ADTN Thesis / Deep Dive

Optics has obviously been one of the top performing themes in the market this year.

Many of these companies have re-rated significantly while also growing in basically every way possible.

At this point it’s hard to find ‘undervalued’ optical companies.

And if you have found one, it’s probably in some obscure market with minimal current revenue and a highly speculative story.

But what if there was one that was hiding in plain sight?

• Exposed to some of the fastest growing segments in the optical trade.

• Trades on NASDAQ.

• Whose annual revenue will easily surpass it’s market cap

• Whose Optical Networking rev grew 13% QoQ.

You’d probably want to know:

1. Who they are

2. Why they are valued that way

3. If they are a potential re-rate candidate

And if you read this article, you will have answers to all three.

Let’s begin.