Seeking Alpha

Windstream (WIN) has been a serial underperformer for years. Windstream is currently up around 1% YTD compared with gains of 19% for the S&P 500 and DJIA. The stock is a well-known stock among income-focused investors, mostly due to its outsized dividend yield. However, Windstream also carries outsized risk due to its deteriorating fundamentals and massive debt load. Windstream's last quarterly dividend was for $0.25 per share, or $1.00 annually, and at current prices yields around 12%.

Overview

Before I get into Windstream's operating metrics, let us take a look at where the company operates. Windstream is a large wireline telecom company with assets located throughout the US. Windstream has expanded its footprint rapidly, mostly...

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