Business that depreciates vs business that leases (TMT)

Hey all. 

After IFRS 16 became effective, when valuing a business that depreciates infrastructure vs leasing infrastructure (e.g. Telecom tower business), which of the two would generally be assigned a higher valuation multiple and why? 


To my understanding, capital and some operational leases are no longer expensed, but amortized right? Or am I totally off here? 

 

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