Telcos or Towers
Communications
With so many EM Tower IPOs happening (Mitratel, IHS Towers, Sitio LatinoAmerica), investors need to ask should they participate in the Tower IPOs, or just buy the parents? New Street believes there are much higher equity returns available in EM Telcos (50-100% over the next few years). Most investors are negative on the space, but consolidation, diversification into Fintech and Broadband, and a new demand curve from Enterprise all coming together means the current environment is looking much more positive.
Edition: 123
- 12 November, 2021