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Cogent Communications Holdings Inc - Stock Quote CCOI

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Morningstar's Cogent Communications Holdings Inc Stock Analysis

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Cogent’s Surprise Earnings Release Announces CFO Departure, but Typical Results

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

After scheduling an earnings release and call for May 5, Cogent abruptly issued its earnings on April 29, while the earnings call remains scheduled for May 5. The firm announced CFO Sean Wallace will leave his role on May 6, and we suspect Cogent wanted to release first-quarter results concurrently to quell any fears that the CFO departure might mean the quarter would be ugly. Results were generally consistent with our expectations and are tracking our full-year forecast, but we’ll need to hear the call to learn how each of the firms two business lines are performing. We are maintaining our $65 fair value estimate and don’t expect it to change materially after we receive further color on the call.

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Cogent Communications Holdings Inc's Company Profile

Business Description

Cogent carries over one fifth of the world's Internet traffic over its network and is an Internet service provider for businesses. Cogent's corporate customers are in high-rise office buildings, and the firm provides them with two types of connections: dedicated Internet access, which connects them to the Internet, and virtual private networking, which offers an internal network for employees in different locations. Cogent's corporate customers are exclusively in North America and account for over half of the firm's revenue. Cogent's netcentric customers include Internet service providers and content providers, to which Cogent provides Internet transit. They hand traffic to Cogent in data centers and rely on Cogent to deliver it. About half of netcentric revenue is from outside the U.S.

2450 N Street North West
Washington, DC, 20037
T +1 202 295-4200
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type High Yield
Employees 987