New Street Research - Inwit (INW) ... EU Towers Are private tower valuations cooling? Downgrade Inwit to Neutral

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New Street Research

Ben Rickett

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EU Towers Are private tower valuations cooling? Downgrade Inwit to Neutral

This morning Vodafone reported that they had only sold a further €500m stake in their Vantage Towers holding company to a consortium of infrastructure investors, out of €1.8bn targeted. The stake is being sold at a 22x EBITDA valuation – below recent transaction benchmarks – implying that private tower valuations may be starting to cool.

18/07/2023 1 EN

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Inwit

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Vantage Towers (VTWR GR)

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Vodafone Group

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Ben Rickett

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EU Towers Are private tower valuations cooling? Downgrade Inwit to Neutral

Vodafone to Virgin spectrum sale: More details revealed

The company started seeing signs of recovery as subscriber losses begun to narrow and margins continue to improve. However, revenue and EBITDA still trailed expectations by 2% and 1% respectively.

Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: The UK ups and the German downs

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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