Cincinnati Bell (CBB) is trading at a seemingly cheap valuation. CBB's low P/S and P/FCF multiples make it undoubtedly appealing for investors. However, investors need to keep in mind that CBB is extraordinarily indebted. In fact, CBB's shareholder equity is negative, while its total debt is approximately $2 billion. Furthermore, the company's debt-to-FCF ratio is a whopping 52, which means that debt will haunt CBB for decades to come. Thus, I think that after we take into account CBB's debt-related risks, it quickly loses its appeal. In my view, it's best to pass