Gravis says tower operators trade at depressed multiples as rates weigh on valuations

• Gravis Capital Management analysis flagged communications towers as mission-critical infrastructure as 5G data demand accelerates.
• Ericsson forecast put global 5G subscriptions rising from about 3 billion to more than 6 billion by decade-end.
• TowerCos gained traction as mobile operators sold tower assets to reduce upgrade bottlenecks.
• Operational leverage drove returns: Helios Towers ROIC rose to 25% with a second tenant, 34% with a third.
• Sector valuations stayed depressed on higher rates, MNO consolidation risk, satellite competition; risks viewed as overstated, M&A interest cited.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Gravis Capital Management Ltd. published the original content used to generate this news brief on September 16, 2026, and is solely responsible for the information contained therein.