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In the first edition of Duff & Phelps’ Global Telco Infrastructure Update, we focus on the TowerCo Market.
Compared to other mature TowerCo markets, such as the U.S., Europe remains a developing TowerCo infrastructure market. While the strong M&A momentum seen in recent years has slowed due to the impact of COVID-19, deal flow is expected to rebound, supported by recent tower sale and IPO announcements.
We are seeing mobile network operators highlighting their tower ownership and value by carving out separate tower companies, mergers, IPOs or partial sales to independent TowerCos or PE firms.
The TowerCo industry remains an attractive market, with towers offering compelling top-line growth, low capital intensity and premium valuation trading multiples. We highlight the potential valuation differences in multiples caused by recently changed accounting policies.
Finally, we discuss the increasing complexity on estimating cost of capital inputs in the current environment and provide insights for further consideration.
Middle-market M&A advisory differentiated by industry expertise and superior deal execution.
Valuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.
Objective valuations for financial reporting, tax and management planning purposes.
Dedicated coverage and access to M&A deal-flow for financial sponsors.
Seamless analytical advisory through the deal continuum, from transaction origination to closing.
Advice on capital raising and securing best market terms across the capital structure from senior debt to equity.