Annonce • Sep 22
Radius Global Infrastructure, Inc. Announces Board Changes Radius Global Infrastructure, Inc. announced in connection with the consummation of the Mergers, William H. Berkman, Michael D. Fascitelli, Nick S. Advani, Antoinette Cook Bush, Noam Gottesman, Paul A. Gould, Thomas C. King, William D. Rahm and Ashley Leeds, being all of the directors of the company immediately prior to the Company Merger Effective Time, resigned and ceased to be directors of the Company as of the Company Merger Effective Time. Effective as of the company Merger Effective Time, Alex Greenbaum, William Berkman and Jean-Bastien Auger became directors of the Surviving Corporation. Reported Earnings • Aug 10
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: US$0.43 loss per share (further deteriorated from US$0.20 loss in 2Q 2022). Revenue: US$42.5m (up 30% from 2Q 2022). Net loss: US$41.9m (loss widened 124% from 2Q 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in the US. Major Estimate Revision • May 17
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$1.18 to -US$1.55 per share. Revenue forecast unchanged at US$175.3m. Telecom industry in the US expected to see average net income decline 18% next year. Consensus price target of US$15.00 unchanged from last update. Share price was steady at US$14.71 over the past week. Reported Earnings • May 11
First quarter 2023 earnings released: US$0.48 loss per share (vs US$0.048 loss in 1Q 2022) First quarter 2023 results: US$0.48 loss per share (further deteriorated from US$0.048 loss in 1Q 2022). Revenue: US$41.2m (up 35% from 1Q 2022). Net loss: US$45.6m (loss widened US$41.1m from 1Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Telecom industry in the US. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Annonce • May 04
Kaskela Law LLC Files Lawsuit Against Radius Global Infrastructure, Inc Kaskela Law LLC announced that a shareholder lawsuit has been filed against Radius Global Infrastructure, Inc. in connection with the company’s recent announcement that it would be acquired – and that its stockholders would be cashed out of their Radius investment – at a price of $15.00 per share in cash. The shareholder complaint alleges that Radius has filed a materially incomplete and misleading proxy statement with the U.S. Securities & Exchange Commission (“SEC”) and seeks additional disclosures from Radius about the proposed merger. Reported Earnings • Mar 03
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: US$1.08 loss per share. Revenue: US$135.5m (up 31% from FY 2021). Net loss: US$101.5m (loss widened 5.4% from FY 2021). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 140%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in the US. Major Estimate Revision • Dec 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$0.33 to -US$0.37 per share. Revenue forecast unchanged at US$133.8m. Telecom industry in the US expected to see average net income growth of 6.1% next year. Consensus price target of US$15.17 unchanged from last update. Share price fell 3.5% to US$11.81 over the past week. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Co-Founder & Independent Non-Executive Director Noam Gottesman is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Breakeven Date Change • Nov 12
Forecast to breakeven in 2022 The 4 analysts covering Radius Global Infrastructure expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$11.1m in 2022. Price Target Changed • Nov 11
Price target decreased to US$18.00 Down from US$19.75, the current price target is an average from 4 analysts. New target price is 87% above last closing price of US$9.65. Stock is down 44% over the past year. The company is forecast to post a net loss per share of US$0.90 next year compared to a net loss per share of US$1.35 last year. Reported Earnings • Nov 10
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.24 (up from US$0.11 loss in 3Q 2021). Revenue: US$35.3m (up 28% from 3Q 2021). Net income: US$23.2m (up US$31.6m from 3Q 2021). Profit margin: 66% (up from net loss in 3Q 2021). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Telecom industry in the US. Seeking Alpha • Oct 13
Radius Global Infrastructure: Sale Likely Off, Stock Now On Sale Summary
In early May it was reported that Radius was considering a sale of the company. The financing environment has weakened and it is unlikely Radius will be sold near-term.
Shares are now trading about 30% below where they were prior to sale rumors. The implied cap rate is now roughly 6.5%.
With inflation top of mind, investors should find comfort knowing that the vast bulk of Radius's leases have CPI linked escalators.
Assuming a 4.5% cap rate, Radius shares look to have a fair value of $16+ per share, offering long-term shareholders the opportunity to nearly double their investment.
Radius Global Infrastructure (RADI) shares have been on a wild ride thus far in 2022. Early in the year, the stock sold off along with the broad decline in the market before rebounding strongly in May as sale rumors emerged sent shares surging. Now five months have passed since sale rumors broke and the deal financing environment has significantly deteriorated making a near-term sale unlikely. With shares having fallen 40% in the past month alone, I believe that RADI is an interesting opportunity for shareholders with a long term time horizon.
What is Radius Global Infrastructure?
RADI is an aggregator and lessor of the land which sits under cell phone towers primarily in the US, Europe, UK, Australia and Brazil. It typically acquires the land from families or mom and pop operators under both purchase and long term lease contracts (see below). It leases the land to creditworthy tower operators like American Tower (AMT) or Cellnex (CLLNY) in Europe.
Escalators, Countries (Company Presentation)
Why is Radius out of favor?
There are no shortage of reasons that RADI shares have performed poorly including:
Seemingly aborted sales process
High debt levels - this is mitigated by VERY stable cash flow, limited near term maturities, currency matching, and fixed low interest rates
REITs (note: RADI is not a REIT but is very REIT-like) have been decimated thus far in 2022 falling over 30% year to date
Radius is a former SPAC - most SPACs have proven to be terrible investments for investors.
While RADI is tremendously cash generative, the company expenses site acquisitions costs (in my perfect world this would run through the investing section of the cash flow statement), making investment analysis a bit more cumbersome.
Currency - As shown above, RADI earns most of its revenue in Europe/UK and these currencies have weakened materially versus the dollar. Fortunately management had the foresight to borrow in EUR and GBP to match its revenue exposure.
Why should investors be interested in Radius Global Infrastructure?
A. The company owns/ has long-term rights to critical infrastructure assets which is leased to creditworthy tenants (tower operators and in some cases national telecoms) contracted under long term leases. There is no economic sensitivity - these leases will be paid rain or shine.
B. In addition to having highly certain cash flows from creditworthy counter parties, ~70% these cash flows are CPI linked. Essentially, RADI is akin to a very high grade, inflation linked bond. Major Estimate Revision • Oct 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$0.72 to -US$0.89 per share. Revenue forecast unchanged at US$135.5m. Telecom industry in the US expected to see average net income growth of 0.7% next year. Consensus price target down from US$20.75 to US$19.75. Share price fell 7.1% to US$8.75 over the past week. Board Change • Oct 05
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Co-Founder & Independent Non-Executive Director Noam Gottesman is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annonce • Jun 26
Radius Global Infrastructure, Inc.(NasdaqGM:RADI) dropped from NASDAQ Telecom Index Radius Global Infrastructure, Inc. has been removed from NASDAQ Telecom Index . Annonce • Nov 19
Radius Global Infrastructure, Inc. Announces Executive Changes On November 12, 2020, the Board of Directors of Radius Global Infrastructure, Inc. upon the recommendation of its Nominating and Corporate Governance Committee, increased the size of the Board from 8 to 9 members and appointed Ashley Leeds to fill the vacancy so created, both effective November 12, 2020. Ms. Leeds will serve on the Audit Committee and the Nominating and Corporate Governance Committee of the Board. Ashley Leeds is an experienced financial professional with a successful track record of investing in and advising dynamic growth companies. Her focus has been on companies operating at the nexus of the technology, media, communications and consumer products industries. Currently, Ms. Leeds is CEO of JED Group LLC, an omnichannel, luxury apparel and accessories brand. Annonce • Nov 14
Radius Global Infrastructure, Inc. Appoints Ashley Leeds to Its Board of Directors Radius Global Infrastructure, Inc. announced that it has appointed Ashley Leeds to its Board of Directors, increasing its Board size to 9 members, effective November 12, 2020. Ms. Leeds will serve on the Audit Committee and the Nominating and Corporate Governance Committee of the Company’s Board. Ms. Leeds is currently the CEO of JED Group LLC, an omnichannel, luxury apparel and accessories brand. She commenced her career as an investment banker at Lehman Brothers where she advised companies in the broadcast, cable and wireless telecommunications sectors. In 1995, Ms. Leeds became a Founding Partner at Baker Capital, a communications and media focused private equity and venture capital firm. In 2007, she established RIME Communications Capital, an investment firm focused on early stage investing in technology-driven products and services businesses. While at these investment firms, Ms. Leeds was responsible for sourcing, structuring and monitoring portfolio investments and was a director on several public and private company boards. Annonce • Oct 29
Radius Global Infrastructure, Inc. to Report Q3, 2020 Results on Nov 16, 2020 Radius Global Infrastructure, Inc. announced that they will report Q3, 2020 results at 9:00 AM, Eastern Standard Time on Nov 16, 2020 Annonce • Sep 26
Digital Landscape Group Updates on Transfer of Listing from LSE to the Nasdaq Global Market Digital Landscape Group, Inc. announced that it has requested the cancellation of the listing of its ordinary shares and warrants on the standard segment of the Financial Conduct Authority's official list (the "Official List") and of their admission to trading on the market for listed securities of the London Stock Exchange (the "LSE"). As announced on July 16, 2020, the Company intends to transfer the listing of its ordinary shares from the LSE to the Nasdaq Global Market ("NASDAQ") where such shares will trade as Class A Common Shares. The Company is not listing its warrants on the NASDAQ. The last date of trading on the LSE is expected to occur on October 2, 2020, with the cancellation of listing and admission to trading expected to take effect from 8:00 am GMT on October 5, 2020 (the "Cancellation Date"). Trading on the NASDAQ in the Company's ordinary shares (as Class A Common Shares) is expected to begin at 9:30 a.m. EDT on October 5, 2020.