SBA Communications Corp - Ordinary Shares - Class A

Strong Q4 Performance & Backlog Growth: SBA's fourth quarter results for 2024 were solid, slightly ahead of estimates despite challenges from foreign exchange rates. Domestic new carrier activity was on the rise, with backlog hitting its highest level in the year. This signals consistent demand for leased infrastructure as carriers expand 5G coverage.

2025 Outlook - Revenue Growth: For 2025, SBA forecasts revenue growth driven by an anticipated increase in new leases and service activities, aiming for $35-$39 million in new leases aided by increased bookings from major carriers, though facing $50-$52 million in Sprint churn and $20-$22 million in regular churn. The services revenue is projected at $160-$180 million, reflecting heightened carrier activity.

International Challenges but Growth Potential: International operations showed a 1.7% year-over-year growth in cash leasing revenue, with Brazil driving performance. However, elevated churn due to carrier consolidations could impact stability. The long-term outlook remains positive with expected continued investment in wireless infrastructure in underserved regions.