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MoffettNathanson welcomes Adam Holt, Top-Ranked Software Analyst

March 13, 2017 5:00 AM PDT / 8:00 AM EDT

Veteran software analyst Adam Holt is joining our firm to lead our new Software & Services vertical.  Adam is among the best known and most-widely respected research analysts on Wall Street.  He returns to the equity research business after three years as an investment banker at Qatalyst Partners, where he led the firm’s Software Investment Banking practice.  Prior to Qatalyst, Adam was the Global Head of Software Research at both Morgan Stanley and J.P. Morgan, where he was voted the #1 Software analyst in America by Institutional Investor Magazine and/or Greenwich Associates for six consecutive years.  He has a total of 17 years of experience as a Software analyst.

We are incredibly privileged to be joining forces with Adam.  He joins our firm effective this morning, and has plans to initiate coverage within the next few months.  We look forward to sharing additional details about Adam’s new vertical as his coverage launch approaches.

Conference Call Replay: Available HERE

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Summit Registration: Click HERE

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SAVE THE DATE: 4th Annual MoffettNathanson Media & Communications Summit | May 17-18, 2017 | New York, NY

To register, please click here.

Conference Call Replay: Available HERE

Conference Registration: Click HERE

Summit Registration: Click HERE

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Conference Call Replay | 99 Problems But the Deal Ain’t One… Initiating Coverage of CenturyLink

March 3, 2017 7:00 AM PDT / 10:00 AM EDT

CenturyLink has been dealt a tough hand.  Like other incumbent wireline telcos, it has had little to gain and much to lose in the long-term transition away from legacy copper-based services towards modern fiber, hybrid fiber-coax, and wireless services.  However, an 8.8% dividend yield beckons investors and its acquisition of Level 3 promises to transform the company.  Against this backdrop and given these cross-currents, it is critical to understand the following to develop an opinion on CenturyLink’s equity:

- Whether the pace of CenturyLink’s revenue declines will continue, or if they will improve or worsen
- CenturyLink’s underlying cash flow outlook, particularly with respect to dividend coverage, derived from an analysis of its cost structure and capital investment requirements
- Level 3’s structural position and financial trajectory and how they differ from CenturyLink’s
- The achievability of synergies and other deal-related factors that might affect the value of new CenturyLink
- An appropriate valuation framework and its sensitivity to changes in the outlook

In a clients-only conference call on Friday, March 3, Nick Del Deo discussed his outlook and recommendation for CenturyLink and covered the key topics listed above.

Conference Call Materials: Available HERE

Conference Call Replay: Available HERE

Conference Registration: Click HERE

Summit Registration: Click HERE

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Conference Call Replay | Snap, Inc.: Field of Dreams?

February 28, 2017 7:00 AM PDT / 10:00 AM EDT

With Snap pricing its IPO on Wednesday, March 1st, what do we know about the nascent platform’s relative positioning versus other major social networks, its monetization prospects, and valuation? As Snap is still incredibly early in its monetization ramp, its future is theoretically a “Field of Dreams” as it has made many proactive decisions to sidestep numerous pitfalls plaguing competitors.  On the other hand, Snap’s demographic composition, slowing DAU growth, and limited operating history could offset the monetization narrative.

In a clients-only conference call, Michael Nathanson and Perry Gold attempted to answer several key questions such as whether Snapchat is the next Facebook, Twitter, or something altogether different, how robust Snap’s user and monetization trajectory could be out of the gate, and what Snap’s IPO pricing implies for valuation. 

Conference Call Materials: Available HERE

Conference Call Replay: Available HERE

Conference Registration: Click HERE

Summit Registration: Click HERE

 

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