Thank you.
Mike
CCA operates as a regional telco and is now trading at 7x times' Forward P/E. In the last few years, revenue growth was in the range of 3% - 5% on average. The growth was driven by heavy reinvestment in capex and large M&A. The balance sheet is leveraged, in line with the industry average of 3.4x net debt/EBITDA. The company is largely mature, currently paying a dividend and has been doing share repurchases, but at a small scale. Based on consensus estimates, sales are expected to be flat over the next few years. Overall, mature telcos with a very capital-intensive business, the telcos are under pressure to reinvest heavily in recent years, raising capex meaningfully, while growth is flat. We prefer companies with strong organic growth profiles in our Balanced Portfolio. It is hard to compare on average, but our companies do have higher expected growth rates, generally.