|Shares Out. (in M):||201||P/E||12.1||10.6|
|Market Cap (in $M):||7,547||P/FCF||0||0|
|Net Debt (in $M):||4,166||EBIT||1,035||1,117|
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Note: The memo below applies to COMM – we have posted under CM9, CommScope’s German ticker. Given the differences between our work and the write-up posted yesterday, we thought that the VIC community would benefit from the memo below.
Mobility Solutions (~40% of EBIT, growing mid-single digits)
Connectivity Solutions (~60% of EBIT, growing low to mid single digits)
CommScope is a well-run, high-quality, growing business. The company operates in stable duopolies or tight oligopolies in most of its markets, and has been able to strengthen its position over time. At ~12x earnings (including synergies and the net present value of tax benefits), we believe the stock is significantly undervalued with a minimal risk of capital loss over a 5-year holding period.
-Continued strength in FTTX market
-Full realization of synergies from BNS transaction
-FirstNet-related spending by AT&T
-Progress on 5G initiatives by major carriers
-Improved international wireless spending
-Continued value-accretive M&A
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