SBA Communications Is Poised to Deliver Steady Growth and Cash Flow

SBA Communications has followed a similar path as its larger rival American Tower, gradually expanding its US wireless tower portfolio over the past decade while looking for opportunities internationally. The firm has been more cautious than its peers in pursuing acquisitions and investing in its business, helping it avoid overpaying for assets. However, it has more aggressively repurchased shares, often at inflated prices. With tower shares now trading at attractive valuations, we think the continuation of SBA's approach will add value for shareholders.