SBA Pursues Growth via Aggressive Leverage Coupled With Prudent Geographic Expansion
We are relaunching coverage of SBA Communications with a fair value estimate of $125 and narrow moat and stable moat trend ratings. We view the tower industry as one of the most attractive subsegments of the telecom space. While SBA is one of the three industry leaders in the United States, we are not fond of its leverage and prefer peers American Tower and Crown Castle, all else equal.Along with high leverage, SBA attempts to maximize growth by minimizing master lease agreements. This strategy...
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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