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Cogent Communications Holdings Inc

CCOI: XNAS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$53.00	Mpkmm	Hrtlpqpsr

Cogent’s Corporate Business Remains Stalled; T-Mobile Wireline Acquisition Now Expected in Q2

Feb 24, 2023

Cogent’s fourth quarter was disappointing, as its corporate customer base remained stalled, and the EBITDA margin was under pressure due primarily to inflationary costs. Also, Cogent now expects its acquisition of Sprint’s wireline business from T-Mobile—for which Cogent essentially will receive $700 million—to close in the second quarter. We expect the transaction will lead to more volatility and uncertainty in results, but it doesn't change our $65 fair value estimate.

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