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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Charter Communications Inc    CHTR

CHARTER COMMUNICATIONS INC (CHTR)
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Charter Communications : To Build New 15-Story HQ In Downtown Stamford

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10/04/2017 | 08:50am CEST

STAMFORD, Conn. - Charter Communications announced plans Tuesday to build a new 500,000-square-foot, 15-story headquarters at 406 Washington Blvd. near the Stamford train station.

A Fortune 100 company Charter Communications also committed to adding 1,100 more jobs at its headquarters in Stamford, according to the announcement from Charter and Gov. Dannel P. Malloy.

The company plans to break ground on the new headquarters early next year.

"Today is a great day for Connecticut," Malloy said. "Charter's announcement to create an additional 1,100 jobs shows that our strategic investments are continuing to spur economic growth and create good-paying jobs in the state."

Serving more than 26 million customers in 41 states across the country, Charter provides a range of broadband services, including digital cable, high-speed Internet and telephone services to residential and commercial customers.

"Since relocating Charter's headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.," said Tom Rutledge, chairman and chief executive officer of Charter Communications. "This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. We are excited to continue expanding in Connecticut."

Following its commitment to create and retain 400 jobs under the state's First Five Program in 2012, Charter also agreed to a total of $100 million in planned capital expenditures in Connecticut over the next several years.

Charter's new headquarters at the Gateway Harbor Point site is expected to be ready in 2019. The site was chosen for its proximity to mass transit as well as its easy access to I-95.

The new headquarters is set to become the first commercial facility with direct access to the Stamford train station platform, providing employees with immediate access to both Metro-North and Amtrak Acela service, Charter Communications said.

"Charter Communications has been a steadfast corporate citizen since they relocated here in 2012," Stamford Mayor David Martin said. "We are happy that they chose to stay in Stamford, and add jobs and expand their workforce here."

The Department of Economic and Community Development will provide a 10-year, $10 million low-interest loan to support the project through the state's First Five Plus program. The company may be eligible for loan forgiveness based on job creation and if employment obligations are met. Charter Communications will also receive up to $10 million in tax credits through DECD's Urban and Industrial Sites Reinvestment Tax Credit program.

DECD Commissioner Catherine Smith said: "Charter's decision to expand its headquarters operations in Stamford demonstrates that Connecticut is on the right track in supporting great companies who value the quality of our talent, excellent location and business environment."

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Financials ($)
Sales 2018 43 622 M
EBIT 2018 5 139 M
Net income 2018 1 044 M
Debt 2018 71 515 M
Yield 2018 -
P/E ratio 2018 68,56
P/E ratio 2019 41,62
EV / Sales 2018 3,23x
EV / Sales 2019 3,13x
Capitalization 69 476 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 375 $
Spread / Average Target 27%
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Managers
NameTitle
Thomas M. Rutledge Chairman & Chief Executive Officer
John Bickham President & Chief Operating Officer
Christopher L. Winfrey Chief Financial Officer
James A. Blackley EVP-Engineering & Information Technology
W. Lance Conn Independent Director
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