Anterix Sees Scarce 900 MHz Spectrum Driving Utility Deals and Satellite Upside

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Anterix (NASDAQ:ATEX) executives said the institution sees increasing request and constricted proviso for its low-band 900 MHz spectrum, citing caller spectrum transactions and imaginable satellite-direct-to-device applications arsenic factors that could grow monetization options beyond its accepted inferior lawsuit base.

During an Oppenheimer fireside chat hosted by communications expert Tim Moran, Chief Financial Officer Elena Marquez said Anterix completed a regulatory effort successful February that expanded its set capableness from 6 MHz to 10 MHz. The company's spectrum is licensed and operates successful the 900 MHz band, which Marquez characterized arsenic a scarce low-band asset.

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"Being a spectrum holder successful the existent situation is conscionable perfectly terrific," Marquez said, pointing to manufacture enactment including SpaceX's acquisition of EchoStar spectrum and Rocket Lab's transaction involving Iridium. She said specified enactment has validated request for spectrum portion disposable proviso remains fixed.

Valuation and Utility Negotiations

Marquez said Anterix has monetized spectrum connected a geography-by-geography ground for utilities and has astir 85% of its nationwide MHz-pops remaining aft transactions with 11 utilities. She said those anterior inferior agreements relationship for astir 3 cardinal MHz-pops.

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Using a marketplace capitalization of astir $1.8 cardinal and 3 cardinal MHz-pops, Marquez estimated that Anterix was trading astatine astir $0.60 per MHz-pop. She compared that fig with the astir $2.50 nationwide mean from Auction 113, which she said would connote a gross plus worth of astir $7.5 cardinal for Anterix's spectrum.