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Level 3 Communications: A Long Idea Still Priced At An Attractive Discount To Fair Value

INTRODUCTION

Level 3 Communications (LVLT) is a global communications provider headquartered in Broomfield, Colorado, that provides communications services to enterprise, government and carrier customers in more than 60 countries around the world. Level 3 operates one of the world's largest Internet backbones. LVLT and tw telecom (TWTC) stockholders approved the acquisition of TWTC by LVLT on October 28, 2014. Level 3 reported fourth quarter 2014 results on Wednesday, Feb 4, 2015. This article is an update to our last article, "Level 3 Communications: A Long Idea At An Attractive Value" which is an in depth look at the company. We discussed the following topics in the last article and this article will update the topics as indicated below and not repeat ourselves for the topics we haven't changed our view on:

  • Management Change - UNCHANGED
  • TWTC Acquisition - UNCHANGED
  • Financials (Pro-Forma) - UPDATED
  • Growth outlook (Pro-Forma) - UPDATED