Secular drivers position tower and data center companies for continued earningsowth in 2021, in our view The pandemic luminated the strength of recurringevenue models and importance of digital restructure assets-this remains true. TheH20 rotation to higher beta stocks, levered to a retumn-to-normal post-pandemic hasreset tower and D prices With AFFO mutiples 15 below October highs, we thinkthis is an attractie entry point Our Industry View remains PositiveData centers. Supply is growing. but we think record backlogs in our cover age andongating sales cycles mitigate risks of weak absorption in 2021. We see value-addedervices leading to market share and customer wallet gains. at the expense of smallerprivate players and on-prem deplo ments. We aiso evaluate how our coverage isapproaching edge demand. with a detailed look at partnership arrangements, formfactors. sales channels. etcTowers. -and deployments and Dishs network buildout will lead to incrementalevenue, in our view. These factors will likely generate 1)a wave of amendments. 2)sed tower density and 3) increased number of towers. C-band and DISH willlikely benefit all three tower companies, but geographic exposure and MLA terms wiimpact the timing and magnitude-we evaluate all the elements in playWe upgrade SBAC to Overweight from Equal Weight. In addition to growth potentialfrom C-band and DISH SBAC has selective intemational exposure that is elevatingAFFO growth above peers. SBACS narrow tower focus(relative to peers with small celand fiber exposure)results in higher gross margins. a trend we think wil continue untlpeers intiatives gain traction. likely in the out years. Shares yield just.7%. below thoup. but management is committed to growing the payout ratio(20%now) whichshould attract a wider pool of income investors With shares trading at a 21%premiumto the $&P500 relative to the 39%o 3-year average. we find valuation compellingEQLX remains our Top Pick. EQX'S superior tech capabiities differentiate it fromompetitors. The company is increasingly provid ng holistic digital infrastructureutions. rather than just data center space and power. We think EQX will remain atne forefront of the industry s tech evolution-instilling confidence in customers that itan address current and future infrastructure needs-resulting in increasedengagement and decreased price sensitivity. Catalysts in 2021 include Equinix Metalnomentum, sales channel expansion. and cross-selling recent acquisitions. Sharesade a 17% premium to the &P500, below the 3-year average of 26% and l-yearaverage of 38%, an attractive discount to historical levels.
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