Contents

A sober look at towers growth prospects

Cellnex making inroads in the UK market

A complex structure in UK towers

A flurry of activity in the UK and Europe

What’s driving the telcos?

Financial considerations the primary driver

Independence sharpens focus

More sharing of towers the real cost saving—at least for the MNO

Not all towers are equal

UK market complexity increasing

A myriad of opportunities and threats

Site growth—some, although limited, prospects in the UK

More tenants—boost the bottom line but are hard to come by

Cost reduction potential—but to whom?

Scope for extending the range of services offered

Sustainability of MSAs a difficult question to answer

Towers companies’ high margins

Cellnex leads on ‘per tower’ financials….in some ways

UK towers market outlook

Annex I—Types of towers and types of tower shares

Passive vs active sharing

Figures and Tables

Figure 1: UK mobile networks and infrastructure

Figure 2: Recent tower deals in Europe

Figure 3: Tower valuations of deals, EV/EBITDAaL

Figure 4: Value of site to towers company by type of site and type of deal

Figure 5: Value of site to towers company by type of site and type of deal

Figure 6: Changes in rent secured for UK land leases

Figure 7: EBITDA and cashflow margins at towers companies versus MNOs

Figure 8: Economics per site (€k)

Figure 9: Towerco cost breakdown

Figure 10: Ground-based site

Figure 11: Equipment at a ground-based site

Figure 12: Rooftop site

Figure 13: Equipment at a rooftop site

Figure 14: Monopole

Figure 15: Sample passive sharing on a macro site

Figure 16: Models of infrastructure sharing