发生了什么事？
电信巨头沃达丰在上周五表示，正计划将旗下的通讯塔业务目标分拆公开上市，看起来该公司误解了最新的疫情指南。
这意味着什么？
沃达丰的电信通讯塔业务部门在欧洲拥有并运营68000个通讯塔。这些通讯塔是向用户提供通讯服务的重要基础设施，沃达丰向使用通讯塔服务的电信运营商收取费用。
总体而言，通讯塔业务是一项相对稳定的业务，并且不是沃达丰必须与投资者分享的业务部门。
不过沃达丰打算在明年将通讯塔业务发行上市，因为该公司尝试从投资者为电信通讯塔业务付出比电信公司更高的估值中获利。
例如，西班牙通讯塔公司Cellnex目前的市盈率为25倍，按照这一市盈率计算沃达丰的通讯塔业务估值英文200亿美元。与此同时，沃达丰的市盈率仅为去年盈利的9倍。
为何值得关注？
对于市场而言：恰好的时机？
沃达丰明年分拆其电信服务业务与通讯塔业务将让沃达丰留存大量现金，这些现金可被用于偿还部分沃达丰的债务。
虽然这有助于让投资者放心，不过这并不是试图改变游戏规则的沃达丰想要的，沃达丰周五公布了季度财报，收到漫游费收入下降的影响——考虑到国际旅行的减少，这一减少并不意外，该公司的股价下降了5%。
更大的图景：业务上市的其他参与方
沃达丰的总部位于英国，其通讯塔业务曾被预期在伦敦发行上市。不过让投资者震惊的是，沃达丰却宣布将在德国上市，这意味着德国的交易所可从交易活动增加中受益。
与此同时，伦敦证券交易所正收购市场数据供应商Refinitiv，用于帮助该交易所与其他市场的交易所进行差异竞争。
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