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This thesis is an individual contribution to the work “Vantage Towers: Infrastructure
behind the digitalization – Can investors benefit from a market driven by PEs?” by Georg
Röper and Yannick Kaiser, which derives an investment recommendation for Vantage
Towers (VTWR). This work contributes a detailed company and industry description,
followed by a thorough market analyses to forecast the number of VT’s mobile sites.
Based on this forecast, a comprehensive driver-based business plan has been derived,
specifying revenue, Opex and Capex drivers. The joint work builds upon this information
to derive financial statements and the valuation and concludes with a sell
recommendation.
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Infrastructure Tower market Telecommunications Private equity Equity research Valuation
