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  "documentTitle": "Lumen Technologies (LUMN)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2024-08-15 00:00:00",
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  "notes": "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 at equity value.",
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      "text": "Our estimate of fair value is $0. We believe Lumen is fundamentally insolvent.",
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      "text": "fair value per share: $0.00",
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      "text": "A recurring sentiment we encountered when speaking with former Lumen executives and sell-side coverage analysts was things with the company aren't always quite what they seem.",
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      "text": "Rather than applying a single multiple or DCF for Lumen on a consolidated basis which would not capture the discrete nature of cash flows (and appropriate discount rates) for the two business lines, we have opted for a simplified sum-of-parts approach.",
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