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:
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