Despite being largely immune to - if not beneficiaries - of COVID, telecoms stocks continue to be out of favour with investors.  It is easy sympathise with telecom executives down about depressed valuations.   

But, spiralling CAPEX investment needed to support next generation network infrastructures without the promise of revenue upside, combined with large, unwieldy operating structures and in some cases heavy debt burdens keeps investors at bay.

Eric Benedict and I explore in this article how asset sales and infrastructure separation may not be the answer, but fundamental transformation offers hope that telcos could again realise high valuations.