Competitor Insight #49.2007: SBA Communications Corp.

A proven performer continues to show growth potential

Publication Date	September 2007
Publisher	IE Market Research
Product Type	Report
Pages	14
ISBN Number	not applicable
Product Code	IEM00176

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Summary

This market research report on SBA Communications provides a up-to-date financial and structural analysis of the company's 2Q07 performance with a breakdown of its operational and financial metrics. The report covers the key strategic issues facing SBAC and other competitors in the cellular tower market in the United States. There's consideration given to current and projected wireless subscriber usage as it relates to SBAC's ability to sustain growth. As well, there's included some forecasts on its operations for the remainder of 2007 and into fiscal 2009. We analyze SBAC's recent acquisition of AAT Communications . There's also included a regression analysis of some growth drivers that will affect SBAC's strategy decisions and those of its competitors in the medium-term.

Content

Strategic Outlook
- Wireless revenue trends support SBAC's tower portfolio and strategy
- Bottom-up Analysis of carrier cell site net adds also a positive for SBAC
- CAPEX and Spectrum Delays are risks for SBAC
- SBAC's Rural exposure may buffer some timing risk
Operational Summary & Forecasts
- SBAC's tower portfolio likely to grow by 10% in 2007 and 2008
- SBAC will see increased site licensing revenues
Financial Summary & Forecasts
- SBA results remain on-track for 2Q07 as expansion continues
- Premium valuation on growth rate
List of Tables:
- Table 1: Model predictions: Cell sites and IEMR's bottom-up estimates, 2007E - 2010E
- Table 2: Model predictions: Cell site net adds, 2007E - 2010E
- Table 3: IEMR's Bottom-Up Estimates of Carrier cell sites, 2006 - 2010E
- Table 4: Estimates and Valuation (Dec), 2005 - 2009E
- Table 5: SBA income statement, 2006 - 2009E
- Table 6: SBA balance sheet, 2006 - 2009E
- Table 7: SBA cash flow statement, 2006 - 2009E
- Table A1: Key Income Statement Data (Dec), 2006 - 2009E
- Table A2: Key Income Statement Data, Continued (Dec), 2005 - 2009E