Vantage towers: infrastructure behind the digitalization - can investors benefit from a private equity-driven market

Abstract

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.