Core Thesis - Array Digital Infrastructure, Inc. (AD) presents a compelling investment opportunity as it monetizes its remaining assets following the sale of its wireless business to T-Mobile, with significant expected returns for shareholders [2][4]. Group 1: Financial Performance and Valuation - As of January 30th, AD's share was trading at $48.19, with trailing and forward P/E ratios of 22.14 and 76.34 respectively [1]. - Shareholders have already received a special dividend of $23 per share from the wireless sale, with additional spectrum sales expected to generate approximately $22 per share over the next eight months [2]. - The company has a projected EBITDA of approximately $70 million by 2027, with an implied 2027 EV/EBITDA multiple of around 5.2x, significantly lower than peer transactions [3][4]. Group 2: Asset Composition and Growth Potential - AD's assets include a portfolio of 4,400 towers, passive equity interests in Verizon and AT&T markets generating around $170 million in annual cash flow, and C-band spectrum, part of which has already been sold for over $2 billion [2]. - The tower business is currently under-monetized, with tenancy ratios of approximately 1.0x compared to about 2.5x at peers, but recent initiatives are driving rapid cash flow growth [3]. - C-band spectrum monetization could yield an additional approximately $18 per share in special dividends, enhancing the overall value proposition [3]. Group 3: Strategic Consolidation and Future Outlook - TDS, which owns about 82% of AD, is expected to use proceeds from special dividends to acquire remaining public shares and consolidate assets, including towers and spectrum [4]. - The anticipated spectrum sales, C-band monetization, and minority buyouts are expected to crystallize AD's sum-of-the-parts value, with a projected upside of more than 50% to $75 per share [4].