Akanda

Management exited Portugal and shut the UK operation, then pivoted into towers and dark fiber via a share exchange that also assumed First Towers’ obligations.

While the asset‑light telecom model can be attractive at scale, the company’s capital allocation since 2024 has emphasized survival financing and share‑count mechanics rather than durable reinvestment at high returns. Marketing spend and paid IR content are not substitutes for contracted multi‑tenant growth.

We need to see disciplined capex per route‑mile or per tower and sustained FCF before crediting strong capital allocation.