Strong U.S. Carrier Spending Continues to Drive Excellent SBA Results, and We Project It to Persist
We liked everything we saw in narrow-moat SBA's first-quarter report. U.S. revenue growth continued to accelerate from already high levels, margins were excellent, and management impressed us with prudence in its capital allocation. The ongoing strength in spending from U.S. carriers helped to drive the growth, and management raised its full-year revenue and EBITDA margin outlook. While we plan to raise our $144 fair value estimate by $5-$10 to account for the time value of money and a stronger ...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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