Embarq Corp http://www.alacrastore.com/company-snapshot/Embarq_Corp-3769599 Saturday, July 05, 2008 9:30:44 PM 3769599 Embarq Corp en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/71182cs/71182norm Telecom & Suppliers Monthly Summary: July #### We review key themes published in June. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage. We...YesD0Article214634501641206112717118228392235224207011627265131798621877621194897957653131964corphy1192717214622536191842High Yield54Euro Markets Issuers82Telecom & Suppliers Monthly Summary6/30/2008 11:11:31 PM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of June.71182Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70981cs/70981norm Downgrading CenturyTel: Shareholder Value the Primary Concern CenturyTel announced a new financial strategy that including dramatically increasing cash return to shareholders and increasing its targeted net leverage to #.##x from the...709812266YesD8BondScore76520611964bscore/calcarticlescorpbscore/researchhy1197BondScore33Capital Structure26BondScore: Company/Industry42High Yield6/24/2008 11:11:00 PM250CenturyTel announced that it will increase shareholder returns by targeting higher leverage, and we comment on the investment implications.70981Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70866cs/70866norm Recap and Observations of NXTComm #### We recap some of the themes and our observations from last week's NXTComm ####. Telcos are facing significant challenges with the economics of broadband - which are made worse by the increasing...708663729YesD0Article1271214313224726223634502187652061513171964986corphy1181936303G/Wireless Technology33Capital Structure54Euro Markets Issuers42High Yield6/23/2008 12:12:24 AM150We recap some of the themes and our observations from NXTComm 2008, which was held last week.70866Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/655356spcred/655356normThe latest Summary from S&Pglobal6/20/2008 6:42:43 PM175Summary655356United StatesIntegrated Telecommunication ServicesUnited StatesGlobal IssuersCorporationsTelecommunications & CableSummaryThe ratings on Overland Park, Kan.-based Embarq Corp. reflect its position as the dominant provider of local and long-distance telecom services in its markets; its solid operating margin; strong free cash flow characteristics; monthly recurring revenue from a sizable and geographically diverse customer base; and good growth potential from high-speed Internet (HSI) and data services. The ratings also incorporate Standard&Poor's Ratings Services' expectations that Embarq will maintain a fairly conservative capital structure, marked by leverage in the low-2x area, to mitigate weak trends in its residential voice business. Tempering factors include the potential for revenue and EBITDA declines due to advancing access-line erosion caused by wireless substitution and cable telephony competition, as well as limited product diversity comparedUSA29078E29078F50101020 501010 5010 50Embarq Corp.400219USAEQSUMMARYGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655284spcred/655284normThe latest Full Report from S&Pglobal6/20/2008 3:44:43 PM400Full Report655284United StatesIntegrated Telecommunication ServicesUnited StatesGlobal IssuersCorporationsTelecommunications & CableFull ReportDominant provider of local and long-distance telecommunications services in its markets; Healthy EBITDA margins and solid free cash flow from geographically diverse operations; Revenue growth potential from increasing penetration of digital subscriber line (DSL) and other data services; and Our expectations that Embarq will adhere to a moderate financial policy to mitigate declining operating trends in residential voice services. Potential for modestly declining revenue and EBITDA due to continued access-line erosion fueled by wireless substitution and cable telephony competition; and Limited product diversity compared with cable competitors' broader and more integrated bundle of services. The ratings on Overland Park, Kan.-based Embarq Corp. reflect its position as the dominant provider of local and long-distance telecom services in its markets; its solidUSA29078E29078F50101020 501010 5010 50Embarq Corp.400219USAEQFULLUSA14419514419J14419K15133415546515546715546L91302691302J91302K50101020 501010 5010 50Carolina Telephone&Telegraph Co.Centel Corp.Central Telephone Co.Sprint - Florida, Inc.100391100408102460105122USA1160QUT4UT1CNT1GLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1858959ccbn/T1858959norm... - Oppenheimer - Moderator, Analyst It's my pleasure to introduce Embarq, which has been our top pick in the RLEC space almost since they got spun out of Sprint I guess two years ago now, which is--we were just discussing out in the hallway, it's been a more volatile stock than I ever would have imagined. Luckily, the volatility has been in the right direction over the last month and I think rightly so. And it's my pleasure to introduce Gene Betts, who is the Chief Financial Officer of Embarq. ... 6/3/2008 9:10:00 PMEmbarq Corporation54.0000FinalEmbarq Corporation at Oppenheimer & Co. Annual Communications & Technology Conference (Invitation Only) TranscriptEQ2:30pm ETTranscriptT1858959Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/69990cs/69990norm Telecom & Suppliers Monthly Summary: June #### We review key themes published in May. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage. We...699901684YesD0Article20611271164119643132145224207063450776218795211976548951317986corphy2251191842High Yield82Telecom & Suppliers Monthly Summary33Capital Structure51LBO43Litigation66Earnings Reports - TMT49M&A Activity6/2/2008 12:13:11 AM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of May.69990Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69627cs/69627norm Embarq #Q## Tearsheet We believe that the overall operational and financial results could deteriorate, and that the company is likely to engage in M&A. A deal with any cash portion would, in our opinion, almost certainly push the company...69627585YesC21Tearsheet1964tearsheets/premium195/30/2008 12:19:57 PM15069627Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/BW-0001-25640648newstex/BW-0001-25640648xml May ##, #### (Business Wire) -- Zacks Equity Research highlights Entergy Corp. (NYSE: ETR) as the Bull of the Day and Embarq (NYSE: EQ) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Johnson Controls,...0400000004016000040160480401600104016018130000001301000013010003130100085/30/2008 7:06:04 AM18000000180080001800400018024000190000001900100019001045Business WireBW-0001-25640648BURLINGTON NORTHERN SANTA FE CORPEMBARQ CORPENTERGY CORPJOHNSON CONTROLS INCBNIEQETRJCINewsNewstexhttp://www.alacrastore.com/storecontent/cs/69850cs/69850norm Telecom & Suppliers #Q## Review (III): Telecom Services Trends We examine some of the common trends in telecom services which emerged from the #Q## earnings results. Most carriers seemed to suggest that the economic impact on their...698503138YesD0Article72612711964223206120162247957762187652119986corphy11966Earnings Reports - TMT42High Yield33Capital Structure5/28/2008 11:12:28 PM150We examine some of the common trends in telecom services which emerged from the 1Q08 earnings results, comparing them to historical trends and identifying those which will likely continue in future quarters.69850Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1860174ccbn/T1860174norm...Terrific pleasure to welcome Tom Gerke, Embarq's relatively new CEO, to our conference for the first time. I think Embarq was the poster child earlier this year for overdone fears about the impact of the housing crisis on telecom services. The Company had a very solid first quarter under Tom's leadership, and it's absolutely focusing even more today on free cash flow. Amongst other initiatives, he's downsized the Company's wireless resale business, which I think most investors are applauding. So Tom, thank you again for coming, and welcome very much to our conference. ... 5/28/2008 8:09:00 PMEmbarq Corporation54.0000FinalEmbarq Corporation at Lehman Brothers Wireless and Wireline Conference TranscriptEQ2:15pm ETTranscriptT1860174Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/69556cs/69556norm Telecom & Suppliers #Q## Review (I): What Did We Learn About The Macro Environment? The #Q## earnings results and accompanying calls, in general, projected a very different tone than #Q##. The #Q## results and statements indicate a...695566515YesD0Article6345020702142441333127114465224206114731162726223517653171433795983218313164113641964986489corphy1191842High Yield66Earnings Reports - TMT33Capital Structure5/20/2008 11:12:21 PM150The 1Q08 earnings results and accompanying calls, in general, projected a very different tone than 4Q07 when it came to the economic impact on telecom and tech companies. We examine some of the related key themes which emerged.69556Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1842534ccbn/T1842534norm... - Morgan Stanley - AnalystGood morning, everybody. Our next company is EMBARQ, and we're delighted to have Gene Betts, the Chief Financial Officer, of EMBARQ here today. We're going to ask Gene to make some opening remarks and then we'll get into the Q&A. ... 5/14/2008 5:13:00 PMEmbarq Corporation54.0000FinalEmbarq Corporation at Morgan Stanley Communications Conference TranscriptEQ10:30am ETTranscriptT1842534Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/69112cs/69112norm Windstream #Q##: Key Takeaways Windstream reported its Q#:## results, which we believe were solid, with more positives than negatives. The positives include YoY revenue growth and margin expansion, while the negatives include continued...691121665YesD0Article72619642061224218986765corphy11966Earnings Reports - TMT33Capital Structure42High Yield5/12/2008 12:12:00 AM150Windstream reported its Q1:08 results, which we believe were solid, containing more positives than negatives.69112Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68886cs/68886norm Qwest #Q##: Key Takeaways We believe Qwest's Q#:## results were mixed, with more negatives than positives. The negatives include continued accelerated access line loss and significant deceleration of broadband growth. While Mass Markets...688861971YesD0Article72619642061224218986765corphy11966Earnings Reports - TMT33Capital Structure42High Yield5/6/2008 11:13:00 PM150Qwest reported Q1:08 results which we believe were mixed, with more negatives than positives. While we believe it can probably maintain flat revenue in the near and medium term, line trends do not bode well for long term revenue stability.68886Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/646676spcred/646676normThe latest Summary from S&Pglobalstructured5/6/2008 3:29:00 PM175Summary646676United StatesIntegrated Telecommunication ServicesUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHigh TechnologyTelecommunications & CableSummaryThe ratings on Overland Park, Kan.-based Embarq Corp. reflect its position as the dominant provider of local and long-distance telecom services in its markets; its solid operating margin; strong free cash flow characteristics; monthly recurring revenue from a sizable and geographically diverse customer base; and good growth potential from high-speed Internet (HSI) and data services. The ratings also incorporate Standard&Poor's Ratings Services expectations that Embarq will maintain a fairly conservative capital structure, marked by leverage in the low-2x area, to mitigate weak trends in its residential voice business. Tempering factors include modestly declining revenue and cash flow due to advancing access-line erosion caused by wireless substitution and cable telephony competition, as well as limited product diversity compared withUSA29078E29078F50101020 501010 5010 50Embarq Corp.400219USAEQSUMMARYUSA8520618520P28520P350102010 501020 5010 50Sprint Nextel Corp.102459ASIAEMERGINGEUROMIDAFRLATAMERICAUSAFONGLOBISSSTRUCCORPABSHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/68788cs/68788norm Citizens Communications #Q##: Key Takeaways Citizens' Q# results contained more negatives than positives, in our opinion. The company is experiencing continued pressure on its revenue, which declined on an organic basis.  We believe...687881867YesD0Article72619642061224218986765corphy11966Earnings Reports - TMT33Capital Structure42High Yield5/5/2008 11:11:57 PM150Citizens' Q1 results contained more negatives than positives, in our perspective. While these results are unlikely to have a material impact on its ratings, we continue to believe its credit profile will deteriorate in the long term.68788Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1837743ccbn/T1837743norm...Ladies and gentlemen, welcome to the Embarq Annual Meeting of Shareholders. Please welcome your host for today, Chairman of the Board, Bill Owens. ... 5/2/2008 1:12:00 PMEmbarq Corporation54.0000FinalEmbarq Corporation Shareholders Meeting TranscriptEQ11:00am ETTranscriptT1837743Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/68661cs/68661norm CenturyTel #Q##: A Solid Quarter CenturyTel reported #Q## results and raised its full year guidance. Overall, we believe that the results are very solid with more positives than negatives.  Flat revenue in its legacy operations and...686611597YesD0Article72619642061224765986218corphy11966Earnings Reports - TMT33Capital Structure5/1/2008 9:12:00 PM150CenturyTel reported results which we believe are solid overall. We review key features of the results, including the share repurchase and spectrum purchase, as well as the likely implications.68661Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68602cs/68602norm Telecom & Suppliers Monthly Summary: May #### We review key themes published in April. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage. We...686022675YesD0Article164112713135196421411622232070634504892187762119206151795224317765986corphy171225181933Capital Structure303G/Wireless Technology42High Yield82Telecom & Suppliers Monthly Summary66Earnings Reports - TMT4/30/2008 10:12:22 PM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of April.68602Credit & Investment ResearchCreditSights