How do towerco business models affect tower valuations?
Contrasting operator-led and independent tower company acquisition opportunities, using India as an example
Why is an independent towerco’s tower often worth more than an operator-captive tower? How much value is added if an operator carves out their assets into their own towerco, and leases them up? How does one evaluate the investibility of new carve out towercos? India is a great example market to compare tower business models since all four aforementioned business model variants are represented, and since examples of all four business models could be coming to market in the near term.
How do you scale up a tower company? The build-to-suit model creates a lot of capital value and is a great way to startup, but building a portfolio site by site is a painstaking way to reach scale.