It is time to settle the bet with Ike Elliott of Telecosm and softswitch fame. Elliott + softswitch + bear attacks = Eliot Soft-Spitzer. Over the weekend, I declared this post might be enough to sway Ike. The best part of this proof is I don’t have to write much. Here it is, Ike—how do you explain Cogent?
The only pure play public company that provides wholesale Internet access is Cogent. Here is a summary of their 2007 financial performance (http://www.cogentco.com/files/press/Earnings%20Release%20-%20Q4%202007%20CLEAN-FINAL.pdf). Fantastic growth matched with rapidly growing EBITDA. If you look at their enterprise value, their investors seem to be thrilled with their performance. Cogent’s EBITDA multiple is 14.3x. Sound like resurgence is in full swing for them.
So Eliot Soft-Spitzer, are you ready to follow the path of your (nick)namesake and like the governor resign your post? I’ll check in with Frasca for a reservation. How many friends can I bring?
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Dan, I think you will be interested in checking out one of today’s posts on the Telecosm: http://ikeelliott.typepad.com/telecosm/2008/04/mr-caruso-dont.html
You’ll have to do better to win a dinner on me!