Thx
With a decline of 74% in the past year, it is hard to step in front of this and be positive, especially considering possible year end selling. Investors are frustrated with the name, and it has dropped to 7X earnings. That is cheap, for sure, but it has such a short public history that we do not know really how it might fare in a recession. It has $3.5B in assets buy also quite a lot of debt. It is getting close to book value ($7.42) but it could see some writedowns. We think it gets interesting below $8.50, but tax loss selling or a bad market could certainly take it lower than that, and we would not really consider that a 'floor'. We think it coud recover over time, and perhaps T privatizes it again one day, but investors may need a lot of patience here.