SBA Communications Posted In-Line Results on Steady Top-Line Growth; Shares Overvalued
SBA Communications' second-quarter results were largely tracking our expectations. Total revenue grew 5% year over year on steady growth of tower-leasing revenue, both in the U.S. and abroad. Reported adjusted EBITDA was 70.6% in the quarter, versus 70.1% a year ago, after excluding the impact of the Oi reserve booked in second-quarter 2016. Management updated its revenue outlook for 2017 to $1,698 million-$1,723 million, from $1,685 million-1,725 million. As our existing revenue forecast for 20...SBA Communications is a holding company. Through its subsidiaries, the company is an owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications. The company's operations are in the U.S. and its territories. In its site leasing business, the company leases antenna space to wireless service providers on towers that the company owns or operates and manages rooftop and tower sites for property owners under various contractual arrangements. In its site development business, the company assists wireless service providers in developing and maintaining their own wireless service networks.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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