Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Did you think the old Ma Bell had been virtually reconstituted with AT&T's (NYSE: T) bid for T-Mobile? Think again. Even leaving Verizon (NYSE: VZ) aside, there are still a few pieces of Ma scattered here and there, and one of them is worth 11% more now than then -- "then" being yesterday.

So what: Cincinnati Bell (NYSE: CBB) is its name, and providing fixed and wireless communications is its game. The Ohio-based telecom reported an 11% rise in revenue last night and a 12% rise in "adjusted EBITDA."

Now what: That sounds pretty good, but remember to read the fine print on your wireless agreement. While C-Bell claims to have earned adjusted earnings before interest, taxes, depreciation, and amortization of $530 million, the devil is in the BITDA details. Ex-out the ITDA, and C-Bell actually netted only $0.08 per share in GAAP profit, down 20% from last year -- and a mere $5 million in free cash flow.

What that means is that this $640 million telecom, pegged for 2.5% long-term growth, is selling for about 27 times GAAP earnings today. It's a bit cheaper when valued on free cash flow (5.3). But considering that, unlike its larger telecom siblings, C-Bell doesn't pay any dividend at all, it's still no bargain for the growth rate.

Want to learn more about Cincinnati Bell? Add it to your watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.