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Largest Telecom Infrastructure Public Companies

Benchmark revenue and EBITDA valuation multiples for public comps like Bharti Airtel, Equinix, American Tower, Digital Realty Trust and Ciena.

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India
$20
+1%
$122B
$139B
6.2x
11.0x
United States
$966
+12%
$95B
$114B
12.1x
24.4x
United States
$190
-16%
$89B
$132B
12.4x
18.5x
United States
$179
+11%
$61B
$78B
12.5x
22.9x
United States
$354
+427%
$50B
$50B
9.4x
54.7x
Finland
$8
+61%
$45B
$42B
1.8x
13.0x
Australia
$4
+11%
$40B
$52B
3.3x
8.7x
United States
$90
-15%
$39B
$69B
16.3x
24.3x
Sweden
$11
+34%
$38B
$36B
1.4x
7.2x
United Kingdom
$3
+20%
$27B
$56B
2.1x
5.2x
Spain
$37
-9%
$25B
$49B
10.3x
12.4x
China
$1
-1%
$25B
$37B
2.5x
4.0x
United States
$305
+139%
$24B
$27B
1.8x
21.7x
China
$28
+776%
$23B
$24B
10.3x
48.6x
Germany
--
--
$22B
$27B
—
—
United States
$199
-18%
$21B
$36B
12.7x
18.7x
China
$6
+149%
$14B
$14B
1.4x
16.9x
India
$5
+11%
$13B
$14B
4.1x
7.5x
United States
$419
+150%
$13B
$14B
2.3x
17.4x
Brazil
$5
+42%
$12B
$14B
2.8x
5.4x
South Korea
$22
+22%
$11B
$16B
0.8x
3.7x
Indonesia
$0
+1612%
$10B
$11B
—
—
Italy
$10
-16%
$9B
$15B
12.0x
13.1x
China
$6
+94%
$8B
$9B
2.2x
—
United States
$54
-40%
$8B
$9B
16.7x
—
Indonesia
$1
-8%
$8B
$8B
—
—
China
$4
+40%
$5B
$5B
8.8x
—
Malaysia
$1
+6%
$5B
$9B
2.8x
5.8x
Switzerland
$240
+160%
$4B
$4B
3.7x
24.3x
United States
$48
-30%
$4B
$5B
30.1x
26.8x
Japan
$35
+78%
$4B
$4B
1.0x
10.1x
China
$1
+9%
$4B
$2B
0.1x
3.5x
China
$4
+49%
$3B
$3B
4.2x
91.9x
Singapore
$1
+7%
$3B
$4B
11.1x
15.8x
Indonesia
$3
0%
$3B
$3B
—
—
United States
$15
+84%
$3B
$4B
20.3x
27.5x
United Kingdom
$3
+85%
$3B
$4B
5.1x
9.3x
Indonesia
$0
-13%
$3B
$4B
6.7x
8.1x
Nigeria
$8
+61%
$3B
$6B
3.6x
5.8x
Mexico
$1
-8%
$2B
$5B
5.7x
5.9x
New Zealand
$5
+4%
$2B
$4B
7.3x
10.4x
Indonesia
$0
-15%
$2B
$4B
9.7x
11.6x
China
$4
+12%
$2B
$2B
—
—
Hong Kong
$1
+3%
$2B
$4B
10.4x
14.5x
Taiwan
$24
+396%
$2B
$2B
24.4x
84.8x
Italy
$7
+2%
$2B
$2B
5.8x
8.8x
United States
$8
--
$2B
$11B
4.4x
9.2x
Indonesia
$0
-12%
$2B
$4B
5.5x
6.6x
Puerto Rico
$8
+50%
$2B
$9B
2.1x
6.0x
United States
$39
--
$2B
$2B
—
—
Taiwan
$14
+148%
$1B
$1B
21.7x
246.0x
Australia
$46
+10%
$1B
$1B
4.8x
15.8x
India
$1
-13%
$1B
$1B
2.6x
16.5x
China
$6
+36%
$1B
$1B
—
—
United Kingdom
$1
--
$1B
$1B
—
—
India
$3
+3%
$1B
$920M
—
—
Australia
$2
+13%
$1B
$1B
2.4x
13.8x
Austria
$5
-8%
$881M
$2B
—
—
Australia
$1
+7%
$876M
$878M
0.5x
8.4x
United States
$10
+34%
$827M
$941M
0.8x
7.6x
India
$2
+150%
$823M
$963M
2.0x
16.1x
Hong Kong
$0
+36%
$792M
$644M
—
—
United States
$14
+24%
$766M
$1B
3.8x
11.2x
United States
$39
+31%
$731M
$706M
116.2x
(22.5x)
India
$4
-48%
$699M
$1B
—
—
Sweden
$3
+12%
$636M
$848M
1.0x
9.1x
South Africa
$4
--
$607M
$579M
0.7x
5.3x
Croatia
$13
+163%
$551M
$551M
—
—
Israel
$27
+98%
$410M
$472M
—
—
South Korea
$83
+56%
$401M
$417M
—
—
Indonesia
$0
-11%
$393M
$469M
—
—
Indonesia
$0
+21%
$356M
$537M
—
—
Greece
$4
0%
$293M
$190M
—
—
Croatia
$221
+3%
$293M
$250M
—
—
Israel
$8
-10%
$243M
$208M
0.8x
8.7x
Bangladesh
$1
+12%
$219M
$200M
—
—
Indonesia
$0
+35%
$192M
$97M
—
—
India
$0
-24%
$152M
$428M
—
—
France
$2
-37%
$64M
$68M
0.6x
5.6x
United States
$6
+113%
$57M
$65M
0.9x
11.1x
China
$2
-7%
$23M
($16M)
—
—
South Africa
$0
-27%
$14M
$33M
—
—
South Africa
$0
+91%
$6M
$7M
—
—
United States
$1
-44%
$4M
($2M)
—
—
--
--
--
$1M
$103M
4121.8x
—

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