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SBA Communications Corp. Message Board

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  • spal4000 spal4000 May 2, 2003 3:37 PM Flag

    THIS DOG HUNTS ...

    Take a hike loser.


    http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7082776&tid=blx&sid=7082776&
    mid=1286



    Re: Your Director's Club was just reelec
    by: bludoganchorite (21/M/Acworth, Ga) 05/02/03 03:18 pm
    Msg: 1286 of 1287

    I've owned BLX since the 3's but I've never posted on this board before. Your post about SBAC was such a coincidence that I just had to respond, cause I own a boatload of SBAC too. I wasn't as precient as you though, I bought my SBAC shares at $1.21 soon after the AAT tower purchase was announced.

    I agree that SBAC is worth $5 or more. After the tower sale to AAT, SBAC will own/manage/operate about 1/3 of the towers that CCI or AMT owns/manages/operates (this is not exact as I did this calculation months ago, just trying to give you the gist of my valuation). SBAC's revenue per tower, debt per tower, operating efficiency per tower, and cash flow per tower are all almost identical to CCI's and AMT's. Means SBAC is nearly identical to CCI or AMT and is just 3 times smaller. Yet it's market cap is something like 20 times smaller than either of these two companies. Either AMT or CCI are severly overpriced or SBAC is underpriced.

    Anyway just thought it was strange that someone on the BLX board was talking about SBAC. Good Luck on both.

    BluDog

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