,754
  4,001
  4,258
  4,526
  4,804
  5,094
  5,396
  5,712
  6,040
  6,383
  6,742
Funds from operations, $m
  1,051
  1,226
  1,414
  1,617
  1,834
  2,064
  2,308
  2,565
  2,834
  3,116
  3,329
  3,637
  3,957
  4,291
  4,637
  4,998
  5,372
  5,762
  6,166
  6,587
  7,025
  7,481
  7,955
  8,449
  8,964
  9,500
  10,060
  10,644
  11,254
  11,892
Change in working capital, $m
  -56
  -62
  -67
  -72
  -77
  -82
  -87
  -91
  -96
  -101
  -105
  -110
  -114
  -119
  -124
  -128
  -134
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -226
Cash from operations, $m
  1,108
  1,287
  1,481
  1,689
  1,911
  2,146
  2,395
  2,656
  2,930
  3,217
  3,434
  3,747
  4,071
  4,409
  4,761
  5,126
  5,506
  5,900
  6,311
  6,737
  7,181
  7,643
  8,124
  8,625
  9,147
  9,691
  10,259
  10,852
  11,471
  12,118
Maintenance CAPEX, $m
  -495
  -584
  -682
  -788
  -902
  -1,024
  -1,154
  -1,291
  -1,436
  -1,588
  -1,747
  -1,914
  -2,088
  -2,269
  -2,457
  -2,653
  -2,857
  -3,068
  -3,288
  -3,517
  -3,754
  -4,001
  -4,258
  -4,526
  -4,804
  -5,094
  -5,396
  -5,712
  -6,040
  -6,383
New CAPEX, $m
  -1,052
  -1,151
  -1,249
  -1,346
  -1,440
  -1,531
  -1,621
  -1,709
  -1,795
  -1,881
  -1,965
  -2,050
  -2,136
  -2,223
  -2,312
  -2,403
  -2,497
  -2,595
  -2,697
  -2,804
  -2,915
  -3,032
  -3,156
  -3,285
  -3,422
  -3,567
  -3,719
  -3,879
  -4,049
  -4,227
Cash from investing activities, $m
  -1,547
  -1,735
  -1,931
  -2,134
  -2,342
  -2,555
  -2,775
  -3,000
  -3,231
  -3,469
  -3,712
  -3,964
  -4,224
  -4,492
  -4,769
  -5,056
  -5,354
  -5,663
  -5,985
  -6,321
  -6,669
  -7,033
  -7,414
  -7,811
  -8,226
  -8,661
  -9,115
  -9,591
  -10,089
  -10,610
Free cash flow, $m
  -440
  -449
  -450
  -444
  -431
  -409
  -380
  -344
  -301
  -252
  -278
  -218
  -152
  -82
  -8
  70
  152
  237
  325
  417
  512
  609
  710
  813
  920
  1,030
  1,144
  1,261
  1,382
  1,507
Issuance/(repayment) of debt, $m
  1,313
  1,443
  1,566
  1,687
  1,805
  1,920
  2,032
  2,142
  2,250
  2,357
  2,464
  2,570
  2,678
  2,787
  2,898
  3,012
  3,130
  3,253
  3,381
  3,514
  3,654
  3,801
  3,956
  4,118
  4,290
  4,471
  4,662
  4,863
  5,075
  5,299
Issuance/(repurchase) of shares, $m
  84
  36
  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  
  1,397
  1,479
  1,566
  1,687
  1,805
  1,920
  2,032
  2,142
  2,250
  2,357
  2,464
  2,570
  2,678
  2,787
  2,898
  3,012
  3,130
  3,253
  3,381
  3,514
  3,654
  3,801
  3,956
  4,118
  4,290
  4,471
  4,662
  4,863
  5,075
  5,299
Total cash flow (excl. dividends), $m
  957
  1,031
  1,116
  1,242
  1,374
  1,511
  1,652
  1,798
  1,950
  2,106
  2,186
  2,353
  2,525
  2,704
  2,890
  3,083
  3,282
  3,490
  3,706
  3,931
  4,166
  4,410
  4,665
  4,932
  5,210
  5,501
  5,805
  6,124
  6,457
  6,806
Retained Cash Flow (-), $m
  -248
  -277
  -301
  -324
  -346
  -368
  -390
  -411
  -432
  -452
  -473
  -493
  -514
  -535
  -556
  -578
  -601
  -624
  -649
  -674
  -701
  -729
  -759
  -790
  -823
  -858
  -895
  -933
  -974
  -1,017
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  710
  754
  815
  919
  1,028
  1,142
  1,262
  1,387
  1,518
  1,653
  1,713
  1,859
  2,012
  2,170
  2,334
  2,504
  2,682
  2,866
  3,058
  3,257
  3,465
  3,681
  3,906
  4,142
  4,387
  4,643
  4,911
  5,191
  5,483
  5,789
Discount rate, %
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
  642
  610
  585
  578
  561
  533
  498
  456
  410
  361
  297
  252
  209
  169
  134
  103
  78
  57
  41
  28
  19
  12
  8
  5
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  98.5
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0

Zayo Group Holdings, Inc. provides communications infrastructure services, including fiber and bandwidth connectivity, colocation and cloud infrastructure to a range of businesses. The Company operates in five segments: Dark Fiber Solutions, Network Connectivity, Colocation and Cloud Infrastructure, Zayo Canada and Other. Its products include leased dark fiber, fiber to cellular towers and small cell sites, wavelength connections, Ethernet, Internet Protocol (IP) connectivity and cloud services. Its products and services enable high-bandwidth applications, such as cloud-based computing, video, mobile, social media and machine-to-machine connectivity. As of March 1, 2017, the Company operated 8,100 route miles of long haul fiber and 4,000 miles of dense metro fiber across Denver, Minneapolis, Phoenix, Portland, Seattle, Sacramento, San Francisco, San Jose, Salt Lake City, Spokane and Boise, with on-net connectivity to over 3,100 enterprise buildings and 100 data centers.

FINANCIAL RATIOS  of  Zayo Group Holdings (ZAYO)

Valuation Ratios
P/E Ratio 63.6
Price to Sales 2.5
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 73.9
Growth Rates
Sales Growth Rate 27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.8%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 17
Current Ratio 0.1
LT Debt to Equity 398.7%
Total Debt to Equity 399.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. -6.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 64.4%
Gross Margin - 3 Yr. Avg. 66.7%
EBITDA Margin 41.2%
EBITDA Margin - 3 Yr. Avg. 37.6%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 11.3%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. -3.8%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate 17.3%
Eff/ Tax Rate - 3 Yr. Avg. 3.7%
Payout Ratio 0%

ZAYO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZAYO stock intrinsic value calculation we used $2199.8 million for the last fiscal year's total revenue generated by Zayo Group Holdings. The default revenue input number comes from 0001 income statement of Zayo Group 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 ZAYO stock valuation model: a) initial revenue growth rate of 18% 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 10.6%, whose default value for ZAYO is calculated based on our internal credit rating of Zayo Group 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 Zayo Group 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 ZAYO stock the variable cost ratio is equal to 71.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $249 million in the base year in the intrinsic value calculation for ZAYO 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 5.4% for Zayo Group Holdings.

Corporate tax rate of 27% is the nominal tax rate for Zayo Group 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 ZAYO 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 ZAYO are equal to 265.6%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Zayo Group 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 ZAYO is equal to -14.2%. 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 - $1410.5 million for Zayo Group 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 248.556 million for Zayo Group 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 Zayo Group Holdings at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Zayo Group (ZAYO) Catches Eye: Stock Jumps 6.8%   [Nov-14-18 08:56AM  Zacks]
▶ Zayo Group: Fiscal 1Q Earnings Snapshot   [04:51PM  Associated Press]
▶ Zayo Announces Two New Long Haul Fiber Routes   [Nov-02-18 08:00AM  Business Wire]
▶ Quantum Xchange Selects Zayo for Dark Fiber   [Oct-24-18 08:00AM  Business Wire]
▶ Major Retailer Selects Zayo for Nationwide Network   [Oct-22-18 08:00AM  Business Wire]
▶ Zayo Expands Metro Fiber Networks in Europe   [Oct-12-18 05:00AM  Business Wire]
▶ Potrero Capital Researchs Return, AUM, and Holdings   [Oct-07-18 04:35AM  Insider Monkey]
▶ Carrier Selects Zayo for IP Solution   [Sep-28-18 08:00AM  Business Wire]
▶ International Carrier Selects Zayo for Dark Fiber in Europe   [Sep-14-18 08:00AM  Business Wire]
▶ Zayo Executives to Present at Upcoming Investor Conferences   [Sep-05-18 04:05PM  Business Wire]
▶ Zayo Group Keeps Searching for Its Whale   [Aug-23-18 02:39PM  Motley Fool]
▶ Zayo Completes Los Angeles to Dallas Long Haul Fiber Route   [Aug-09-18 08:00AM  Business Wire]
▶ Google Fiber expands to Northeast SA   [11:37AM  American City Business Journals]
▶ Zayo Expands Relationship with Global Cloud Provider   [Jul-27-18 08:00AM  Business Wire]
▶ Cloud Provider Selects Zayo for Colocation and Connectivity   [Jul-20-18 08:00AM  Business Wire]
▶ Stocks Close Higher As Nasdaq Leads Broad Gains; Jobs Report Looms   [Jul-05-18 04:24PM  Investor's Business Daily]
▶ Comcast says services being restored after outage   [Jun-29-18 06:44PM  Reuters]
▶ International Carrier Selects Zayo for Wavelengths   [Jun-28-18 08:00AM  Business Wire]
▶ 7 Founder-Led Companies to Own Forever   [Jun-20-18 10:27AM  InvestorPlace]
▶ New Tariffs, Same Old Reaction   [09:15AM  Zacks]
▶ Zayo Executives to Present at June Investor Conferences   [Jun-05-18 06:45AM  Business Wire]
▶ Global Carrier Selects Zayo for UK Dark Fiber   [May-31-18 06:00AM  Business Wire]
▶ Zayo Expands European Wavelength Network   [May-24-18 08:00AM  Business Wire]
▶ 4 Reasons Why BofA Is Bullish On Zayo Group   [May-18-18 12:45PM  Benzinga]
▶ Global Business Process Outsourcing Company Selects Zayo   [May-17-18 08:00AM  Business Wire]
▶ Zayo Executives to Present at May Investor Conferences   [May-14-18 08:00AM  Business Wire]
▶ Could This Move Help Zayo Make More Money?   [May-04-18 09:29AM  Motley Fool]
▶ Zayo Group: Fiscal 3Q Earnings Snapshot   [May-03-18 05:54PM  Associated Press]
▶ 5 Big Tech Stocks That Are Surprising Bargains Right Now   [Apr-30-18 06:27AM  TheStreet.com]
▶ Zayo Closes Acquisition of Neutral Path   [Apr-18-18 08:00AM  Business Wire]
▶ Zayo to Establish Data Center Presence in UK   [Apr-16-18 06:45AM  Business Wire]
▶ Global Cloud Provider Selects Zayo for Dark Fiber in Canada   [Apr-11-18 08:00AM  Business Wire]
▶ Edited Transcript of ZAYO presentation 8-Mar-17 3:25pm GMT   [Apr-10-18 02:22PM  Thomson Reuters StreetEvents]
▶ Zayo Acquires Data Center in McLean, Virginia   [Apr-06-18 08:00AM  Business Wire]
▶ Zayo Demonstrates E-Rate Momentum   [Apr-03-18 04:06PM  Business Wire]
▶ Interdata Selects Zayo for Dark Fiber   [07:00AM  Business Wire]
▶ Pico Selects Zayo for Global Network Backbone   [Mar-21-18 08:00AM  Business Wire]

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