Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

Equity Bottom-Up

<ul><li>Alpha Sense provides tools for making high conviction decisions with confidence</li><li>Public.com offers a way to lock in a 6% or higher yield on a diversified portfolio of corporate bonds</li><li>American Tower is a critical infrastructure asset that enables wireless communication through physical tower structures.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Alpha Sense provides tools for making high conviction decisions with confidencePublic.com offers a way to lock in a 6% or higher yield on a diversified portfolio of corporate bondsAmerican Tower is a critical infrastructure asset that enables wireless communication through physical tower structures.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jtower-inc" target="_blank" data-smartkarma-citation="entities:31042:1" rel="noopener">JTower (4485 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/digitalbridge-group-inc" target="_blank" data-smartkarma-citation="entities:20231:1" rel="noopener">DigitalBridge Group (DBRG US)</a> at JPY3,600, a 161.8% premium to the undisturbed price of JPY1,375 (13 August). </li>
<li>Despite the hefty takeover premium, the offer is light (compared to historical trading ranges and the recent placement) and opportunistically timed (the share price has fallen 61% since 9 May). </li>
<li>Nevertheless, barring a spurt of activism, the offer should succeed as the required 40.7% minority acceptance rate is not onerous and should be comfortably met by Japanese cross-holders.    </li>
</ul>



JTower (4485 JP) has recommended a tender offer from DigitalBridge Group (DBRG US) at JPY3,600, a 161.8% premium to the undisturbed price of JPY1,375 (13 August). 
Despite the hefty takeover premium, the offer is light (compared to historical trading ranges and the recent placement) and opportunistically timed (the share price has fallen 61% since 9 May). 
Nevertheless, barring a spurt of activism, the offer should succeed as the required 40.7% minority acceptance rate is not onerous and should be comfortably met by Japanese cross-holders.    


JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>American Tower is a leading owner, operator, and developer of communications real estate with a large portfolio in the US</li><li>The author sees the current trading in American Tower as an attractive entry point for investors</li><li>The tower business is described as having valuable real estate, organic growth driven by data consumption, and strong demand for communication infrastructure</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

American Tower is a leading owner, operator, and developer of communications real estate with a large portfolio in the USThe author sees the current trading in American Tower as an attractive entry point for investorsThe tower business is described as having valuable real estate, organic growth driven by data consumption, and strong demand for communication infrastructureThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

American Tower Corp (AMT) - Wednesday, May 1, 2024

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>The board's renewal and the arrival of a new CEO (both should be a positive catalyst) are on track and will be completed in the coming weeks.</li>
<li>Gone the takeover angle, Cellnex's new strategy focuses on organic growth and deleveraging, aiming an investment grade rating and reducing net debt by end of FY2024 (already 5.6x net debt/2023e EBITDA).</li>
<li>Cellnex trades at 15.3x EV/Fwd EBITDA, vs. 28.8x American Towers and 24.4x Inwit. TCI may still look for ways to increase the value of its investment.</li>
</ul>


The board's renewal and the arrival of a new CEO (both should be a positive catalyst) are on track and will be completed in the coming weeks.
Gone the takeover angle, Cellnex's new strategy focuses on organic growth and deleveraging, aiming an investment grade rating and reducing net debt by end of FY2024 (already 5.6x net debt/2023e EBITDA).
Cellnex trades at 15.3x EV/Fwd EBITDA, vs. 28.8x American Towers and 24.4x Inwit. TCI may still look for ways to increase the value of its investment.


Peace Within the Board and Focus on Organic Growth

<ul>
<li>American Tower stated during FY 2022 results presentation that debt reduction is its main priority. The probability of a takeover bid for Cellnex by American Tower and Brookfield is reduced.</li>
<li>Cellnex on 14.7x EV/NTM EBITDAe is trading cheaply vs. AMT on 19.5x and below private equity deals at 25-30x. I believe that Cellnex's fundamentals are solid, and would be long.</li>
<li>Cellnex is the undisputed European leader in telecommunications towers with both high cash flow visibility (growth forecasted at 18% for the period 2021-2025e) and trading at 7.3% 22e FCF yield.</li>
</ul>


American Tower stated during FY 2022 results presentation that debt reduction is its main priority. The probability of a takeover bid for Cellnex by American Tower and Brookfield is reduced.
Cellnex on 14.7x EV/NTM EBITDAe is trading cheaply vs. AMT on 19.5x and below private equity deals at 25-30x. I believe that Cellnex's fundamentals are solid, and would be long.
Cellnex is the undisputed European leader in telecommunications towers with both high cash flow visibility (growth forecasted at 18% for the period 2021-2025e) and trading at 7.3% 22e FCF yield.


United States

American Tower Corp. is a real estate investment trust that owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular.

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American Tower (AMT US)

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

Alpha Sense tools aid in high conviction decision making, listeners can get a free trial at alpha-sense.com, while Public.com offers a high yield...

Business Breakdowns

JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

Despite the hefty takeover premium, the offer is light and opportunistically timed. Nevertheless, barring the emergence of activists, there seems...

Arun George

American Tower Corp (AMT) - Wednesday, May 1, 2024

American Tower is a leading owner, operator, and developer of communications real estate with a large portfolio in the US

Value Investors Club (VIC)

Peace Within the Board and Focus on Organic Growth

Gone the takeover angle, Cellnex's new strategy focuses on organic growth and deleveraging, aiming an investment grade rating and reducing net debt...

Jesus Rodriguez Aguilar

AMT/Cellnex: Lower Chances of a Bid

American Tower stated during FY 2022 results presentation that debt reduction is its main priority. The probability of a takeover bid for Cellnex...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

Alpha Sense tools aid in high conviction decision making, listeners can get a free trial at alpha-sense.com, while Public.com offers a high yield...

Business Breakdowns

JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

Despite the hefty takeover premium, the offer is light and opportunistically timed. Nevertheless, barring the emergence of activists, there seems...

Arun George

American Tower Corp (AMT) - Wednesday, May 1, 2024

American Tower is a leading owner, operator, and developer of communications real estate with a large portfolio in the US

Value Investors Club (VIC)

Peace Within the Board and Focus on Organic Growth

Gone the takeover angle, Cellnex's new strategy focuses on organic growth and deleveraging, aiming an investment grade rating and reducing net debt...

Jesus Rodriguez Aguilar

AMT/​Cellnex: Lower Chances of a Bid

American Tower stated during FY 2022 results presentation that debt reduction is its main priority. The probability of a takeover bid for Cellnex...

Jesus Rodriguez Aguilar

AMT/Cellnex: Lower Chances of a Bid