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AMT PR A - American Tower News Story

$117.6 -0.3  -0.2%

Last Trade - 12/05/17

Large Cap
Market Cap £79.96bn
Enterprise Value £100.37bn
Revenue £5.81bn
Position in Universe th / 6850

BREAKINGVIEWS-Capital Calls: Orange joins the phone mast party

Thu 18th February, 2021 9:54am
(The author is a Reuters Breakingviews columnist. The opinions
expressed are their own.)
    LONDON, Feb 18 (Reuters Breakingviews) - Concise insights on
global finance in the Covid-19 era.

TOTEM POLES. Orange’s  ORAN.PA  arrival at Europe’s telecoms
tower party may be lucrative as well as fashionably late. The 26
billion euro French telecommunications giant said
 on Thursday that it was parking its 25,500 masts for mobile
transmitters in France and Spain in a separate company, to be
called Totem*:nL1N2KO0FW. In crude terms, it looks like a tasty
morsel for larger players like Cellnex Telecom  CLNX.MC  or
soon-to-be-listed Vodafone  VOD.L  spinoff Vantage, which have
around 200,000 sites between them.
    With so many suitors, Orange Chief Executive Stéphane
Richard should find plenty of support for Totem’s valuation. On
the current trajectory, it should generate 310 million euros of
EBITDA this year, after lease payments. On the 22 times multiple
that Cellnex paid this month*:nL8N2KA2VQ for 10,500 towers in
France, it would be worth nearly 7 billion euros. U.S. goliath
American Tower  AMT.N  paid as much as 26 times in a Spanish
deal last month. Richard’s tardiness may yet pay off. (By Ed

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