ADTRAN Holdings: Bullish Turnaround Narrative Supported by Valuation Discount and Rising Backlog Demand

ADTRAN Holdings (ADTN) is unprofitable with net losses worsening at an annual rate of 53.5% over the past five years. However, the company is expected to turn profitable within three years with earnings projected to jump 123.4% annually. Shares trade at $7.91 with a price-to-sales ratio of 0.6x, well below industry peers. The focus is on execution against high growth expectations and the anticipated turnaround.