AMX (Neutral, TP: $22, +10%) European Towers: AMX set to list 12,000 sites; Future M&A target?
America Movil has announced it will list the majority of Telekom Austria's towers in Europe, a portfolio including Austria and all other existing markets with the exception of Belarus. We run through our thoughts on size and valuation of the portfolio in this note. Whilst there are comparisons with AMX spinning Sitios Latinoamerica last year, at first read it looks like AMX will continue to consolidate the TowerCo with no leverage impact therefore; the bulls had listed this as a potential positive catalyst. Should AMX subsequently distribute TowerCo shares in Europe to its own shareholders it could see deleverage of ~0.04x, something Carlos Slim would have to weigh against the loss of control.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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