Array Digital Infrastructure, Inc. (AD): A Bull Case Theory

We came across a bullish thesis on Array Digital Infrastructure, Inc. on Valueinvestorsclub.com by madler934. In this article, we will summarize the bulls’ thesis on AD. Array Digital Infrastructure, Inc.'s share was trading at $48.19 as of January 30th. AD’s trailing and forward P/E were 22.14 and 76.34 respectively according to Yahoo Finance.

Array Digital Infrastructure, Inc. provides wireless telecommunications services in the United States. AD formerly US Cellular, presents a compelling investment opportunity as it monetizes its remaining assets following the sale of its wireless business to T-Mobile. Shareholders have already received a $23/share special dividend from the wireless sale, with additional spectrum sales over the next eight months expected to generate another ~$22/share. AD’s assets include a 4,400-tower portfolio, passive equity interests in Verizon and AT&T markets generating ~$170M annual cash flow, and C-band spectrum, part of which has already been sold for over $2 billion.

The tower business is currently under-monetized, with tenancy ratios of ~1.0x versus ~2.5x at peers, but recent hires and lease-up initiatives have driven rapid cash flow growth and improved cost structures, revealing a premium-growth tower business projecting ~$70M EBITDA by 2027. C-band spectrum offers further upside, as a sale at book value could yield an additional ~$18/share in special dividends. Remaining wireless minority interests are likely to be acquired by parent company TDS or the carriers themselves, further consolidating value.

TDS, which owns ~82% of AD, is led by a family succession plan positioning Anthony Carlson at AD and eventually TDS, likely using proceeds from special dividends to acquire the remaining public shares and consolidate towers, spectrum, and minority stakes. Over the next year, announced spectrum sales, C-band monetization, and minority buyouts should crystallize AD’s sum-of-the-parts value, currently trading at an implied 2027 EV/EBITDA multiple of ~5.2x, far below peer transactions. We see more than 50% upside to $75 per share, driven by asset monetization, tower lease-up, and strategic consolidation, while the public stub offers a rare combination of near-term cash returns and long-term optionality.

Previously, we covered a bullish thesis on Verizon Communications Inc. (VZ) by Charly AI in April 2025, which highlighted its 5G and fiber investments, strong cash flow, and attractive dividend yield. VZ’s stock price has appreciated by approximately 5.57% since our coverage due to operational strength. madler934 shares a similar perspective but emphasizes Array Digital Infrastructure’s (AD) asset monetization, special dividends, and tower consolidation upside.

Array Digital Infrastructure, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held AD at the end of the third quarter which was 22 in the previous quarter. While we acknowledge the risk and potential of AD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AD and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.