Anterix Inc.

AI-generated fair value estimate for this company.

Method: Two-part DCF/NAV. (1) Explicit contracted spectrum-sale cash flows per FY2026 10-K disclosure: $25.3M in FY2027 and $23.4M spread over FY2028-34 (~$3.34M/yr), tax/opex-adjusted to an assumed 80% net margin, discounted at 9% WACC = ~$31M PV. (2) Terminal value assuming Anterix keeps signing new utility 900MHz contracts to sustain ~$50M/yr of normalized cash flow from FY2035 onward, growing 3% in perpetuity, discounted at 9% = ~$418M PV. Spectrum-business value ~$449M, plus $104.6M of net cash (cash $98.5M + $6.1M escrow, zero debt) = ~$553.5M total equity value / 19.61M shares = ~$28.2/share.

Reasoning: Anterix's GAAP net income is dominated by one-time non-cash gains on intangible/spectrum-license exchanges that don't reflect recurring cash economics, so a DCF off the company's own disclosed contracted backlog plus a conservative estimate of continued utility-contract signings is more defensible than a trailing P/E, with the debt-free cash balance added at face value.