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Vantage towers: infrastructure behind the digitalization - equity valuation in a transaction-driven market
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This report values the business of Vantage Towers, an infrastructure/tower company,
yielding to a price of €29.18 based on a market-driven business plan. This is lower than
the trading price (€36.92) and the delisting price (€32.00) offered to the shareholders in
March 23. The current trading price may be influenced by remaining shareholders being
squeezed-out. Certain factors like transaction multiples point towards an overheated
market, influenced by (so far) unforeseeable growth expectations, new revenue streams
beyond the existing market size and institutional investors stepping into the market
seeking for other value creation. A sales recommendation is given to the shareholders.
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Valuation Infrastructure Private equity Telecommunication Equity research Tower market