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We started looking at CommScope Holdings Company Inc. (COMM), network infrastructure equipment provider, as a potential long given the stock is trading near multi-year lows and there is renewed hope that capital spending on telecom infrastructure may finally pick up. The company has been aggressive over the last few years, especially in using the balance sheet, to acquire assets, horizontally building up its product portfolio; things that usually deliver disproportionately favorable rewards for the shareholders, i.e., if the cycle is captured correctly.
But a closer look at the finances completely changed our outlook.