On today’s show we speak to Ben Claremon and Eugene Robin from Cove Street Capital about the intrinsic value of Lumen. Lumen Technology is a new name for a merged entity between Level 3 and CenturyLink.We discuss how Level 3 holds the hidden upside value while only being one-third of the new entity, and CenturyLink's dying business model is distracting the market attention. Ben and Eugene make a great case for why there may be a special situation between the two right around the corner that could be a catalyst for the stock price to soar.*The opinions expressed herein are those of Cove Street Capital, LLC and are subject to change without notice. Past performance is not a guarantee or indicator of future results. Consider the investment objectives, risks and expenses before investing. **The information in this presentation should not be considered as a recommendation to buy or sell any particular security and should not be considered as investment advice of any kind. You should not assume that the security discussed in this report is or will be profitable, or references we make in the future will be profitable or equal the performance of the security discussed in this presentation. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data.IN THIS EPISODE, YOU'LL LEARN:How to analyze the dynamics of a mergerHow to evaluate the debt burden of a companyHow to value a special situationWhat is the intrinsic value of LumenBOOKS AND RESOURCESCove Street Capital, LLC is a registered investment adviser. More information about them is located in their ADV Part 2, located on their website or upon requestLearn more about Cove Street CapitalCheck out our top picks for the Best Investing Podcasts in 2020BlockFi provides financial products for crypto investors. Products include high-yield interest accounts, USD loans, and no fee trading. For a limited time, you can earn a bonus of $25 when you open a new account. Just go to theinvestorspodcast.com/blockfi to start earning today.Experience savings in your shipping cost with Pitney Bowes SendPro.Capital One. This is Banking Reimagined. What’s in your wallet?Join OurCrowd's investment in Tevel today.Browse through all our episodes (complete with transcripts) hereSupport our free podcast by supporting our sponsorsGET IN TOUCH WITH PRESTON AND STIGStig: Twitter | LinkedInTrey: Twitter | LinkedInHELP US OUT!What do you love about our podcast? Here’s our guide on how you can leave a rating and review for the show. We always enjoy reading your comments and feedback!