Stock SBAC SBA COMMUNICATIONS CORPORATION
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Financials SBA Communications Corporation

Equities

SBAC

US78410G1040

Specialized REITs

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
196.2 USD -0.86% Intraday chart for SBA Communications Corporation +0.09% -22.65%
Apr. 17 Crown Castle beats site rental revenue estimates on steady demand RE
Apr. 17 Barclays Adjusts SBA Communications Price Target to $255 From $260 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 21,197 - -
Enterprise Value (EV) 1 37,332 42,136 54,254 43,029 39,510 32,974 32,783 32,495
P/E ratio 188 x 1,343 x 182 x 66.4 x 55 x 39.3 x 32 x 30 x
Yield 0.31% 0.7% 0.6% 1.01% 1.34% 2.02% 2.34% 2.73%
Capitalization / Revenue 13.5 x 15 x 18.3 x 11.5 x 10.1 x 7.88 x 7.64 x 7.38 x
EV / Revenue 18.5 x 20.2 x 23.5 x 16.3 x 14.6 x 12.3 x 11.8 x 11.3 x
EV / EBITDA 26.5 x 28.2 x 33.8 x 24.3 x 20.9 x 17.3 x 16.6 x 15.9 x
EV / FCF 44.9 x 42.2 x 46.4 x 39 x 30.2 x 24.4 x 27.4 x 29.5 x
FCF Yield 2.23% 2.37% 2.16% 2.56% 3.31% 4.1% 3.65% 3.39%
Price to Book -7.35 x -6.42 x -8.02 x -5.74 x -5.3 x -4.13 x -4 x -3.78 x
Nbr of stocks (in thousands) 112,601 111,115 108,781 107,966 107,887 108,021 - -
Reference price 2 241.0 282.1 389.0 280.3 253.7 196.2 196.2 196.2
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 2,691 2,774 2,874
EBITDA 1 1,411 1,493 1,606 1,769 1,894 1,909 1,973 2,038
EBIT 1 583.5 633.7 782.5 925.4 923.7 1,029 1,184 1,256
Operating Margin 28.96% 30.42% 33.89% 35.14% 34.06% 38.21% 42.69% 43.71%
Earnings before Tax (EBT) 1 186.9 -17.75 252.6 525.8 548.5 582.1 719.7 713.7
Net income 1 147 24.1 237.6 461.4 501.8 558.2 674.7 667.7
Net margin 7.3% 1.16% 10.29% 17.52% 18.51% 20.74% 24.32% 23.24%
EPS 2 1.280 0.2100 2.140 4.220 4.610 4.993 6.134 6.538
Free Cash Flow 1 830.7 997.5 1,169 1,103 1,308 1,351 1,198 1,101
FCF margin 41.23% 47.88% 50.65% 41.89% 48.23% 50.2% 43.18% 38.32%
FCF Conversion (EBITDA) 58.89% 66.83% 72.81% 62.37% 69.05% 70.77% 60.7% 54.04%
FCF Conversion (Net income) 565.11% 4,138.18% 492.16% 239.1% 260.59% 242.07% 177.52% 164.91%
Dividend per Share 2 0.7400 1.975 2.320 2.840 3.400 3.958 4.589 5.350
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 Q3 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
Net sales 1 589.3 595.3 619.8 652 675.6 686.1 675.5 678.5 682.5 675 669.9 671.8 672.9 677.2 693.3
EBITDA 1 407 409.1 423.8 437.8 446.8 460.7 459.3 471.7 482.1 480.7 472.6 476.9 478.8 481.4 489.7
EBIT 1 211.8 197.4 216.8 231 243 234.7 224.1 241.2 248.6 209.7 252.4 258.7 258 259.5 -
Operating Margin 35.94% 33.16% 34.98% 35.43% 35.97% 34.2% 33.18% 35.55% 36.42% 31.06% 37.68% 38.51% 38.34% 38.31% -
Earnings before Tax (EBT) 1 36.96 48.35 228.8 65.59 102.6 128.8 144.1 172.8 93.22 138.4 141.3 155.1 152.4 156.5 173.6
Net income 1 47.8 48.9 188.6 69.52 100 103.3 101.2 203.6 87.42 109.5 130.4 140.9 141.3 144.2 114.1
Net margin 8.11% 8.22% 30.43% 10.66% 14.8% 15.05% 14.98% 30.01% 12.81% 16.23% 19.47% 20.97% 21% 21.29% 16.45%
EPS 2 0.4300 0.4400 1.720 0.6400 0.9100 0.9400 0.9300 1.870 0.8000 1.010 1.196 1.282 1.283 1.309 1.054
Dividend per Share 2 0.5800 0.5800 0.7100 0.7100 0.7100 0.7100 0.8500 0.8500 0.8500 0.8500 0.9793 0.9836 0.9836 1.005 1.139
Announcement Date 11/1/21 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 - - - - -
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 11,777 11,586 11,298
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.228 x 7.227 x 7.43 x 7.216 x 6.41 x 6.168 x 5.872 x 5.544 x
Free Cash Flow 1 831 997 1,169 1,103 1,308 1,351 1,198 1,101
ROE (net income / shareholders' equity) - -0.57% - - - - - -
ROA (Net income/ Total Assets) 1.74% 2% 3.31% 4.53% 4.83% 5.71% 6.71% 6.67%
Assets 1 8,460 1,206 7,186 10,193 10,382 9,780 10,050 10,016
Book Value Per Share 2 -32.80 -43.90 -48.50 -48.90 -47.90 -47.50 -49.10 -52.00
Cash Flow per Share 2 8.590 9.920 11.70 12.00 14.20 14.40 15.20 14.60
Capex 1 154 129 134 214 237 231 184 188
Capex / Sales 7.66% 6.17% 5.79% 8.14% 8.73% 8.57% 6.65% 6.53%
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
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
196.2 USD
Average target price
258.6 USD
Spread / Average Target
+31.78%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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  4. Financials SBA Communications Corporation