While Vocus Cleans House, a Headwind Appears: FVE Cut, but Shares Still Attractive

KKR Puts A Deal on the Table for Vocus - Expect More Vultures To Circle

A Focused Evaluation of Vocus Communications: When Infrastructure Meets Salesforce

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

Some of the factors that have wiped 24% off Vocus' market value since the fiscal 2016 results release on 23 August are disconcerting. However, we view none of them as sufficiently serious to impact our AUD 8.50 fair value estimate. As such, shares in Vocus are now trading at an attractive 26% discount to our intrinsic assessment.Vocus has felt the full brunt of competitor TPG's below-consensus earnings guidance for fiscal 2017. Investors are suddenly gripped with fear regarding the competitive environment and the impact of National Broadband Network, or NBN, on Vocus. This is a curious reaction, as these dynamics are hardly fresh news, but are now being used as justification to derate the sector.Analyst: Brian Han

Some of the factors that have wiped 24% off Vocus' market value since the fiscal 2016 results release on 23 August are disconcerting. However, we view none of them as sufficiently serious to impact our AUD 8.50 fair value estimate. As such, shares in Vocus are now trading at an attractive 26% discount to our intrinsic assessment.Vocus has felt the full brunt of competitor TPG's below-consensus earnings guidance for fiscal 2017. Investors are suddenly gripped with fear regarding the competitive environment and the impact of National Broadband Network, or NBN, on Vocus. This is a curious reaction, as these dynamics are hardly fresh news, but are now being used as justification to derate the sector.Analyst: Brian Han

Collateral Damage but Vocus Communications Shares at 26% Discount to Fair Value Estimate