SBA Communications (SBAC)

• Market cap: $21.9B
• 1 day: 2.69%
• 5 days: -4.11%
• 1 month: -7.02%
• 3 months: -14.99%
• 6 months: 6.70%
• Year to date: -20.16%
• 1 year: -17.35%
• 5 years: -15.61%
• 10 years: 79.34%
• Sector: Financials
• Industry: Real Estate Investment Trusts

About: SBA Communications owns and operates almost 40,000 cell towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. It owns more than 17,000 towers in the US, which accounted for about 70% of the company's total revenue in 2023. Internationally, SBA's greatest presence is in Brazil, where it operates roughly 10,000 towers. SBA operates as a real estate investment trust.

Employees: 1,787

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

108% more call options, than puts

Call options by funds: $54.3M | Put options by funds: $26.1M

60% more first-time investments, than exits

New positions opened: 93 | Existing positions closed: 58

13% more capital invested

Capital invested by funds: $21.8B [Q2] → $24.6B (+$2.81B) [Q3]

6% more funds holding

Funds holding: 631 [Q2] → 666 (+35) [Q3]

2% more repeat investments, than reductions

Existing positions increased: 249 | Existing positions reduced: 244

0.39% less ownership

Funds ownership: 95.64% [Q2] → 95.25% (-0.39%) [Q3]

10% less funds holding in top 10

Funds holding in top 10: 10 [Q2] → 9 (-1) [Q3]

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $230 13% upside
• Avg. target: $257 26% upside
• High target: $300 47% upside

8 analyst ratings

• positive: 4 50%
• neutral: 4 50%
• negative: 0 0%

BMO Capital Ari Klein 38% 1-year accuracy 5 / 13 met price target	13% upside $230	Market Perform Downgraded	18 Dec 2024
TD Cowen Michael Elias 56% 1-year accuracy 5 / 9 met price target	28% upside $261	Buy Maintained	29 Oct 2024
Raymond James Ric Prentiss 40% 1-year accuracy 6 / 15 met price target	47% upside $300	Strong Buy Maintained	29 Oct 2024
Keybanc Brandon Nispel 41% 1-year accuracy 9 / 22 met price target	38% upside $280	Overweight Maintained	14 Oct 2024
Barclays Tim Long 54% 1-year accuracy 29 / 54 met price target	26% upside $256	Overweight Maintained	10 Oct 2024