Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  American Tower Corp    AMT

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

British masts group Arqiva broadcasts 1.5 billion pound IPO plan

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/23/2017 | 12:54pm CET

British broadcast and mobile masts company Arqiva plans to raise around 1.5 billion pounds in the biggest initial public offering (IPO) in London so far in 2017.

Private equity owned Arqiva, which carried the BBC's first television broadcast in 1936, said on Monday it will use the proceeds from next month's listing to pay down debt.

After 2.6 billion pounds worth of debt held by shareholders is converted into equity, Arqiva's implied enterprise value, which includes debt, could be around 6 billion pounds, a source told Reuters following the announcement.

Sources familiar with the deal had said Arqiva's owners had wanted to sell it in one go but were pushing ahead with a flotation after failing to agree a deal with potential suitors.

Arqiva is likely enter the FTSE 100 index <.FTSE> and its flotation comes amid a quickening pace in British IPOs.

Ready meals supplier Bakkavor, business services firm TMF and credit services provider Cabot Credit Management are among those that have said they are planning to list in recent weeks.

Proceeds from IPOs on the London markets as of Oct. 10 considerably outpaced the same period in 2016, but are still short of the peaks of 2013-2015.

The listing of at least 25 percent of Arqiva is expected to be the largest in terms of proceeds in London so far this year, according to Thomson Reuters data, although its shareholders, including CPP Investment Board and Macquarie Infrastructure Fund, only intend to sell shares through an over-allotment option of up to 15 percent.

Arqiva said that in the year ending June 30, it posted revenue of 944 million pounds; earnings before interest, tax, depreciation and amortisation (EBITDA) of 467 million pounds and an overall loss of 427 million pounds.

A source said the closest publicly traded comparables were real estate investment trusts American Towers (>> American Tower Corp) and Crown Castle (>> Crown Castle International Corp), and Spanish Cellnex (>> Cellnex Telecom).

Cellnex is trading at an enterprise value to EBITDA ratio of around 16 times for the next twelve months, amounting to a potential enterprise valuation of 8 billion pounds for the British masts giant.

"Following the IPO, the group's balance sheet will be appropriate for an asset rich infrastructure company with long term contracts, blue-chip clients and strong cash flows," Mike Parton, Arqiva's independent non-executive chairman, said.

Goldman Sachs (>> Goldman Sachs Group), HSBC (>> HSBC Holdings) and J.P. Morgan (>> Jupai Holdings Ltd (ADR)) are acting as joint global co-ordinators and joint bookrunners on the IPO.

(Reporting by Dasha Afanasieva; Editing by Rachel Armstrong and Alexander Smith)

By Dasha Afanasieva

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AMERICAN TOWER CORP
11/17 AMERICAN TOWER CORPORATION : and KIO Networks Announce the Closing of American T..
11/15 American Tower Buys Vodafone And Ideas Telecom Towers For $1.2 Bn
11/14 Vodafone, Idea to sell tower business to ATC Telecom Infrastructure
11/14 OPERATORS EXITING TOWER SEGMENT IS : Atc asia head amit sharma
11/13 AMERICAN TOWER CORP /MA/ : Regulation FD Disclosure, Other Events, Financial Sta..
11/13 American Tower To Buy Tower Business From Idea And Vodafone In India For $1.2..
11/13 AMERICAN TOWER : Announces Entry into Agreements to Acquire Tower Businesses fro..
11/10 AMERICAN TOWER CORPORATION : to Present at the 2017 Morgan Stanley European Tech..
11/04 The great india mobile tower sale
11/02 AMERICAN TOWER : to Present at the Wells Fargo 2017 Media & Telecom Conference
More news
News from SeekingAlpha
11/17 FPT - Even More Quality Munis At A Discount?
11/15 A Warning Shot For Tower REITs
11/14 Tracking William Von Mueffling's Cantillon Capital Management Portfolio - Q3 ..
11/13 Which REITs Have Long-Term Track Records Of Increasing Dividends?
11/13 AT&T, Verizon in joint deal to build new comms towers
Financials ($)
Sales 2017 6 652 M
EBIT 2017 2 278 M
Net income 2017 1 298 M
Debt 2017 18 968 M
Yield 2017 1,79%
P/E ratio 2017 48,87
P/E ratio 2018 40,09
EV / Sales 2017 12,3x
EV / Sales 2018 11,5x
Capitalization 62 557 M
Chart AMERICAN TOWER CORP
Duration : Period :
American Tower Corp Technical Analysis Chart | AMT | US03027X1000 | 4-Traders
Technical analysis trends AMERICAN TOWER CORP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 157 $
Spread / Average Target 7,9%
EPS Revisions
Managers
NameTitle
James D. Taiclet Chairman, President & Chief Executive Officer
William Hal Hess Executive Vice President-International Operations
Thomas A. Bartlett Chief Financial Officer, Treasurer & Executive VP
Pamela D. A. Reeve Lead Independent Director
Raymond P. Dolan Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AMERICAN TOWER CORP38.03%62 557
CROWN CASTLE INTERNATIONAL CORP26.80%44 698
SBA COMMUNICATIONS CORPORATION59.99%19 884
LAMAR ADVERTISING CO13.86%7 536
CYRUSONE INC38.90%5 673
OUTFRONT MEDIA INC-2.69%3 355