SBA Communications Delivered Solid Top Line Growth and Profitability Improvements; Shares Overvalued
SBA Communications posted third-quarter results that were in line with our expectations. Total revenue grew 5.5% 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, on gross margin expansion in domestic leasing and strong cost controls of firmwide SG&A. After incorporating management’s updated fiscal 2017 full-year outlook, we reiterate our fair value estimate at $125 per share for t...
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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