New Street: Vantage Towers (Neutral, €32, +10%) H1 22 - Quick Take: RLFCF upgrade, but more to do further up the P&L
Vantage Towers has reported reasonable results, and has increased its RFCF guidance by 4% reflecting lower tax and interest payments. Non-committed tenancies continue to grow steadily albeit slightly slower than we would have liked to see and higher lease costs leaves more work to be done in H2 in order to hit market EBITDAaL expectations for this year.
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- Pan European Telecom Services and Cable
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- Pan European Telecom Services and Cable
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