VZ - Boingo Wireless Still In An Expensive Land Grab Phase

The shares of Boingo Wireless (WIFI), a wireless infrastructure company, didn't have a good year:

Yet, at first sight, there seems to be little wrong on a fundamental basis:

Data by YCharts

Solid revenue, EBITDA growth, and the company almost reached break-even. There is at least one tailwind as wireless network traffic is set to grow significantly (August IR presentation):

Apart from the declining retail segment and a very small advertising segment, the company has three main segments:

• DAS (Distributed Antenna System)
• Wholesale WiFi
• Military/multifamily

Here is their relative size (August

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