Having
recently spoken to several private tower companies, RF engineering
firms and other companies in the wireless services space, Jennifer
Fritzsche, Senior Analyst, Wells Fargo Securities, had a “slow your
roll” moment.
“On the heels of very strong macro activity in 2Q,” Fritzsche said,
“there was some voices of caution which highlighted some things to watch
for in late 2019/early 2020. While we favor the resiliency of tower
business, with the peer group’s EBITDA and AFFO multiples appreciating
6.5 turns and 6.8 turns, respectively, we struggle with valuation for
the group at these levels,” she said. Continue Reading
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