SBA Communications Posts Decent Third-Quarter Results; Shares Remain Undervalued
SBA Communications posted modestly weaker domestic growth during the third quarter than we had expected, as growth in the tower portfolio has slowed. International revenue benefited from the rebound in the Brazilian real, though the Oi bankruptcy seems to have hindered growth a bit in that market. Management commented that leasing activity picked up internationally versus the second quarter, providing some indication that growth in Brazil will remain robust going forward. Our $120 fair value est...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.
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