SBA Communications Corporation

“SBA Communications owns an exceptional location-fixed moat in a durable oligopoly with contractually escalating cash flows and a legitimate 5G densification tailwind. At $188, the stock trades roughly 20-25% below intrinsic value as the market continues to price cyclical headwinds — T-Mobile/Sprint churn and BRL depreciation — as permanent impairments; the evidence does not support that conclusion. The investment case is real but disciplined: ~7x leverage means a stressed scenario could cause permanent capital loss rather than mere volatility, management alignment is thin, and the nascent data center pivot introduces capital allocation uncertainty. This is an infrastructure-grade compounder at a discount, warranting a first tranche at current prices with a clear framework to add on further weakness or thesis confirmation, not a load-the-truck generational opportunity.”