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Re: sjgolf1967 post# 446

Friday, 02/23/2018 12:49:36 PM

Friday, February 23, 2018 12:49:36 PM

Post# of 9364
CFRA KEEPS HOLD OPINION ON SHARES OF WINDSTREAM HOLDINGS
February 22, 2018 (CFRA)
We keep our 12-month target at $2.00 on near peers EV/EBITDA of 5.8X our '19 estimate. We adjust our '18 loss per share view to $1.21 from $1.14 and start '19 at a $1.01 per share loss. WIN posts Q3 pro-forma sales decline of 3%, near expectations, hurt by lower ILEC Consumer and Small Business as well as Wholesale revenue. Enterprise revenue fell less than 1%. We are encouraged by '18 free cash flow guidance of $165M ($143M in '17) and extension of WIN's debt maturity profile (no meaningful maturities prior to '20). Still, we see legacy revenue declines pressuring results.

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