Investment Thesis
Cincinnati Bell (CBB) saw significant growth in its top and bottom lines thanks to its acquisition of Hawaii Telecom in Q3 2018. However, the company continues to face near-term challenges. The growth in its fiber business is still not enough to offset the structural decline in its legacy businesses. In addition, free cash flow growth may be limited due to its higher capital investments to expand its fiber network in its service territory. Given the limited free cash flow generation, it may take a while before we see much improvement in