SBA Communications Corp Class A

SBAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$862.00	Lmvdjt	Wyljtgf

SBA Reports a Solid Q4, but Sees Business Decelerating and a Softer 2023; CEO Succession Announced

Matthew Dolgin

Feb 22, 2023

SBA concluded 2022 with another strong quarter of sales and leasing activity, but slowing U.S. carrier spending led the firm to guide to slower growth in 2023. We saw no surprises and are raising our fair value estimate to $255 from $250, leaving the stock in 3-star territory and finally trading at levels closer to historical EBITDA and adjusted funds from operations multiples.

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