There are a couple of reasons why Anterix has a $600m market cap.
1) The Company is the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. They are working through the various proceedings with the FCC and incumbents to "defrag" this space. The Company holds approximately 60% of the channels in the 900 MHz band in the top 20 metropolitan market areas in the United States.
2) Their primary focus is the electrical utility space and they can provide utilities cost-savings and they will lease their spectrum to utilities for 20 years.
3) their stock trades on the Nasdaq and is priced such that any institutional investor can purchase.
4) they are tightly held by various institutional investors.
From their latest prospectus:
Based on our review of publicly available filings as of July 5, 2019,
funds affiliated with Cerberus Capital Management beneficially owned approximately 19.5% of our outstanding shares of common stock.
The other holders of our common stock who have made filings with the SEC beneficially owned, in the aggregate, a total of approximately 51.5% of our outstanding shares of common stock, and together with Cerberus Capital Management, approximately 71.0% of our outstanding shares of common stock.
<of that 51.5%>
Specifically, based on publicly available filings as of July 5, 2019:
funds affiliated with Owl Creek beneficially owned roughly 17.9% of our outstanding common stock;
funds affiliated with Pacific Investment Company owned roughly 9.2% of our outstanding common stock;
funds affiliated with TPS Group Holdings (SBS) Advisors, Inc. owned roughly 8.8% of our outstanding common stock;
funds affiliated with American Money Management Group beneficially owned roughly 7.2% of our outstanding common stock;
funds affiliated with The Vanguard Group beneficially owned roughly 4.3% of our outstanding common stock;
and funds affiliated with BlackRock Fund Advisors beneficially
owned roughly 4.1% of our outstanding common stock.
So 71% of the company is held by institutional investors. These are the big pocketed funds that can move stock prices.
5) they are anticipating $100M in revenue within the next few years.
My belief is IOTA will look more similar to Anterix a year from now, once the network is built and they can start commercializing their network.
