Feb. 25 at 7:30 AM
$ATEX
Started a position in
$ATEX. I believe the market is being incredibly blind with this one, its insanely undervalued.
Anterix controls nationwide licensed 900 MHz spectrum (896–901 / 935–940 MHz) covering ~330M people, spectrum that aligns with 3GPP Band 8, one of the most widely supported low-band frequencies used by phones globally.
As many of the Space mob /
$ASTS investors know,
this matters because lower band spectrum (<1 GHz) commands a premium due to:
• Superior range
• Better building penetration
• Lower infrastructure cost per coverage area
• Critical importance for nationwide and rural coverage
It is the most scarce and strategically valuable tier of spectrum.
On Feb 18, the Federal Communications Commission approved expansion from 6 MHz to 10 MHz nationwide (+67%).
The stock has barely reacted.
At current prices, the entire nationwide portfolio trades at just ~
$0.18/MHz-POP.
Compare this to market transactions transactions:
Anterix’s own sales:
•
$2.31/MHz-POP, sale to San Diego Gas & Electric
•
$1.67/MHz-POP, sale to Lower Colorado River Authority
•
$1.30/MHz-POP, sale to Evergy
Other low-band / major spectrum comps:
•
$2.64/MHz-POP, T-Mobile purchase from Columbia Capital (600 MHz)
•
$2.21/MHz-POP, T-Mobile purchase from Comcast (600 MHz)
• ~
$1.67/MHz-POP, utility spectrum acquisition by Grain Management (800 MHz)
Even higher-frequency spectrum, which is inherently less valuable, cleared at:
•
$0.86/MHz-POP, 600 MHz auction
•
$0.68–
$0.74/MHz-POP, 3.45 GHz auction
•
$1.14–
$1.29/MHz-POP, C-Band auction
Yet
$ATEX sits at
$0.18/MHz-POP.
They also have a healthy looking balance sheet:
• Zero debt
•
$123M+ contracted proceeds incoming
• Active strategic review
Optional upside:
FirstNet is currently working with the FCC to modify its terrestrial spectrum to enable satellite connectivity via AST SpaceMobile.
This establishes a precedent.
If similar waivers or rule expansions occur, Anterix’s nationwide single owner low-band spectrum could become one of the most strategic assets in telecom.
Liquidity also remains limited. With relatively low daily volume, it’s difficult for institutions to build large positions without moving the stock, which helps explain why the valuation gap can persist.
Even assigning zero value to satellite optionality, the spectrum alone appears dramatically undervalued based on confirmed private market comps.
Scarce low band spectrum.
Trading at a fraction of market value, this is an easy 3-4x without any strategic interest or speculation.
NFA*
