CommScope: Leading Provider of Connectivity Solutions for Wired and Wireless Networks

Chris Karlin presented his in-depth investment thesis on CommScope (COMM) at Wide-Moat Investing Summit 2015.

CommScope is a leading provider of connectivity solutions for wired and wireless networks. On January 28, 2015, COMM announced its intent to acquire the Broadband Network Solutions business of TE Connectivity (TEL) for $3.1b. This transformative deal will increase COMM’s revenue base by 50%. From an investment perspective, pro forma CommScope exhibits characteristics of an attractive spin off but with a lower risk profile owing to an experienced management team at COMM which has already proven their ability to successfully manage M&A integration risk, delivering cost synergies in excess of expectations and aggressively deleveraging the business. The pro forma CommScope is an earnings growth story powered by cost reduction and deleveraging which should benefit from the secular tailwind of rising demand for broadband capacity.

About the instructor:

Christopher Karlin has been in the investment business since 1991. Prior to founding Aquitania Capital Management in 2012, Christopher held positions as a Research Analyst and Portfolio Manager at First Pacific Advisors, Kestrel Investment Management and Fairview Capital Investment Management. Christopher interned with Farallon Capital Management while pursuing his MBA. He began his career with Wells Fargo Nikko Investment Advisors which later became a part of Blackrock. Christopher received his BBA from the University of Wisconsin in 1990 his MBA from Yale University in 1998 and has held the CFA designation since 1994.

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