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  "documentTitle": "Lumen Technologies (LUMN)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2024-08-15 00:00:00",
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      "text": "EXECUTIVE SUMMARY...3\nCOMPANY OVERVIEW...4\nRecent Developments...5\nAccelerating Revenue Declines: Not Just a Legacy Problem...6\nGrowth is Fundamentally Challenged...8\nCUSTOM NETWORKS ECONOMICS 101...9\nWhat Does $5bn in PCF Contracts Really Mean for Lumen?...10\n$7BN IN “SALES OPPORTUNITIES”...12\nSPINNING AN AI STORY...13\nDoubling Intercity Fiber is Not a New Plan...13\nReserving Corning Capacity is Marketing Hype, Optical Fiber is Not Scarce...13\nVALUATION...14\nCONCLUSION...14\nAPPENDIX I: 2024E GUIDANCE UPDATE...15\nAPPENDIX II: MASS MARKETS STRATEGIC OPTIONS...16\nAPPENDIX III: DCF ANALYSIS...17\nAPPENDIX IV: TRADING COMPARABLES...18\nFULL LEGAL DISCLAIMER...19",
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