SBA Communications' Equity Is More Than Just Silly
- Earlier this year I covered SBAC, focusing on its 'silly' valuation. Well, SBAC's valuation didn't correct; it just became sillier.
- To pay off its debts, SBAC issued nearly $4B in new debt securities this year.
- In a perfect world, SBAC will have a never-ending source of funds to pay off its debts. .