SBA Communications Corp Class A

SBAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Increased Carrier Spending in the US Will Help Drive Same-Tower Revenue in the Long Term

Samuel Siampaus

Feb 25, 2025

Business Strategy and Outlook

SBA Communications is a geographically diversified tower company, and one of the big three US tower firms. The firm has historically utilized the most financial leverage of its peers but has recently taken a more conservative approach to managing its balance sheet, a move we favor. The firm should benefit from incremental wireless network investment from continued carrier upgrades, both domestically and internationally, that should drive revenue and profitability.

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SBA Communications Corp Class A

Increased Carrier Spending in the US Will Help Drive Same-Tower Revenue in the Long Term

Business Strategy and Outlook

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