Internet Adoption vs Crypto Adoption: What History Suggests KEY TAKEAWAYS BlackRock data shows global crypto adoption reached 300 million users in 12 years, roughly 20 percent faster than the internet reached the same milestone. Both the internet and crypto followed S-curve adoption patterns, with slow early growth, followed by inflection points that led to rapid mainstream expansion. Crypto adoption in 2026 mirrors where internet adoption stood around 2002, with established infrastructure but mass consum ...

Company Overview - Cogent Communications operates a global network providing internet, private networking, and data center services to commercial clients, leveraging extensive infrastructure for reliable connectivity solutions [5] - The company generates revenue primarily through recurring service contracts for bandwidth, network connectivity, and colocation facilities, serving small and medium-sized businesses, communications service providers, and bandwidth-intensive organizations [7] Financial Performance - For the trailing twelve months (TTM), Cogent reported revenue of $975.8 million and a net income of -$182.2 million [4] - The latest earnings report indicated service revenue of $240.5 million, a slight decrease from $241.9 million in the previous quarter [9] - The company offers an 11% dividend yield, translating to four quarterly payments totaling $3.05 per share last year [9] Recent Developments - On February 17, 2026, MIG Capital disclosed a new position in Cogent Communications, acquiring 569,220 shares valued at $12.27 million at the quarter's end [1][2] - This new position accounts for 2.08% of MIG Capital's reportable assets under management as of December 31, 2025 [6] - Shares of Cogent Communications have decreased by approximately 72% over the past year, contrasting with the S&P 500's gain of about 20% during the same period [6] Market Position - The new investment by MIG Capital suggests a contrarian approach, as Cogent has been a significant laggard in the market [6][10] - The position is relatively modest compared to larger holdings in MIG Capital's portfolio, indicating a measured bet on a struggling infrastructure provider rather than a high-conviction core holding [10]

Company Overview - Charter Communications, Inc. (CHTR) is the second-largest cable operator in the U.S. and a leading broadband communications company, providing video, Internet, and voice services with a market cap of $30.3 billion [1] Stock Performance - CHTR shares have underperformed the broader market over the past year, declining 33.7% over the last 52 weeks, but have shown a growth of 14.5% year-to-date in 2026 [2] - In comparison, the S&P 500 Index has returned 11.8% over the past year and has seen a slight decline in 2026 [2] - CHTR has also underperformed the State Street Communication Services Select Sector SPDR ETF, which rose 9.5% over the past 52 weeks [3] Recent Earnings Report - Following the release of its Q4 2025 earnings on January 30, CHTR shares grew 7.6%, despite a revenue decline of 2.3% year-over-year to $13.6 billion, which slightly missed estimates [5] - The adjusted EPS was reported at $10.34, also missing Wall Street estimates, but adjusted EBITDA grew, and the retention of internet subscribers helped regain investor confidence [5] Future Earnings Expectations - For the year ending December 2026, analysts expect CHTR's EPS to grow 20.9% year-over-year to $43.78 on a diluted basis [6] - The company's earnings surprise history is weak, having failed to surpass consensus estimates in the last four quarters [6] Analyst Ratings and Price Targets - Among 22 analysts covering CHTR stock, the consensus rating is "Hold," with seven "Strong Buy," nine "Holds," and six "Strong Sells" [6] - Deutsche Bank analyst Bryan Kraft maintained a 'Hold' rating and lowered the price target from $275 to $235, while the mean price target of $302.06 indicates a 26.3% premium to current price levels [7] - The Street-high target of $700 suggests a potential upside of 192.8% [7]

Core Viewpoint - Rogers Communications Inc. has shown improved financial performance, leading to an increased price target and maintained Buy rating from Canaccord, reflecting confidence in its earnings and cash flow outlook [1][3]. Financial Performance - The fourth-quarter results of Rogers Communications exceeded forecasts, driven by strong performance in the Media segment, particularly from sports assets and new content channels [3]. - Better-than-expected EBITDA and free cash flow were reported, with management's 2026 guidance indicating service revenue and free cash flow projections surpassing analyst expectations [3]. - Capital expenditure plans were slightly reduced, suggesting stronger medium-term cash generation and balance sheet improvement [3]. Market Position and Strategy - Despite flat wireless service revenue and pressure on ARPU, there are signs of stabilization in churn and a potential moderation in competitive intensity [3]. - The Cable segment continues to provide a stable earnings foundation, while the Media segment has emerged as a significant growth lever when programming performance is favorable [3]. - A sum-of-the-parts valuation approach indicates attractive upside potential, supporting a positive investment stance [3]. Company Overview - Founded in 1960 and headquartered in Toronto, Rogers Communications operates in wireless services, cable television, telephony, internet, and professional sports, positioning itself to generate resilient cash flows [4].

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Core Viewpoint - Charter Communications is expected to report a decline in fourth-quarter earnings and revenue compared to the previous year [1] Group 1: Earnings Expectations - Analysts anticipate Charter Communications will report fourth-quarter earnings of $9.88 per share, down from $10.1 per share in the same period last year [1] - The consensus estimate for quarterly revenue is $13.73 billion, a decrease from $13.93 billion reported in the previous year [1] Group 2: Recent Financial Activity - On January 13, Charter Communications announced the closure of $3.0 billion in aggregate principal amount of senior unsecured notes [2] - Following this announcement, shares of Charter Communications increased by 4.8%, closing at $191.52 [2]

Core Viewpoint - La Caisse intends to sell nearly 11% of its shares in Cogeco Communications at a gross price of $67.45 per share, generating approximately $229 million in gross proceeds [1][2]. Group 1: Transaction Details - The sale of shares is part of La Caisse's periodic portfolio rebalancing [2]. - The transaction will result in La Caisse remaining the largest holder of subordinate shares in Cogeco Communications, which serves 1.6 million customers in Canada and the United States [2]. Group 2: Historical Investment and Support - La Caisse has been a supporter of Cogeco Communications since 2013, having invested in various transactions, including a $350 million share purchase in 2023 [3]. - Initial investment included a $50 million loan in 2013 and a contribution of USD 315 million for acquiring MetroCast cable systems in 2017 [3]. Group 3: La Caisse Overview - La Caisse, formerly known as CDPQ, has a dual mandate to generate long-term returns for its depositors and contribute to Québec's economic development [4]. - As of June 30, 2025, La Caisse's net assets totaled CAD 496 billion, indicating its significant presence in major financial markets, private equity, infrastructure, real estate, and private credit [5].

Core Viewpoint - Charter Communications, Inc. (NASDAQ:CHTR) is facing increased competition in the broadband market, leading to downgrades from major financial institutions regarding its stock rating and price targets [1][2][3]. Group 1: Downgrades and Price Targets - Wells Fargo downgraded Charter Communications from Equal Weight to Underweight, lowering its price target from $240 to $180 [1]. - UBS also reduced its price target from $355 to $233 while maintaining a Neutral rating on the stock [3]. Group 2: Market Competition and Financial Outlook - Wells Fargo anticipates that the broadband market will remain competitive, with fiber and fixed wireless access gaining market share from cable by 2026 [2]. - UBS expects ongoing competition, higher costs, and challenging political advertising comparisons to lead to a 1.7% decline in revenue and a 2.7% decline in EBITDA year-over-year [4]. - For 2026, UBS forecasts flat revenues and modest EBITDA growth, with potential cost reductions and political tailwinds helping to mitigate low single-digit declines in residential revenue [4].

Core Insights - Cogeco's performance in Canada is described as "solid and resilient," with positive year-over-year EBITDA trends and continued customer growth, although wireline competition has intensified during the holiday season, leading to expectations of modest wireline customer growth in the second quarter [1][4] - The U.S. market presents structural opportunities for Cogeco, with low penetration in parts of its footprint, and the company is selectively upgrading its network while launching a new digital brand [2][3] - The first-quarter fiscal 2026 results were in line with the company's plan, with improving customer metrics in the U.S. and steady performance in Canada [4] Financial Performance - Consolidated revenue fell approximately 4.9% and adjusted EBITDA declined about 3.7%, with free cash flow decreasing around 15.9% [5][14] - In Canada, Cogeco Connexion reported stable revenue with a 2% increase in adjusted EBITDA, adding 8,900 internet subscribers, although revenue per customer decreased due to fewer video and wireline phone subscribers [6][8][9] - In the U.S., Breezeline achieved its best customer metrics in 15 quarters, but revenue fell approximately 9.9% and adjusted EBITDA declined about 9.1% in Q1 [7][10][12] Customer Metrics - The U.S. turnaround is showing traction, with subscriber trends improving for the second consecutive quarter, particularly in Ohio, where internet subscriber additions totaled 2,600 [3][11] - Management expects the U.S. business to remain stable in Q2, with more significant improvements anticipated in the second half of fiscal 2026 [13][18] Capital and Dividends - The quarterly dividend was raised by 7% to CAD 0.987, and net debt to EBITDA ended the quarter at 3.2x, slightly up from 3.1x in Q4 [5][16] - Capital intensity was reported at 22.2%, up from 20.4% a year earlier, but management remains on track to meet full-year capital spending guidance [15]