SBA Communications Corp (SBAC.O): SBAC, Towers Trading Lower on Press Reports That a Privatization Process Has Ended

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SBA Communications Corp (SBAC.O): SBAC, Towers Trading Lower on Press Reports That a Privatization Process Has Ended

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15 Jun 2026 17:23:43 ET │ 12 pages

SBA Communications Corp (SBAC.O)

SBAC, Towers Trading Lower on Press Reports That a Privatization

Process Has Ended

CITI'S TAKE Buy

Short-Term View: Upside, expires 28-JUN-26

SBAC traded down 4% (intra-day 2:45 PM 6/15) after a news report (link;

Price (12 Jun 26 16:00) US$204.79 Seeking Alpha, 6/15) was quoted as stating that “a take-private process is

Target price US$235.00 dead.” Prior press reports have indicated that the process may have been

paused and the latest news report is apt to further lower the probability Expected share price return 14.8%

for a possible privatization scenario for at least the near-term. We Expected dividend yield 2.4%

continue to like valuations for Buy-rated SBA and the tower stocks as Expected total return 17.2%

domestic leasing prospects are stabilizing and some of the other Market Cap US$21,721M

headwinds impacting performance should be lessening in future years,

including interest rate headwinds and international portfolio churn (for

AMT, SBAC), while each Tower firm seems focused on further streamlining

operations and financial performance to grow AFFOPS in the mid- to Michael Rollins, CFAAC

upper-single digits on an annual basis. +1-212-816-1116

michael.rollins@citi.com

Future M&A Prospects - As for the future of possible privatization of tower assets, Nick Joseph

we would not dismiss the possibility, especially if the valuations for tower stocks +1-212-816-1909

stay near current levels (or lower), interest rates recede, and long-term investors nicholas.joseph@citi.com

(infra, pension, sovereign wealth funds) seek out total return opportunities. We still Roberta Versiani