take the 2.5b of lvlt ebitda thats left and it would produce cash of 1.9b. back out capex of 1.1b for lvlt and you are left with 800 million of free cash flow. if you assume after the buy back 800m shares , you have a buck of cash flow for a six dollar stock with maybe 6 billion in debt. only 141m of the debt is due before 26. >

From memory, I think LVLT did $1B in fcf in 2016. I recall after one earnings call I calculated the fcf/MC and it was less than 5%, on a very slow grower and I contemplated selling as it looked like it had stalled out. I believe it had $8B in debt.

Not long after CenturyLink made its bid and LVLT share price popped some. I wasn’t excited about a CenturyLink merger because it was CenturyLink and Post.

Anyway, based on your estimates, looks like LVLT is back to 2016 numbers but with slightly lower debt in your scenario.


Question then is what is that Worth in today’s environment?