Lumen is one of the larger holdings within our Small Cap Plus strategy and continues to befuddle us at these valuations.

We’ve done an excellent deep dive discussing our perceived undervaluation of Lumen, but we realize that many of you don’t have time to sit for an hour plus and listen to us go on about various aspects of the business on some podcast. Sometimes, brevity and simplicity can speak volumes and thus we offer the following summary of the podcast with a simple slide plucked from one of Lumen’s Investor Relations slide decks:

Haircut the numbers as you see fit and you will find yourself hard-pressed to arrive at the current <$10 per share value at which Lumen is trading.