Chris McIntyre of McIntyre Partnerships presented his in-depth investment thesis on Telesites (Mexico: SITES) at Best Ideas 2018.
Telesites is a regulatory-forced spin of a high-quality, non-cyclical asset with strong growth opportunities and catalysts in the next 12-24 months. Telesites is a Mexican tower company spun out of America Movil (AMX) due to regulatory pressure given AMX’s dominant mobile market share (70%), with the regulatory goal of giving AMX’s competitors access to the towers. Telesites owns the largest portfolio of towers in Mexico with ~50% market share, with many of the best urban locations and an even stronger share of rural markets. Towers are a particularly resilient area of telco as they are mission-critical to cellular networks, which are mission-critical to their customers. Chris views the shares as cheap on an absolute and comparable basis.
About the instructor:
Chris McIntyre is the founder of McIntyre Partnerships, a concentrated value fund located in New York City. He employees a selective-contrarian strategy focused on event driven, GARP, and distressed investments. Prior to founding McIntyre Partnerships, he was a Managing Director at MAK Capital, a value focused equity and credit fund, where he managed investments in consumer, telecom, and special situations. Prior to that, he was an analyst at several funds including Cobalt Capital and MDR Capital. Chris is a CFA charterholder. He is a University of Virginia graduate with degrees in Economics and Government.
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