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CyrusOne

Nasdaq:CONE
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CONE
Nasdaq
$7B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

CyrusOne (NASDAQ: CONE) is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The last earnings update was 21 days ago. More info.


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CONE Share Price and Events
7 Day Returns
0.7%
NasdaqGS:CONE
-0.3%
US REITs
0.2%
US Market
1 Year Returns
18.5%
NasdaqGS:CONE
13.3%
US REITs
2.9%
US Market
CONE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CyrusOne (CONE) 0.7% 14% 20% 18.5% 27.9% 178.2%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • CONE outperformed the REITs industry which returned 13.3% over the past year.
  • CONE outperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
CONE
Industry
5yr Volatility vs Market

CONE Value

 Is CyrusOne undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CyrusOne to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CyrusOne.

NasdaqGS:CONE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CONE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (42.53%))
0.804
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.804 * 5.96%)
7.52%

Discounted Cash Flow Calculation for NasdaqGS:CONE using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for CyrusOne is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

CyrusOne is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NasdaqGS:CONE DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.52%)
2019 363.41 Analyst x14 337.99
2020 414.24 Analyst x15 358.32
2021 495.89 Analyst x4 398.95
2022 586.51 Analyst x3 438.84
2023 669.20 Analyst x3 465.69
2024 748.74 Est @ 11.89% 484.60
2025 817.17 Est @ 9.14% 491.89
2026 876.14 Est @ 7.22% 490.50
2027 927.57 Est @ 5.87% 482.98
2028 973.29 Est @ 4.93% 471.33
Present value of next 10 years cash flows $4,421.10
NasdaqGS:CONE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $973.29 × (1 + 2.73%) ÷ (7.52% – 2.73%)
$20,871.66
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $20,871.66 ÷ (1 + 7.52%)10
$10,107.52
NasdaqGS:CONE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,421.10 + $10,107.52
$14,528.62
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $14,528.62 / 113.14
$128.42
NasdaqGS:CONE Discount to Share Price
Calculation Result
Value per share (USD) From above. $128.42
Current discount Discount to share price of $63.42
= -1 x ($63.42 - $128.42) / $128.42
50.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CyrusOne is available for.
Intrinsic value
>50%
Share price is $63.42 vs Future cash flow value of $128.42
Current Discount Checks
For CyrusOne to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CyrusOne's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CyrusOne's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CyrusOne's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CyrusOne's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CONE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.45
NasdaqGS:CONE Share Price ** NasdaqGS (2019-05-22) in USD $63.42
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CyrusOne.

NasdaqGS:CONE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CONE Share Price ÷ EPS (both in USD)

= 63.42 ÷ 0.45

141.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CyrusOne is overvalued based on earnings compared to the US REITs industry average.
  • CyrusOne is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does CyrusOne's expected growth come at a high price?
Raw Data
NasdaqGS:CONE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 141.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
-56.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NasdaqGS:CONE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 141.53x ÷ -56.5%

-2.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CyrusOne earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CyrusOne's assets?
Raw Data
NasdaqGS:CONE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $21.56
NasdaqGS:CONE Share Price * NasdaqGS (2019-05-22) in USD $63.42
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NasdaqGS:CONE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CONE Share Price ÷ Book Value per Share (both in USD)

= 63.42 ÷ 21.56

2.94x

* Primary Listing of CyrusOne.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CyrusOne is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess CyrusOne's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. CyrusOne has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CONE Future Performance

 How is CyrusOne expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-56.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CyrusOne expected to grow at an attractive rate?
  • CyrusOne's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • CyrusOne's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • CyrusOne's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CONE Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CONE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts -56.5%
NasdaqGS:CONE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 13.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CONE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CONE Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,632 788 -34 3
2022-12-31 1,452 686 -48 3
2021-12-31 1,262 603 -34 7
2020-12-31 1,120 477 -45 19
2019-12-31 973 449 43 20
NasdaqGS:CONE Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 850 309 46
2018-12-31 821 309 0
2018-09-30 781 302 109
2018-06-30 749 317 96
2018-03-31 719 279 -11
2017-12-31 672 290 -84
2017-09-30 629 229 -86
2017-06-30 597 209 -27
2017-03-31 561 183 -17
2016-12-31 529 181 19
2016-09-30 505 180 17
2016-06-30 472 171 8

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CyrusOne's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • CyrusOne's revenue is expected to grow by 13.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CONE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from CyrusOne Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CONE Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 -0.26 -0.14 -0.37 2.00
2022-12-31 -0.40 -0.32 -0.48 2.00
2021-12-31 -0.08 0.68 -0.68 7.00
2020-12-31 -0.36 0.16 -0.78 14.00
2019-12-31 0.41 0.93 -0.58 13.00
NasdaqGS:CONE Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.45
2018-12-31 0.00
2018-09-30 1.12
2018-06-30 1.01
2018-03-31 -0.12
2017-12-31 -0.95
2017-09-30 -1.00
2017-06-30 -0.32
2017-03-31 -0.20
2016-12-31 0.25
2016-09-30 0.23
2016-06-30 0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if CyrusOne will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess CyrusOne's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CyrusOne has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CONE Past Performance

  How has CyrusOne performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CyrusOne's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CyrusOne has delivered over 20% year on year earnings growth in the past 5 years.
  • CyrusOne has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • CyrusOne has become profitable in the last year making it difficult to compare the US REITs industry average.
Earnings and Revenue History
CyrusOne's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CyrusOne Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CONE Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 849.80 46.10 101.50
2018-12-31 821.40 0.10 98.60
2018-09-30 780.60 108.70 89.10
2018-06-30 749.30 95.90 86.40
2018-03-31 719.30 -10.80 85.00
2017-12-31 672.00 -84.40 81.10
2017-09-30 628.90 -86.40 83.20
2017-06-30 597.40 -26.70 80.90
2017-03-31 560.60 -16.60 78.40
2016-12-31 529.10 19.20 77.60
2016-09-30 505.00 17.40 69.90
2016-06-30 472.40 8.30 65.10
2016-03-31 431.40 -6.40 58.70
2015-12-31 399.30 -16.40 52.70
2015-09-30 372.90 -22.30 51.50
2015-06-30 346.50 -17.60 49.90
2015-03-31 339.10 -13.20 49.10
2014-12-31 330.90 -8.60 47.40
2014-09-30 316.30 -2.90 43.80
2014-06-30 299.00 -3.70 41.10
2014-03-31 280.90 -4.90 39.20
2013-12-31 263.50 -5.90 38.60
2013-09-30 249.20 -11.40 38.40
2013-06-30 238.40 -13.20 36.50
2013-03-31 228.80 -20.60 33.80
2012-12-31 220.80 -20.30 30.40
2012-09-30 210.80 -13.70 27.20
2012-06-30 200.60 -10.40 25.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CyrusOne has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CyrusOne used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • CyrusOne's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CyrusOne's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CyrusOne has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CONE Health

 How is CyrusOne's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CyrusOne's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CyrusOne is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CyrusOne's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CyrusOne's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CyrusOne Company Filings, last reported 1 month ago.

NasdaqGS:CONE Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,378.10 3,051.60 126.00
2018-12-31 2,226.00 2,781.40 64.40
2018-09-30 2,239.00 2,738.90 61.00
2018-06-30 1,928.20 2,322.20 116.20
2018-03-31 1,854.60 2,325.50 228.70
2017-12-31 1,713.90 2,231.40 151.90
2017-09-30 1,376.40 2,157.90 24.60
2017-06-30 1,465.90 1,978.20 40.00
2017-03-31 1,303.60 1,878.70 20.40
2016-12-31 1,162.00 1,386.60 14.60
2016-09-30 1,189.70 1,219.50 11.00
2016-06-30 1,024.50 1,251.40 13.20
2016-03-31 1,042.10 1,168.80 87.70
2015-12-31 821.60 1,158.70 14.30
2015-09-30 841.10 1,147.40 39.80
2015-06-30 865.60 794.70 413.50
2015-03-31 691.20 743.70 26.00
2014-12-31 717.00 711.10 36.50
2014-09-30 740.00 624.30 30.40
2014-06-30 751.00 597.10 49.30
2014-03-31 766.80 596.90 125.20
2013-12-31 777.60 598.00 148.80
2013-09-30 790.40 599.60 213.20
2013-06-30 801.20 598.80 267.10
2013-03-31 816.50 618.90 328.60
2012-12-31 500.10 618.00 16.50
2012-09-30 297.50 699.30 3.20
2012-06-30 300.50 649.20 1.40
  • CyrusOne's level of debt (128.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (77.9% vs 128.3% today).
  • Debt is not well covered by operating cash flow (10.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 0.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess CyrusOne's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CyrusOne has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CONE Dividends

 What is CyrusOne's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.9%
Current annual income from CyrusOne dividends. Estimated to be 3.3% next year.
If you bought $2,000 of CyrusOne shares you are expected to receive $58 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CyrusOne's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • CyrusOne's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase CyrusOne before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CONE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CONE Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.79 4.00
2022-12-31 2.55 4.00
2021-12-31 2.17 8.00
2020-12-31 2.02 18.00
2019-12-31 1.86 17.00
NasdaqGS:CONE Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 1.840 3.020
2018-10-30 1.840 3.423
2018-08-01 1.840 2.870
2018-05-02 1.840 3.188
2018-02-21 1.840 3.619
2017-10-30 1.680 2.886
2017-08-02 1.680 2.768
2017-05-10 1.680 2.954
2017-05-03 1.680 3.088
2017-02-28 1.680 3.258
2017-02-24 1.680 3.339
2017-02-22 1.680 3.470
2016-10-31 1.520 3.364
2016-08-02 1.520 3.093
2016-08-01 1.520 2.782
2016-05-06 1.520 2.927
2016-05-04 1.520 3.197
2016-02-26 1.520 3.564
2016-02-24 1.520 3.851
2015-11-06 1.260 3.510
2015-11-05 1.260 3.608
2015-08-10 1.260 3.756
2015-08-05 1.260 4.082
2015-05-08 1.260 4.109
2015-05-07 1.260 4.090
2015-03-09 1.260 3.997
2015-02-27 1.260 4.238
2015-02-18 1.260 4.197
2014-11-04 0.840 3.051
2014-08-06 0.840 3.315
2014-05-07 0.840 3.541
2014-03-07 0.840 3.983
2014-03-03 0.840 3.689
2014-02-20 0.840 3.839
2013-12-11 0.640 2.962
2013-09-04 0.640 3.242
2013-06-04 0.640 3.159
2013-03-20 0.640 2.785
2013-02-26 0.640 2.905

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, CyrusOne has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but CyrusOne only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of CyrusOne's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (233.6x coverage).
X
Income/ dividend checks
We assess CyrusOne's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CyrusOne afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CyrusOne has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CONE Management

 What is the CEO of CyrusOne's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gary Wojtaszek
COMPENSATION $6,871,858
AGE 52
TENURE AS CEO 6.8 years
CEO Bio

Mr. Gary J. Wojtaszek serves as the Chief Executive Officer of Cyrus Networks LLC and has been its President since August 2011. Mr. Wojtaszek has been the Chief Executive Officer and President of CyrusOne Inc. since July 2012 and August 5, 2011 respectively. He serves as President and Chief Executive Officer at CyrusOne GP. Mr. Wojtaszek served as Chief Financial Officer of Cincinnati Bell Inc. from August 2008 to August 5, 2011. He served as President of Data Center Business at Cincinnati Bell Inc. from August 2011 to January 23, 2013. Mr. Wojtaszek served as Chief Accounting Officer, Treasurer and Senior Vice President of Laureate Education Inc. from December 12, 2006 to July 2008. He served as Vice President and Corporate Controller of Agere Systems Inc., since September 2004 and as its Principal Accounting Officer and as its Vice President of Finance from 2001 to 2006. He held a number of positions in Ageres Chief Financial Officer organization since joining Agere Systems Inc. in April 2001, including Finance Director; Assistant Treasurer; Infrastructure Systems Group Controller and Mobility Controller. Mr. Wojtaszek served as Regional Treasurer of Delphi Automotive Systems, Europe. He served as the Regional European Treasurer of Delphi Automotive Systems based in Paris, France and also worked in General Motor’s Treasury Office in New York as well as other financial institutions. He has been a Director of Cyrusone Inc., since January 2013. He has been a Director of GDS Holdings Ltd since June 22, 2018, and served as its Observer of the Board since October 2017 until June 22, 2018. He served as a Director of Cincinnati Bell Inc. since July 29, 2011. Mr. Wojtaszek holds a Bachelor's degree in Economics and History from Rutgers University and a Master's degree in Finance and Accounting from Columbia University. Mr. Wojtaszek has an MBA from Columbia University.

CEO Compensation
  • Gary's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Gary's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the CyrusOne management team in years:

3.2
Average Tenure
52.5
Average Age
  • The tenure for the CyrusOne management team is about average.
Management Team

Gary Wojtaszek

TITLE
President
COMPENSATION
$7M
AGE
52
TENURE
6.8 yrs

Diane Morefield

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
59
TENURE
2.5 yrs

Kevin Timmons

TITLE
Executive VP & Chief Technology Officer
COMPENSATION
$2M
AGE
53
TENURE
7.6 yrs

Robert Jackson

TITLE
Executive VP
COMPENSATION
$2M
AGE
50
TENURE
3.8 yrs

Tesh Durvasula

TITLE
Executive VP & President of Europe
COMPENSATION
$2M
AGE
51
TENURE
6.6 yrs

Mark Skomal

TITLE
Senior VP & Chief Accounting Officer
AGE
58
TENURE
0.7 yrs

Michael Schafer

TITLE
Vice President

Kellie Teal-Guess

TITLE
Chief People Officer and Executive Vice President
TENURE
3.2 yrs

John Gould

TITLE
Executive VP & Chief Commercial Officer
TENURE
2.6 yrs

Jonathan Schildkraut

TITLE
Chief Strategy Officer & Executive VP
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the CyrusOne board of directors in years:

5.7
Average Tenure
57.5
Average Age
  • The tenure for the CyrusOne board of directors is about average.
Board of Directors

Alex Shumate

TITLE
Non-Executive Chairman & Lead Independent Director
COMPENSATION
$307K
AGE
68
TENURE
4.9 yrs

Gary Wojtaszek

TITLE
President
COMPENSATION
$7M
AGE
52
TENURE
6.8 yrs

Bill Sullivan

TITLE
Independent Director
COMPENSATION
$225K
AGE
63
TENURE
6.3 yrs

T. Nielsen

TITLE
Independent Director
COMPENSATION
$220K
AGE
52
TENURE
6.3 yrs

Lynn Wentworth

TITLE
Independent Director
COMPENSATION
$242K
AGE
60
TENURE
5 yrs

David Ferdman

TITLE
Independent Director
COMPENSATION
$207K
AGE
50
TENURE
6.3 yrs

John Gamble

TITLE
Independent Director
COMPENSATION
$210K
AGE
55
TENURE
5 yrs

Michael Klayko

TITLE
Independent Director
COMPENSATION
$232K
AGE
63
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • CyrusOne insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
11. Mar 19 Buy Michael Klayko Individual 11. Mar 19 11. Mar 19 1,955 $51.10 $99,901
28. Feb 19 Sell Kevin Timmons Individual 27. Feb 19 27. Feb 19 -9,800 $49.99 $-489,944
28. Feb 19 Buy Gary Wojtaszek Individual 28. Feb 19 28. Feb 19 1,000 $50.07 $50,070
27. Feb 19 Sell Kevin Timmons Individual 25. Feb 19 26. Feb 19 -19,600 $51.56 $-1,002,257
27. Feb 19 Buy Gary Wojtaszek Individual 27. Feb 19 27. Feb 19 4,000 $49.86 $199,436
08. Aug 18 Sell Venkatesh Durvasula Individual 06. Aug 18 06. Aug 18 -5,000 $64.96 $-324,781
X
Management checks
We assess CyrusOne's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CyrusOne has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CONE News

Simply Wall St News

How Should You Analyze REIT Stock CyrusOne Inc. (NASDAQ:CONE)?

real estate investment trust (REIT) based in Dallas, United States. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much CONE actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

Is CyrusOne Inc.'s (NASDAQ:CONE) CEO Overpaid Relative To Its Peers?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Gary Wojtaszek's Compensation Compare With Similar Sized Companies. … We examined companies with market caps from US$4.0b to US$12b, and discovered that the median CEO total compensation of that group was US$6.4m.

Simply Wall St -

With A 0.05% Return On Equity, Is CyrusOne Inc. (NASDAQ:CONE) A Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.00053 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is CyrusOne Inc. (NASDAQ:CONE) A Healthy REIT?

real estate investment trust (REIT) based in Dallas, United States. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much CONE actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

How Should Investors Feel About CyrusOne Inc.'s (NASDAQ:CONE) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Gary Wojtaszek's Compensation Compare With Similar Sized Companies. … has a market cap of US$5.7b, and is paying total annual CEO compensation of US$7.0m.

Simply Wall St -

Is Now The Time To Look At Buying CyrusOne Inc (NASDAQ:CONE)?

saw significant share price volatility over the past couple of months on the NasdaqGS, rising to the highs of $68.63 and falling to the lows of $52.02. … A question to answer is whether CyrusOne's current trading price of $52.93 reflective of the actual value of the? … Let’s take a look at CyrusOne’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

With A 5.0% Return On Equity, Is CyrusOne Inc (NASDAQ:CONE) A Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … That means that for every $1 worth of shareholders' equity, it generated $0.050 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is CyrusOne Inc (NASDAQ:CONE) A Healthy REIT?

REITs own and operate income-generating property and adhere to a different set of regulations. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much CONE actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

Is Buying CyrusOne Inc (NASDAQ:CONE) For Its Upcoming US$0.46 Dividend A Good Choice?

On the 13 July 2018, CyrusOne Inc (NASDAQ:CONE) will be paying shareholders an upcoming dividend amount of US$0.46 per share. … However, investors must have bought the company's stock before 28 June 2018 in order to qualify for the payment. … 5 checks you should do on a dividend stock

Simply Wall St -

Should You Buy CyrusOne Inc (NASDAQ:CONE)?

saw a double-digit share price rise of over 10% in the past couple of months on the NasdaqGS. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … However, could the stock still be trading at a relatively cheap price.

Simply Wall St -

CONE Company Info

Description

CyrusOne (NASDAQ: CONE) is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including 212 Fortune 1000 companies. With a track record of meeting and surpassing the aggressive speed-to-market demands of hyperscale cloud providers, as well as the expanding IT infrastructure requirements of the enterprise, CyrusOne provides the flexibility, reliability, security, and connectivity that foster business growth. CyrusOne offers a tailored, customer service-focused platform and is committed to full transparency in communication, management, and service delivery throughout its 48 data centers worldwide.

Details
Name: CyrusOne Inc.
CONE
Exchange: NasdaqGS
Founded: 2012
$7,175,108,014
113,136,361
Website: http://www.cyrusone.com
Address: CyrusOne Inc.
2101 Cedar Springs Road,
Suite 900,
Dallas,
Texas, 75201,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CONE Common Stock Nasdaq Global Select US USD 18. Jan 2013
DB RCY Common Stock Deutsche Boerse AG DE EUR 18. Jan 2013
Number of employees
Current staff
Staff numbers
448
CyrusOne employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 06:18
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.