Analyst Robert Gutman at Guggenheim said he expects “steady progress and results consistent with guidance – against a backdrop of an increasing applications pipeline” in CCI’s Q2 tomorrow. With leasing activity typically 2H weighted and steady spending ongoing from all four mobile carriers, Gutman said the company is well positioned moving into the second half of the year.
“We are further encouraged over the longer-term by efforts by the FCC to bring more spectrum to market,” he said “and DISH’s plans to develop IoT and 5G networks. In addition, we are incrementally encouraged that fiber and small cell will gain increasing traction medium to longer-term, driven by network densification as well as new initiatives (e.g., IoT, 5G, smart cities).”
2QE site leasing, EBITDA and AFFOps estimates remain at the midpoint of management’s guidance ranges, according to Gutman. “In terms of site leasing, the prior quarter (which was the first full quarter of Lightower contribution) was split 2/3s from macro sites, and 1/3 from small cell and fiber,” he said.
June 17, 2018
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