Ciena (CIEN) seems to be able to escape the cyclical nature of most of its end markets through a combination of acquisitions, diversification and market share wins.
That does allow for a higher multiple valuation compared to its peers, but only of the market calms down and at 17 times earnings, the shares aren't cheap in this sector to start off with.
We've discussed many optical networking gear companies and even hold positions in Lumentum (LITE) and previously Finisar (FNSR) in the SHU portfolio, so it's a little curious we never looked at Ciena.
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