Thanks for sharing your thoughts. I recently got into AT&T, as the dividend cut will allow them to deploy capital to higher return areas. I dont think the Management has guided to lowering the debt in the near term, but instead are working on increasing the cashflow through investing in the business which would decrease the leverage ratio. My understanding is the company will first buy back shares if it remains cheap in 2023/2024 and then maybe look at increasing dividends. I like setup now, the management most likely wont do any acquisitions for a while (Thank god!!) and all the FCF is going to go towards growth capex/share buybacks/dividends. At about 10 x 2022 Estimated FCF, the stock is cheap in my opinion.

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