reports
- Soomit Datta
Sitios Latinoamerica - LASITE B-1 (Neutral, TP: MXN6.6, -7%) Telesites...
We update our thoughts on LatAm towers following recent Q1s - Sitios Latinoamerica's third report since listing last September. Whilst early days for Sitios, trends remain a little lacklustre, with smaller M&A the bigger driver of momentum at the moment. Following the 30% retracing of the Telesites/Opsimex share price this year, we move back to Neutral (from Reduce), target unchanged at MXN17.
- Soomit Datta
- Soomit Datta
New Street: LASITE (Neutral, TP: MXN6.6, +2%) SITES1 (Reduce, TP: MXN1...
We held a call last week with Sitios Latinoamérica CEO, Gerardo Kuri, and CFO, Karla Arroyo. In focus was: Tower build expectations and 5G, acquisitions in Peru and the Dominican Republic, consolidation (Brazil) and strategic opportunities.
- Soomit Datta
New Street: LASITE (Neutral, TP: MXN6.6, +18%) Towers - Sitios Latino...
Following our earlier comment, we quickly run through highlights from the Q3 earnings call. In focus was the outlook for co-location ratio, tower builds and acquisition expectations, tower rent inflation details, debt repayment and leverage
- Soomit Datta
New Street: LASITE (Neutral, TP: MXN6.6, +17%) Sitios Q3 22 - co-loca...
Sitios Latinoamerica released Q3 2022 numbers after close last night. Having listed on September 29th, incremental disclosure highlighted a swing back in profitability (EBITDAaL) in Q3 (vs H1) and confirmed co-location rates which are surprisingly as high as 1.35x in Brazil. With AMX confirming yesterday the likelihood of selling Dominican Republic and Peru towers to Sitios early 2023, we will look for an organic outlook on today's call (10am ET).
- Eduardo Henrique Gomes
- Soomit Datta
New Street: LASITE (Neutral, TP: MXN6.6, +0%) SITES1 (Neutral, TP: MXN...
Just over a week into trading, we are initiating coverage on Sitios Latinoamérica (LASITE) with a MXN6.6/share target and a Neutral rating. We recap upside opportunities (densification, selling to non-AMX operators), as well as risks: consolidation amongst the operators, notably in Brazil, competitive tower markets, the experience of Opsimex (formerly Telesites). After stock weakness (down 60% since first print) we see the stock at fair value, and would look for significant further pressure from...
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