Image Source: CenturyLink Inc - Fourth Quarter and Full Year 2019 Earnings IR Presentation
By Callum Turcan
CenturyLink Inc. (CTL) remains heavily embattled and dividend growth will take years to reappear after a large payout cut at the start of 2019. While we value shares of CTL at $15 on the basis of our discounted cash flow models under our base-case scenario, seeing as how CenturyLink has been underperforming our valuation assumptions within our base-case scenario, shares of CTL could march towards $10 (the lower bound of our fair value range estimate) unless