In short: Used as the valuation comp rather than a pick — the pure-play optical multiple applied to Nokia's segment. "Ciena, which is a publicly traded comp you can look at, has a ticker of CIEN. This is a direct comp to Nokia's optical segment. Ciena trades at a 50 billion market cap and has only done about 1 billion of EBITDA this year. It doubled from last year… 50 times trailing… about 1.4 billion of EBITDA next year… a 36 times forward multiple."
Full passage: premium transcript (PDF).
In short: The other name in the AI-networking group Terranova cites alongside Arista and Cisco — the optical/transport leg of the same buildout. Context only; no stance on Ciena itself. (The auto-transcript renders it "Sienna.")
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