The present invention is a cable preparation tool which allows the preparation of a coaxial cable having a corrugated outer conductor to receive a connector in one step. The tool allows for the control of trim dimensions for each component of the cable without measuring. No matter whether the end of the cable before preparation is at the crest or valley of the outer conductor, the tool provides the correct trim dimensions for each component and stops cutting when these dimensions are reached. The cable preparation tool includes a main body having a cable receiving end, cable receiving area for stripping of the cable such that the crests and valleys are exposed, and a crest and valley locating system as part of the main body for locating the exposed crests and valleys of the corrugated conductor. The crest and valley locating system includes at least one valley locator unit extending into the cable receiving area and a spring that biases the valley locator unit into the cable receiving area. The valley locator unit moves away from a crest of the cable as the crest contacts the valley locator unit and rebounds into the next valley due to the biasing of the spring during insertion of the cable.