-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将SBAC的12个月目标价上调20美元至250美元，采用20.0倍的EV/EBITDA倍数（基于我们对2026年的预期），高于其三年平均倍数19.8倍，反映出国际业务增长的改善。我们将2026年的AFFO预期上调0.35美元至12.30美元，并将2027年的AFFO预期下调0.22美元至13.00美元。尽管存在已知的客户流失相关不利因素，但由于国内运营商支出回升，SBAC第一季度业绩有所改善，管理层认为这些不利因素将在2026年达到峰值。近期有传言称，SBAC可能成为大型基础设施基金的收购目标，特别是KKR & Co（KKR 104 ****）和Brookfield Asset Management（BAM 48 ****）。管理层未对此置评，但收购意向是电话会议上的一个议题。我们仍然认为，Millicom的整合将导致今年的投资回报率下降，但随着盈利能力的提升，预计2027年将有所增长。我们认为，中美洲具有长期增长和新建铁塔投资的潜力，并能带来具有吸引力的风险调整后收益。
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