A T-Mobile-Sprint Merger Would Cut Into Tower Revenue Growth, but It's Premature to Assume a Deal
The three U.S. tower companies--American Tower, Crown Castle, and SBA Communications--sold off significantly after an April 10 Wall Street Journal report that T-Mobile and Sprint are re-engaging in merger talks. Given that we have been down this path multiple times and reports indicate talks are in the early stages, we are leaving our fair value estimates at $145 for narrow-moat American Tower, $131 for narrow-moat SBA Communications, and $77 for no-moat Crown Castle. We think the last two names...American Tower is a holding company. Through its subsidiaries, the company is a real estate investment trusts and an independent owner, operator and developer of multitenant communications real estate. The company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The company also provides tower-related services, including site acquisition, zoning and permitting and structural analysis, which primarily support the company's site leasing business, including the addition of new tenants and equipment on its sites.
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