New Street Research - Vantage Towers (VTWR GR) (VTWR) New Street: Vantage Towers (Neutral, €32, -2%) H1 23: Bid support – but tenancy growth still modest

Report

New Street Research

James Ratzer

EUR 8824.00 For Business Accounts Only

New Street: Vantage Towers (Neutral, €32, -2%) H1 23: Bid support – but tenancy growth still modest

Given the bid situation, Vantage Towers results are arguably slightly moot, but nonetheless, although all financial guidance has been reiterated, the pick-up in tenancy growth remains slower than expected as the 1&1 contract and German white-spot build remains slow to ramp up. We believe the €32/ share offer reflects good value for Vantage minority shareholders given where current bond yields are.

14/11/2022 1 EN

Underlying

Vantage Towers (VTWR GR)

See profile

Provider

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.

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

James Ratzer

Other Reports on these Companies

New Street Research

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

We remain Neutral on Cellnex (€31 target) and Inwit (€11.8 target), but the sale by Cellnex of a 49% stake in its Nordic assets to Stonepeak at 24x is certainly an attractive datapoint, as we had been worried that activity in the private tower market in Europe had been slowing.

EUR 8824.00

September 29, 2023 September 29, 2023 1 EN

New Street Research

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.

EUR 8824.00

July 18, 2023 July 18, 2023 1 EN

New Street Research

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

Vantage Towers Q3 results are reasonably solid with an increase in the guidance to the upper half of the range, but progress on BTS buildout or incremental 1&1 tenancies in Germany still seems to be slow. However, given the bid, these are likely to have little immediate bearing on the share price. The results of the tender offer are due to be published tomorrow. In the note we run through next steps on the tender process and the detailed trends from the results.

EUR 8824.00

January 31, 2023 January 31, 2023 1 EN

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

Net adds missed estimates, but the miss was less severe than some might have feared following Comcast’s results. Importantly, adds in existing markets improved year-over-year. EBITDA growth was 3.5% after adjusting for a one-time benefit. This was well ahead of expectations. Estimates for EBITDA and FCF will likely increase for the year. Repurchases are back, and the Company seemed to reaffirm a leverage target of 4.25x. Repurchase estimates should increase too with higher EBITDA and FCF.

EUR 8824.00

24m 24m 1 EN

Blair Levin

Blair Levin

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Secretary of Defense Hegseth continues to struggle in controlling the narrative about his leadership, leading to reports that the White House is looking for a replacement (which the White House denies.) In this note we analyze the implications of those struggles for the key spectrum battle involving the Department of Defense (DoD) and the wireless industry.

EUR 8824.00

1h / 21m 1h / 21m 1 EN

Chris Hoare

Chris Hoare

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Megacable has reported a decent set of Q1 results. Revenue came in a touch below expectations while EBITDA came in a touch above. Financial and KPI trends slowed this quarter but remained solid across the board

EUR 8824.00

1h / 53m 1h / 53m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: Vantage Towers (Neutral, €32, -2%) H1 23: Bid support – but tenancy growth still modest

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

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe