SBA Communications

SBA Communications, through its subsidiaries, owns and operates wireless communications infrastructure, including tower structures, rooftops, and structures that support antennas used for wireless communications. The company's services include: network pre-design; site audits; identification of potential locations for towers and equipment on existing infrastructure; support in leasing of the location; obtaining zoning approvals and permits; tower and related site construction; antenna installation; and radio equipment installation, commissioning, and maintenance. The company provides site development services at its towers and at towers owned by others on a local basis, through market and regional offices.
  • TickerSBAC
  • ISINUS78410G1040
  • ExchangeNASDAQ Stock Market
  • SectorReal Estate Investment Trusts
  • CountryUnited States

Analysts

Dave Nicoski ...
  • Ross LaDuke

Vermilion Macro Vision: U.S. Equity Strategy

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equi...

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

Valens Research

Valens Equity Insights and Inflections - 2019 07 03

ASGN currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.8x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 48% in 2018 to 23% in 2023, accompanied by 8% Uniform Asset growth going forward. However, analysts have less bearish expectations, projecting Uniform ROA to only fade to 47% in 2020, accompanied by 12% Uniform Asset growth. Meanwhile, management is excited about the durability of their profit margin, and confident in their performance, billable day basis growth, and the strength of their end ...

Valens Research

SBAC - Embedded Expectations Analysis - 2019 07 01

SBA Communications Corp. (SBAC:USA) currently trades at recent highs relative to UAFRS-based (Uniform) Earnings, with a 40.0x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about share repurchases and operating leverage, domestic leasing revenue growth, and their customer mix. Specifically, management may lack confidence in their ability to sustain Brazilian performance and continue meeting lease churn guidance. Moreover, they may be concerned about their ability to sustain industry-leading AFFO performance and share repurchases, and about their abil...

SBA Communications Corporation: Update to Credit Analysis - strong operating performance continues, effective leverage remains high

Our credit view of SBAC, reflecting its strong competitive position as the one of the leading wireless tower operators in the US, strong liquidity, high leverage and tenant concentration.

American Tower Corporation: For wireless tower REITs, T-Mobile/Sprint merger is credit negative, although mitigants would soften the effect

The proposed merger of T-Mobile and Sprint would result in an increased churn and temper organic growth rates for the tower REITs, but other factors would help reduce the negative effect.

SBA Communications Corporation: Update Following Unsecured Debt Rating Upgrade and Affirmation of Other Ratings

FINANCIAL INSTITUTIONS CREDIT OPINION 14 September 2017 Update RATINGS SBA Communications Corporation Domicile Boca Raton, Florida, United States Long Term Rating B1 Type LT Corporate Family Ratings - Dom Curr Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contac

Moody's upgrades SBA Communications' senior unsecured notes to B2 and affirms CFR at B1; outlook stable

Rating Action: Moody's upgrades SBA Communications' senior unsecured notes to B2 and affirms CFR at B1; outlook stable. Global Credit Research- 30 Aug 2017. Approximately $4.9 billion in rated securities affected.

Valens Research

Valens Equity Insights and Inflections - 2019 07 03

ASGN currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.8x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 48% in 2018 to 23% in 2023, accompanied by 8% Uniform Asset growth going forward. However, analysts have less bearish expectations, projecting Uniform ROA to only fade to 47% in 2020, accompanied by 12% Uniform Asset growth. Meanwhile, management is excited about the durability of their profit margin, and confident in their performance, billable day basis growth, and the strength of their end ...

Valens Research

SBAC - Embedded Expectations Analysis - 2019 07 01

SBA Communications Corp. (SBAC:USA) currently trades at recent highs relative to UAFRS-based (Uniform) Earnings, with a 40.0x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about share repurchases and operating leverage, domestic leasing revenue growth, and their customer mix. Specifically, management may lack confidence in their ability to sustain Brazilian performance and continue meeting lease churn guidance. Moreover, they may be concerned about their ability to sustain industry-leading AFFO performance and share repurchases, and about their abil...

Matthew Dolgin

Morningstar | Strong U.S. Carrier Spending Continues to Drive Excellent SBA Results, and We Project It to Persist

We like SBA’s geographic diversification, but we think its strategy to use financial leverage so aggressively provides unnecessary risk and ultimately keeps it from deepening it presence in several of its developing markets, leaving too much international concentration in Brazil. That said, we like its business and think it will continue to grow at a fast clip, albeit not to the same extent as rival American Tower.The tower business is very attractive. Wireless carriers enter long-term leases that include rent escalators (annual increases of about 3% in the U.S. and generally tied to inflation...

Matthew Dolgin

Strong U.S. Carrier Spending Continues to Drive Excellent SBA Results, and We Project It to Persist

We liked everything we saw in narrow-moat SBA's first-quarter report. U.S. revenue growth continued to accelerate from already high levels, margins were excellent, and management impressed us with prudence in its capital allocation. The ongoing strength in spending from U.S. carriers helped to drive the growth, and management raised its full-year revenue and EBITDA margin outlook. While we plan to raise our $144 fair value estimate by $5-$10 to account for the time value of money and a stronger ...

Matthew Dolgin

Morningstar | SBA Delivers on All Fronts in Another Impressive Quarter, but It's Tough to Justify the Valuation

We liked everything we saw in narrow-moat SBA's first-quarter report. U.S. revenue growth continued to accelerate from already high levels, margins were excellent, and management impressed us with prudence in its capital allocation. The ongoing strength in spending from U.S. carriers helped to drive the growth, and management raised its full-year revenue and EBITDA margin outlook. While we plan to raise our $144 fair value estimate by $5-$10 to account for the time value of money and a stronger 2019 than we had forecast, that will still leave the stock looking materially overvalued. In our vi...

Soomit Datta

Global TMT: China, ASML, INTEL, LILA/MIC, SBAC, VOD/TEF UK, New Oriental

Global TMT: China, ASML, INTEL, LILA/MIC, SBAC, VOD/TEF UK, New Oriental For further details, please contact Soomit Datta on 8 or email , or Charlie Gaynor 1 or email {MSG CHARLIE GAYNOR }

James Ratzer

Global TMT: AAPL, BABA, SBAC, ATUS, NTT, VOD, UK 5G

Global TMT: AAPL, BABA, SBAC, ATUS, NTT, VOD, UK 5G For further details, please contact James Ratzer on 5 or email , or Charlie Gaynor on 1 or email {MSG CHARLIE GAYNOR }

James Ratzer

Global TMT: US Towers, VOD, Tencent

Global TMT: US Towers, VOD, Tencent.

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

ValuEngine Rating and Forecast Report for SBAC

MarketLine Department

Crown Castle International Corp. - Strategy, SWOT and Corporate Finance Report

Crown Castle International Corp. - Strategy, SWOT and Corporate Finance Report Summary Crown Castle International Corp. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Crown Castle International Corp (CCI) is a wireless communication infrastructure services providing company. It owns, operates, and leases shared wireless infrastructure, including towers and oth...

MarketLine Department

American Tower Corporation - Strategy, SWOT and Corporate Finance Report

American Tower Corporation - Strategy, SWOT and Corporate Finance Report Summary American Tower Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights American Tower Corporation (ATC) is an independent owner, operator and developer of wireless and broadcast communications real estate. The company leases antenna space on multi-tenant communications sites to...

MarketLine Department

Crown Castle International Corp. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Crown Castle International Corp. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Crown Castle International Corp. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain i...

MarketLine Department

American Tower Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's American Tower Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by American Tower Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competiti...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Macro Vision: U.S. Equity Strategy

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equi...

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • A few Consumer Discretionary names continue to act well. The list is thinning of attractive names though. (ex. FOXF, UEIC, DECK, CHDN, WING, YUM, BOOT, RCI, POOL, DLTR, and AAN) • A number of Health Care Sector names are attractive. (ex. MASI, TFX, CNMD, STE, CRVL, LNTH, HAE, COO, WST, RGEN, ANIK, NEO, and TECH) • Attractive Technology and Services names include: MANH, CDNS, ANSS, AGYS, TTEC, CLGX, MMS, and KBR

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • Gold appears to be developing a potential head-and-shoulders bottom. A break above the $128 level would be very bullish. (ex. GLD and GDX) • A number of restaurants are bullishly inflecting, trending up and to the right. (ex. JACK, DIN, SHAK, and YUM) • REIT's continue to be leadership (ex. PSB, HCP, HR, WELL, ARE, ESS, MAA, AMT, CCI, and SBAC)

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • A number of restaurants are bullishly inflecting, trending up and to the right (ex. JACK, DIN, SHAK, YUM, WING, and MCD) • Auto Parts Retailers and Auto Dealerships continue to be leadership (ex. AZO, ORLY, KMX, LAD) • A number of Technology Sector names have pulled back to support or are leadership in the Sector (ex. UCTT, BRKS, CY, RMBS, XLNX, SLAB, EGHT, SPSC, TTEC, TSS, and PYPL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Caution warranted; Downgrading Materials We continue to believe that caution is warranted and we are concerned that key support levels we have been monitoring may not hold -- notably 2,800 and the 200-day MA on the S&P 500 and 4,125 and the 200-day MA on the equal-weighted S&P 500. Below we highlight several negative developments which increase the likelihood of a breakdown below these key S&P 500 support levels. • Cyclicals are deteriorating. We are downgrading Materials (XLB, RTM) to underweight -- reduce exposure and raise cash where possible. The Sector is succumbing to price and RS dete...

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