2025-04-29-Jefferies-SBA通信公司（SBAC）_2025年第一季度回顾_-_因运营商需求增加而超出预期并上调指引_10页_399kb

Executive Summary: SBA Communications 1Q25 Review

In its April 28, 2025, 1Q25 results review, SBAC reported FFO per share of $3.18, exceeding Jefferies/FStreet estimates ($3.14-3.16), and raised 2025 AFFO/sh guidance to $12.72 at the midpoint (a 14c increase), driven by higher carrier demand. However, adjusted EBITDA lagged slightly at $457M vs. $483M-465M. Key positive indicators include solid site development revenue growth (+62.4% YoY on total revenue) and reduced International churn (5.6% from 6.1%). Despite the beat, AFFO/sh growth remains modest, and churn increased year-over-year. The Hold rating is maintained with a DDM-derived price target of $229. Risks include continued 5G deployment benefits and carrier consolidation, while sustainability matters, such as energy management and design lifecycles, are noted.