9 | SBA Communications` asset mix sparks analyst upgrades (簡訳:SBAコミュニケーションズの資産構成はアナリストのアップグレードを刺激します) | ----------- | |
FierceWireless: Wireless | 2020-04-08 05:00 | ????0? | |
SBA, the smallest of the three by market cap, is Well Fargo’s favorite of the tower group given exposure to an “all macro” model. “While it has some small fiber and data center exposure, the overwhelming majority of SBAC’s revenue comes from its macro assets,” Fritzsche said, noting roughly 80% of SBA’s revenue is from the U.S.Wells Fargo also said Crown Castle’s macro portfolio should benefit from the wider trends. “We note CCI has the largest exposure to the TMUS portfolio having bought both the legacy TMUS and S towers. While small cell slowdown may be seen … we believe small cells will be a critical part of the 5G architecture and this spend will return in force on the other side of COVID,” Fritzsche wrote.“Channel checks indicate that DISH has been focused on getting MLA`s signed with the 3 public tower cos and will then focus on the private tower operators,” Fritzsche wrote. In Dish’s effort to achieve coverage milestones in a timely matter, “we believe DISH will use more macros initially vs. small cells. By doing so, it is fair to assume it would be able to achieve the coverage parameters required under their FCC commitment in a faster way.”“Aside from having the most attractive valuation, SBA has the highest quality bottom line metrics, the most appealing asset mix, a capital allocation approach that aligns with our preferences, the greatest flexibility to organically de-lever should the need arise, and the cleanest outlook,” wrote MoffettNathanson senior analyst Nick Del Deo.“American Tower and Crown Castle look more attractive than they have, but are not quite where they need to be to warrant upgrades. American Tower’s emerging market exposure and the low quality of Crown Castle’s numbers and fiber exposure restrain our enthusiasm. We raise our target prices to $241 and $163, respectively,” he wrote. -- ???????? | |||
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