anlak storytelling
All kinds
Document kinds
Loading document kinds...

Primary corpus lens for browsing and insights. Selection lives in the URL.

All formats
Orientation
Loading formats...

Landscape, portrait, square, or unknown document geometry.

Unlock
Kerrisdale Capital · research-note

Lumen Technologies (LUMN)

22 pages · 3 arc beats · 3 loops

Research-Note Download JSON
Unlock

Lumen Technologies (LUMN)

Kerrisdale Capital · 2024-08
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
—

Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 17 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 4 slides 100% 4/4 slides 100% 4/4 slides · 34 hits
— 0/4 slides
— 0/4 slides
— 0/4 slides
100% 4/4 slides 100% 4/4 slides Agitate (Make it worse) 4 slides 100% 4/4 slides 100% 4/4 slides · 28 hits
— 0/4 slides
— 0/4 slides
25% 1/4 slides 100% 4/4 slides 100% 4/4 slides Solution (Provide relief) 9 slides 100% 9/9 slides 100% 9/9 slides · 51 hits
— 0/9 slides
— 0/9 slides
22.2% 2/9 slides 100% 9/9 slides 100% 9/9 slides

Slide inventory

22
every slide · same image gating as the playbook
01
Slide 1
This is a classic short-seller research note cover/summary page.summarize
Open slide detail
02
front_matter
Open slide detail
03
Kerrisdale Capital short thesis on Lumen Technologies.summarize
Open slide detail
04
Includes detailed debt breakdown and pro-forma adjustments for the Custom Networks division.analyze_data
Open slide detail
05
This is a research note page from Kerrisdale Capital analyzing Lumen Technologies.summarize
Open slide detail
06
The slide combines qualitative analysis of operational risks with quantitative data on debt maturity and revenue performance.diagnose_problem
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
07
The slide uses a line chart to illustrate the secular decline across all three product categories (Grow, Nurture, Harvest) over six quarters.diagnose_problem
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
08
The slide uses a line chart to visualize segment performance over time, followed by a three-point argument explaining the decline.diagnose_problem
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
09
Includes two external quotes used to undermine the company's narrative.expose_gap
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
10
The slide uses a bridge-like calculation to derive the implied prepayment amount from changes in EBITDA, interest, and Capex guidance.analyze_data
Open slide detailBeat · Agitate (Make it worse)Loop · Mece Breakdown
11
The slide argues that the long-term recurring cash benefit is negligible relative to Lumen's current EBITDA.analyze_data
Open slide detailBeat · Agitate (Make it worse)Loop · Mece Breakdown
12
The slide uses a skeptical tone to challenge management's claims about future sales pipeline conversion.diagnose_problem
Open slide detailBeat · Agitate (Make it worse)Loop · Mece Breakdown
13
Uses a quote from a former executive to undermine the company's current strategic messaging.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)Loop · Mece Breakdown
14
The slide uses a sum-of-parts (SOP) approach to value 'Core' and 'Custom networks' segments separately, then subtracts debt and pension liabilities to arrive atshow_valuation_bridge
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
15
Includes a callout box explaining the specific adjustments to EBITDA and CFO guidance.analyze_data
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
16
Includes a valuation table calculating net proceeds and a pro forma impact table on EBITDA, interest, capex, FCF, and net debt.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
17
Includes WACC assumptions and derivation of estimated fair value per share.analyze_data
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
18
Includes mean and median calculations for the peer group.compare_peers
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
19
other
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
20
other
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
21
The slide discusses the SEC vs. Andrew Left (Citron Research) case to frame Kerrisdale's own disclosure practices.preempt_rebuttal
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
22
This slide functions as a preemptive legal defense against potential regulatory scrutiny regarding trading practices.preempt_rebuttal
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test