SBA Communications Corp Class A

SBAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$485.00	Mzqwkc	Jclmnjpfp

Reduced Carrier Spending in the Near Term Doesn’t Diminish SBA’s Attractive Tower Business

Matthew Dolgin

Feb 27, 2024

Business Strategy and Outlook

SBA focuses exclusively on towers and has some geographic diversification, and we like that it’s now taking a more measured approach to financial leverage, and, in our view, taking a better approach to capital allocation. We like its business and think it will continue to grow at a decent clip without requiring much incremental investment for organic growth.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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