Top Picks "US Technology, Media & Telecom: Our Current Highest-Convictio..."

研报英文原文证据摘录

Top Picks "US Technology, Media & Telecom: Our Current Highest-Convictio..."

as the

Analyst

largest operator of wireless and fiber assets in the U.S. Our '27/'28 FCF estimates david.vogt@ubs.com

are 2-4% ahead of the Street. Despite this improving outlook, the stock continues +1-212-713 4296

to trade at a discount, at approximately 6.3x 2027E EBITDA and ~8x FCF, below

Kevin McVeigh

both growing telecom and cable peers trading at 7x+ EBITDA and ~15x

historically, and modestly below its own three-year averages of 6.4x EBITDA and kevin.mcveigh@ubs.com

8.8x FCF. +1-212-882 0081

Communications Infrastructure: Our top pick is American Tower Taylor McGinnis

Corporation (AMT). We remain constructive on AMT shares with solid carrier Analyst

taylor.mcginnis@ubs.com

activity supporting MSD organic growth for several years and valuation at multi-

+1-212-713 1332

year lows. 5G deployments are still ongoing in the US while mobile data usage is

compounding at 30%+ per year. We believe emerging AI use cases, the continued Roger Boyd

ramp in FWA and the need to deploy equipment support growing uplink activity to Analyst

roger.boyd@ubs.com

provide upside. M-HSD growth internationally and double-digit growth at

+1-212-713 1256

CoreSite (AMT's data center business; peers trading at 24-26x AFFO) provide

incremental support. All in, we believe organic tenant billings will return to MSD Radi Sultan, CFA

Analyst growth in '27+, driving M-HSD AFFO/sh (UBSe +7% CAGR through '29 vs. Street's

radi.sultan@ubs.com

+6%) and similar dividend per share growth. Shares are currently trading at 16x

+1-212-882 0094

'27E AFFO, near historical support levels, providing a favorable risk-reward.

Internet Large Cap: Amazon (AMZN) remains our top pick as AWS-driven