Jennifer Fritzsche, Senior Analyst at Wells Fargo Securities gave the mostly positive news from last week’s earnings reports from AMT and SBAC, an additional spin.
“On towers – we felt pretty good about how well they held up until last week!” Fritzsche said. “While we understand the AMT India concern and we know SBAC held up very well in the REIT demise the first two months of the year – we believe investors are now seeing a very rare entry point.”
Each of the three major towerco stocks are now trading at a discount to their past five year EBITDA multiples, Fritzsche said, “at a time when the U.S. wireless spending has likely never been stronger.” Wells Fargo is hosting their annual NYC private executive tower dinner on March 13, with CEOs of three of the largest private towercos. It’s an invitation-only event.
March 6, 2018