Gravis says tower operators trade at depressed multiples as rates weigh on valuations

By Public Technologies
  • Gravis Capital Management analysis flagged communications towers as mission-critical infrastructure as 5G data demand accelerates.
  • Ericsson forecast put global 5G subscriptions rising from about 3 billion to more than 6 billion by decade-end.
  • TowerCos gained traction as mobile operators sold tower assets to reduce upgrade bottlenecks.
  • Operational leverage drove returns: Helios Towers ROIC rose to 25% with a second tenant, 34% with a third.
  • Sector valuations stayed depressed on higher rates, MNO consolidation risk, satellite competition; risks viewed as overstated, M&A interest cited.


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