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Public Comps and Valuation Multiples for Telecom Infrastructure

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

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Telecom Infrastructure

Viewing 50 of 87 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Bharti Airtel	$118B	$135B	$23B	6.0x	10.5x
Equinix	$106B	$126B	$10B	13.2x	26.4x
American Tower	$82B	$126B	$11B	11.7x	17.6x
Ciena	$78B	$78B	$6B	14.1x	77.3x
Nokia	$72B	$68B	$24B	2.9x	20.6x
Digital Realty Trust	$69B	$86B	$6B	13.6x	24.9x
Telstra	$43B	$56B	$17B	3.3x	8.8x
Crown Castle	$40B	$69B	$4B	16.5x	24.7x
Ericsson	$39B	$37B	$26B	1.4x	7.4x
Yangtze Optical Fibre	$37B	$37B	$3B	14.1x	61.9x
MasTec	$33B	$35B	$15B	2.3x	27.7x
BT Group	$31B	$61B	$27B	2.3x	5.5x
HENGTONG Group	$28B	$29B	$11B	2.7x	28.7x
China Tower	$25B	$36B	$15B	2.5x	3.9x
SBA Communications	$23B	$38B	$3B	13.5x	19.9x
Vantage Towers	$23B	$27B	—	—	—
Cellnex	$22B	$46B	$5B	9.7x	11.6x
Dycom Industries	$13B	$15B	$6B	2.5x	18.8x
FiberHome	$11B	$12B	—	—	—
Indus Towers	$11B	$12B	$3B	3.6x	6.6x
TIM Brasil	$11B	$13B	$5B	2.5x	4.9x
KT	$10B	$14B	$19B	0.7x	3.2x
Indoritel	$8B	$8B	—	—	—
INWIT	$8B	$14B	$1B	10.9x	12.0x
Huber+Suhner	$6B	$6B	$1B	5.1x	33.7x
Axiata Group	$5B	$9B	$3B	2.9x	6.1x
Liberty Broadband	$5B	$8B	$566M	13.6x	—
Glarun Technology	$5B	$5B	$501M	9.7x	—
Array Digital Infrastructure	$5B	$6B	$180M	32.9x	30.0x
Comsys Holdings	$4B	$4B	$4B	1.0x	10.4x
China Comservice	$4B	$1B	$22B	0.1x	2.2x
Helios Towers	$3B	$5B	$884M	5.7x	10.3x
NetLink NBN	$3B	$4B	$330M	11.2x	16.0x
FOCI Fiber Optic Communications	$3B	$3B	$71M	41.0x	448.1x
Solusi Tunas Pratama	$3B	$3B	—	—	—
DigitalBridge Group	$3B	$4B	$213M	16.7x	—
Telesites	$3B	$5B	$819M	6.1x	6.5x
IHS Towers	$3B	$5B	$2B	3.3x	5.3x
Uniti Group	$3B	$13B	$3B	4.7x	10.0x
Cetc Potevio Science	$3B	$3B	—	—	—
Chorus	$3B	$5B	$611M	7.6x	10.8x
Browave	$3B	$3B	$82M	31.0x	108.5x
China Bester Group	$3B	$3B	—	—	—
Mitratel	$2B	$3B	$564M	6.1x	7.4x
HFCL	$2B	$2B	$513M	4.6x	29.3x
Tower Bersama	$2B	$4B	$405M	9.2x	10.8x
SUNeVision	$2B	$4B	$398M	10.4x	13.9x
Sterlite Technologies	$2B	$2B	$515M	4.1x	32.6x
Rai Way	$2B	$2B	$333M	5.9x	8.8x
Sarana Menara Nusantara	$2B	$4B	$777M	5.4x	6.5x
Liberty Latin America	$2B		$4B
Genew	$2B		—
Macquarie Technology Group	$1B		$275M
Superloop	$1B		$463M
Adtran	$1B		$1B
Cordiant Digital Infrastructure	$1B		—
RailTel Corporation	$1B		$459M
GCI Liberty	$1B		—
Anterix	$1B		$6M
Tejas Networks	$967M		—
EuroTeleSites	$927M		—
Hexatronic Group	$921M		$843M
Service Stream	$920M		$2B
Shentel	$892M		$364M
Reunert	$678M		$810M
Inti Bangun Sejahtera	$660M		—
Comba Telecom	$640M		—
Dalekovod	$535M		—
Dongwon Systems	$534M		—
Rapac	$506M		—
Kinx	$362M		—
Intracom Holdings	$348M		—
Ericsson Nikola Tesla	$332M		—
Balitower	$284M		—
AudioCodes	$218M		$248M
Bangladesh Submarine Cables	$217M		—
GTL Infrastructure	$189M		—
MNC Asia Holding	$154M		—
Optical Cable	$91M		$75M
Ekinops	$80M		$125M
Swissnet Group	$36M		—
UTStarcom	$25M		—
Huge Group Ltd	$15M		—
Vislink Technologies	$7M		—
Telemasters Holdings	$4M		—
Optiva	$1M		—
Central Wireless	$195K		—