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CenturyLink (CTL) is a fiber-based communications service company. It has about 1.1B shares outstanding. At $10.8 per share, its market cap is around $11.9B. CTL has net debt of about $33B as of 1Q2020, resulting in an EV of about $44.9B.
CTL has been making steady progress since former Level 3 managers took over as CEO and CFO in mid-2018. The new management team has been executing a strategy to stabilize and eventually grow revenue. It is executing a well-planned transformation plan, a well-articulated capital allocation plan and a realistic balance sheet de-leveraging