Growth Outlook Remains Intact for SBA, but Shares are Overvalued at $125 FVE
SBA Communications concluded 2017 with results that roughly tracked our expectations. As its 2018 guidance was in line with our existing revenue and EBITDA forecasts, we are not making material changes to our long-term projections and are therefore maintaining our $125 fair value estimate. While we like the tower leasing business model and think switching costs and an efficient scale (the sources behind our narrow-moat rating) give the company a competitive edge to reap the benefits of increasin...
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