Financials SBA Communications Corporation

Equities

SBAC

US78410G1040

Specialized REITs

Real-time Estimate Cboe BZX Other stock markets 01:19:53 2024-05-28 pm EDT			5-day change	1st Jan Change
189.4 ^USD	+0.67%		-4.34%	-25.20%

May. 20	Transcript : SBA Communications Corporation Presents at The 52nd J.P. Morgan Annual Global Technology, Media & Communications Conference, May-20-2024 10:00 AM
May. 15	Morgan Stanley Adjusts Price Target on SBA Communications to $232 From $243, Keeps Overweight Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,136	31,349	42,318	30,264	27,370	20,209	-	-
Enterprise Value (EV) ¹	37,332	42,136	54,254	43,029	39,510	32,238	32,090	31,872
P/E ratio	188 x	1,343 x	182 x	66.4 x	55 x	23.9 x	21.9 x	21.9 x
Yield	0.31%	0.7%	0.6%	1.01%	1.34%	2.1%	2.43%	2.8%
Capitalization / Revenue	13.5 x	15 x	18.3 x	11.5 x	10.1 x	7.56 x	7.35 x	7.11 x
EV / Revenue	18.5 x	20.2 x	23.5 x	16.3 x	14.6 x	12.1 x	11.7 x	11.2 x
EV / EBITDA	26.5 x	28.2 x	33.8 x	24.3 x	20.9 x	17 x	16.3 x	15.7 x
EV / FCF	44.9 x	42.2 x	46.4 x	39 x	30.2 x	26.3 x	27.2 x	31.2 x
FCF Yield	2.23%	2.37%	2.16%	2.56%	3.31%	3.8%	3.68%	3.21%
Price to Book	-7.35 x	-6.42 x	-8.02 x	-5.74 x	-5.3 x	-4 x	-4.11 x	-4.06 x
Nbr of stocks (in thousands)	112,601	111,115	108,781	107,966	107,887	107,443	-	-
Reference price ²	241.0	282.1	389.0	280.3	253.7	188.1	188.1	188.1
Announcement Date	2/20/20	2/22/21	2/28/22	2/21/23	2/26/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,015	2,083	2,309	2,633	2,712	2,673	2,751	2,841
EBITDA ¹	1,411	1,493	1,606	1,769	1,894	1,901	1,966	2,030
EBIT ¹	583.5	633.7	782.5	925.4	923.7	1,399	1,480	1,490
Operating Margin	28.96%	30.42%	33.89%	35.14%	34.06%	52.35%	53.8%	52.43%
Earnings before Tax (EBT) ¹	186.9	-17.75	252.6	525.8	548.5	916.1	1,011	1,014
Net income ¹	147	24.1	237.6	461.4	501.8	852.9	921.7	909.6
Net margin	7.3%	1.16%	10.29%	17.52%	18.51%	31.91%	33.51%	32.02%
EPS ²	1.280	0.2100	2.140	4.220	4.610	7.876	8.570	8.571
Free Cash Flow ¹	830.7	997.5	1,169	1,103	1,308	1,225	1,180	1,022
FCF margin	41.23%	47.88%	50.65%	41.89%	48.23%	45.84%	42.9%	35.96%
FCF Conversion (EBITDA)	58.89%	66.83%	72.81%	62.37%	69.05%	64.44%	60.03%	50.34%
FCF Conversion (Net income)	565.11%	4,138.18%	492.16%	239.1%	260.59%	143.65%	128.02%	112.33%
Dividend per Share ²	0.7400	1.975	2.320	2.840	3.400	3.951	4.577	5.265
Announcement Date	2/20/20	2/22/21	2/28/22	2/21/23	2/26/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	595.3	619.8	652	675.6	686.1	675.5	678.5	682.5	675	657.9	664.6	671.9	678.7	681.7	684.9
EBITDA ¹	409.1	423.8	437.8	446.8	460.7	459.3	471.7	482.1	480.7	465.4	473.6	478.5	483.6	483.4	490.6
EBIT ¹	197.4	216.8	231	243	234.7	224.1	241.2	248.6	209.7	323.4	357.7	358.2	360.1	371.6	372.5
Operating Margin	33.16%	34.98%	35.43%	35.97%	34.2%	33.18%	35.55%	36.42%	31.06%	49.15%	53.83%	53.31%	53.06%	54.51%	54.39%
Earnings before Tax (EBT) ¹	48.35	228.8	65.59	102.6	128.8	144.1	172.8	93.22	138.4	171.5	242.6	245.8	249	222	223.7
Net income ¹	48.9	188.6	69.52	100	103.3	101.2	203.6	87.42	109.5	154.5	229.5	234.1	230.7	204	211.3
Net margin	8.22%	30.43%	10.66%	14.8%	15.05%	14.98%	30.01%	12.81%	16.23%	23.49%	34.53%	34.84%	33.98%	29.92%	30.85%
EPS ²	0.4400	1.720	0.6400	0.9100	0.9400	0.9300	1.870	0.8000	1.010	1.420	2.144	2.171	2.138	1.987	2.041
Dividend per Share ²	0.5800	0.7100	0.7100	0.7100	0.7100	0.8500	0.8500	0.8500	0.8500	0.9800	0.9796	0.9796	1.001	1.149	1.149
Announcement Date	2/28/22	4/25/22	8/1/22	10/31/22	2/21/23	5/1/23	7/31/23	11/2/23	2/26/24	4/29/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,196	10,787	11,935	12,765	12,140	12,029	11,881	11,663
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.228 x	7.227 x	7.43 x	7.216 x	6.41 x	6.327 x	6.044 x	5.746 x
Free Cash Flow ¹	831	997	1,169	1,103	1,308	1,225	1,180	1,022
ROE (net income / shareholders' equity)	-	-0.57%	-	-	-	-	-	-
ROA (Net income/ Total Assets)	1.74%	2%	3.31%	4.53%	4.83%	8.78%	8.95%	8.61%
Assets ¹	8,460	1,206	7,186	10,193	10,382	9,719	10,297	10,567
Book Value Per Share ²	-32.80	-43.90	-48.50	-48.90	-47.90	-47.00	-45.70	-46.40
Cash Flow per Share ²	8.590	9.920	11.70	12.00	14.20	12.70	13.90	13.80
Capex ¹	154	129	134	214	237	238	198	184
Capex / Sales	7.66%	6.17%	5.79%	8.14%	8.73%	8.9%	7.21%	6.46%
Announcement Date	2/20/20	2/22/21	2/28/22	2/21/23	2/26/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for SBA Communications Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

188.1 USD

Average target price

244.2 USD

Spread / Average Target

+29.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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