$34B, included $10B in debt (I was wrong on my recollection of debt from earlier post, $10B not $8B).
From LVLT 2016 10K:
Adjusted EBITDA was $2.850 billion in 2016 compared with $2.638 billion in 2015 and $1.895 billion in 2014. The increase in Adjusted EBITDA is attributable to growth in our higher incremental profit Core Network Services revenue and continued improvements in network access costs as a percentage of revenue and lower network related and SG&A Expenses, partially offset by lower wholesale voice revenue and the September 30, 2015 deconsolidation of our Venezuelan subsidiary, which had Adjusted EBITDA of $46 million for the nine months ended September 30, 2015. See Note 14 ó Segment Information in the notes to Consolidated Financial Statements for additional information on Adjusted EBITDA by region.
So $34B/$2.638B = - 12.6x
In your scenario.
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.
$2.5B *12.6 -= 31.5B
$31.5 -6 (debt) -= $25.5B
$25.5B/920M shares -= $28/share.
Or at least itís pretty cheap at $6/share.