I think you don't really look at some financial numbers. I know what you are talking about. But as a shrinking enterprise, they are cutting expenses as revenue continue to drop... So even EBIDTA might not stick around $8.5B, their FCF might and possible will go up.. It is something that had happening over the past 4 years..
How long will it take for LUMN to drop it debt to $20B? Maybe another 5 years.. But interest rate is at LUMN's side.. When shorts bet LUMN will go under 4 years ago, was when interest rate is higher and might go higher. That is probably a reason LUMN has not. And now interest expenses is down $600M a year from $2.1B to $1.5B.. 5 years later, will down to $1B.. So I don't think going under is realistic.. And FCF might even go up to $4B over the next 5 years, if they also cut CapEx to $2.7B.. That is $800M goes into FCF.
Today, LUMN is only $12. There is no beef for shorts. After shorts pay another $5 dividend over the next 5 years, they cannot even make a profit around $6. Risk is at shorts' side.
I am not attacking you like others. Instead of blindly pump it. You have some very good solid points. Appreciate that. Everything is all possible only risk and reward..