mikirduit
Oct 13, 10:44 AM
Cell tower stocks were supposed to be dead. Satellites would replace them, right?
Then SpaceX (
$SPCX) agreed to buy
$8 billion in low-band 800 MHz spectrum, and tower stocks jumped in three trading days:
📈
$CCI +17.53%
📈
$AMT +8.71%
📈
$SBAC +8.29%
Why it matters: low-band spectrum travels farther and passes through buildings more easily. SpaceX plans a hybrid Starlink network that combines satellites with ground infrastructure. That ground infrastructure could mean new revenue for tower owners.
The catch: the deal still needs FCC approval, and the Starlink mobile plan is unproven. We think this rally may be short-lived.
How the big three compare:
🔹
$AMT: lowest debt (4.9x net debt to EBITDA) and the steadiest 2026 growth outlook
🔹
$CCI: about 40,000 towers, almost all in the U.S., and a ~5.2% dividend yield
🔹
$SBAC: cheapest at ~15.2x price-to-AFFO, but AFFO is shrinking and a costly refinancing is coming
Which one looks best?
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