SBA Communications Corporation

“SBA Communications is a genuinely exceptional tower infrastructure business with a durable multi-decade moat, locked-in lease economics, and 70%+ incremental margins — but at $205.57 it is priced at approximately fair value with no margin of safety, while $15.4B in debt (7.5x EBITDA) creates a credible AFFO compression risk through the 2026-2028 refinancing cycle; the right action is to track for a pullback to $175-185 where risk/reward becomes compelling, not to commit fresh capital at current prices.”