Manage episode 303240226 series 2789730
Ben Claremon, Partner at Cove Street Capital, discusses his thesis on Lumen. Lumen is a complicated story and a bit of a battleground stock, but Ben think the company is trading at a large discount to their asset value and is making moves to unlock that value.
Ben's first YAVP appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdU
Ben's Compounders podcast: https://open.spotify.com/show/3Qbcrw84MDaJ3CZUNuqOxu?si=vD-uIjqVR4G_SFwH_ALVEg&dl_branch=1
1:35 Lumen Overview
5:55 Why didn't Lumens' old management team believe in Fiber?
13:30 Discussing the proxy statement and management incentives
19:15 How can telecom investors get over their Lumen baggage?
25:15 Looking at Lumen as a special situation
35:00 What would Lumen look like if they sold all of their consumer business?
37:05 Lumen's valuation and sum of the parts
39:15 Lumen's looming dividend cut?
47:00 Government subsidies (CAF going away; RDOF replacing it?)
54:40 Why invest in Lumen vs. a cleaner story like Frontier (FYBR)
1:03:25 Closing thoughts