If you are investing from India, you can always check the valuation in the INR. We are maintaining our $5 fair value estimate. Lumen Technologies Inc (LUMN) share price as of June 15, 2023, is 2.255. However, after years of hearing similar narratives under past management teams, we believe only results will comfort investors, meaning there’s no substitute for time when contemplating what could calm the market. which could put pressure on LUMNs market share and profitability. Here again, if management is close to its projections, we think debt refinancing in 2027 will be no problem. At that time, the stock was trading at a price of 9.97 per share and paid a quarterly dividend of 0.25 per share.
We have no doubt that Lumen’s stock is extraordinarily undervalued if management can achieve anything close to what it projects, but with a large debt maturity looming in 2027, the question remains whether Lumen will find credit available to roll over the debt. The current price is about -11.11 off the estimated low and -177.78 off the forecast high, based on this estimate. More broadly, however, there was no change to the narrative that a turnaround will occur in 2025 and the firm can be a long-term grower despite the continuing decline of the firm’s sizable and profitable legacy businesses. Lumen’s investor day provided a bit more granularity into management’s plan to return the business to growth and some specificity on the multiyear financial forecast. The Zacks Consensus Estimate for Dropbox’s 2023 earnings has increased 10.1 in the past 60 days to 1.
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