Churn Remains Elevated, but SBA Will Benefit From Improving US Carrier Activity

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.