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Lumen Technologies Inc Ordinary Shares LUMN Stock Quote

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Operating Performance Remains Poor at Lumen and Dividend Cut Hits Stock, but It Remains Too Cheap

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Lumen’s third quarter was generally not good, mainly because revenue declines remain steep. The firm also finally announced it was eliminating its outsize dividend, and it announced another divestiture—this time its Europe, Middle East, and Africa business. While we are lowering our $16 fair value estimate to $14, we maintain that the company is on solid financial footing and is worth significantly more than where the stock is currently trading, even if it never achieves the return to growth that management expects.

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Key Statistics LUMN

Company Profile LUMN

Business Description

With 450,000 route miles of fiber, including over 35,000 route miles of subsea fiber connecting Europe, Asia, and Latin America, Lumen Technologies is one of the United States’ largest telecommunications carriers serving global enterprises. Its merger with Level 3 further shifted the company’s operations toward businesses (over 70% of revenue) and away from its legacy consumer business. Lumen offers businesses a full menu of communications services, providing colocation and data center services, data transportation, and end-user phone and internet service. On the consumer side, Lumen provides broadband and phone service across 37 states, where it has 4.5 million broadband customers.

100 CenturyLink Drive
Monroe, LA, 71203
T +1 318 388-9000
Industry Telecom Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 35,000

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