SBA Is Poised to Benefit From Mobile Data Growth, but Shares Are Rich; Raising FVE to $131
After taking a fresh look at SBA Communications, we are raising our fair value estimate to $131 from $125. We are maintaining our narrow moat rating and stable moat trend. Our $131 fair value implies an EV/EBITDA multiple of 21 on our 2018 estimates. While we think the company is well-positioned, we think shares are overvalued at current levels.We like SBA’s geographic diversification, but we think its strategy to use financial leverage so aggressively provides unnecessary risk and ultimately k...
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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