New Street Research - Vantage Towers (VTWR GR) (VTWR) New Street: Vantage Towers (Neutral, €30, +0%) Q1 results still leave a lot to deliver in the rest of the year

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New Street Research

James Ratzer

New Street: Vantage Towers (Neutral, €30, +0%) Q1 results still leave a lot to deliver in the rest of the year

Vantage has reported their Q1 trading statement, which is just for revenues and tenancies, with lower growth rates in both than we were expecting. All FY22 guidance though has been reiterated, but it does seem based on the Q1 data that there is a lot of work to be done to achieve these targets, and this will seem to depend on the pace of the white-spot buildout in Germany.

22/07/2021 6 EN

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Vantage Towers (VTWR GR)

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James Ratzer

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New Street: Vantage Towers (Neutral, €30, +0%) Q1 results still leave a lot to deliver in the rest of the year

EU Towers Review Cellnex - Stonepeak deal gives us an opportunity to revisit

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

Vantage Towers (Neutral, €32, -3%) Guidance upgrade, but all eyes on tender result

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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