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SBA Communications Corp SBAC Stock Quote

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Morningstar‘s Stock Analysis SBAC

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Q2 Results Show Continuing Strength in SBA’s Business and a Further Increase in Foreign Exposure

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

SBA Communications had another strong quarter and continued to convey significant optimism for the U.S. tower activity, saying its backlog for new leases has never been stronger. It also continued growing its international presence through acquisition, this time with the announcement of a significant tower acquisition in Brazil, already its biggest international market. Despite the enthusiasm, organic growth in the U.S. during the quarter was materially lower than the rates regularly achieved a few years ago. Given the firm’s bigger size and the type of spectrum (midband) now being deployed, we don’t expect similar growth rates to return. We expect SBA to continue performing very well, but we think the stock is overvalued relative to our new $250 fair value estimate (a $5 increase).

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Key Statistics SBAC

Company Profile SBAC

Business Description

SBA Communications owns and operates roughly 34,000 cell towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment on the towers to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company owns more than 17,000 towers in the U.S., which accounted for almost three fourths of the company’s total revenue in 2021. Internationally, SBA’s greatest presence is in Brazil, where it operates roughly 10,000 towers. SBA operates as a real estate investment trust, or REIT.

8051 Congress Avenue
Boca Raton, FL, 33487
T +1 561 995-7670
Industry REIT - Specialty
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,596

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