Towers: where the returns are in telecoms

Telecoms is a cash-intensive business, which doesn't always make it a top choice for investors, particularly in Europe, where top line growth is often flat but capex requirements remain high as operators roll out fibre and plan for 5G mobile services.But while industry watchers for the most part focus on retail services and customer connections, the investment community has its eyes on passive infrastructure, telecoms towers in particular. And the telcos themselves are keen to benefit from the