2025-05-26-Jefferies-重播_全球通信塔公司展望_8页_876kb

Equity Research Summary: Global TowerCo Outlook

• Focus: TowerCos offer reliable growth and cash generation amidst macro uncertainty.
• Key Discussions:
  • Covered expectations and picks for the second half of the year.
  • Analyzed the potential for MNO consolidation in Europe and its consequences.
  • Explored the impact of Low Earth Orbit (LEO) satellites.
  • Discussed M&A potential.
• Focus Area: Significant attention on the investment opportunity in Africa.
• Key Companies & Ratings (selected):
  • Recommended: American Tower Corp. (AMT, $211.86), Cellnex Telecom (CLNX, €33.50).
  • Hold: Crown Castle International (CCI, $100.16), SBA Communications (SBAC, $229.52), NNN REIT (NNN, $41.13), Realty Income (O, $55.53), Inwit (INW).
• Rating Criteria: Buy (15%+ return potential), Hold (target return range +/-15% to -10%), Underperform (-10% or less).
• Upcoming Event: 'Structural Winners 2025 Virtual C-Suite Series' call featuring Cellnex and scheduled for 30 June 2025.