Stock SBAC SBA COMMUNICATIONS CORPORATION
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Financials SBA Communications Corporation

Equities

SBAC

US78410G1040

Specialized REITs

Market Closed - Nasdaq
Other stock markets
 01:30:00 01/05/2024 am IST 		5-day change 1st Jan Change
186.1 USD -7.81% Intraday chart for SBA Communications Corporation -6.14% -26.63%
30/04 UBS Adjusts Price Target on SBA Communications to $255 From $262, Maintains Buy Rating MT
30/04 Jefferies Adjusts SBA Communications' Price Target to $214 From $225 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 20,079 - -
Enterprise Value (EV) 1 37,332 42,136 54,254 43,029 39,510 32,070 31,916 31,823
P/E ratio 188 x 1,343 x 182 x 66.4 x 55 x 23.8 x 25 x 24.4 x
Yield 0.31% 0.7% 0.6% 1.01% 1.34% 2.11% 2.42% 2.71%
Capitalization / Revenue 13.5 x 15 x 18.3 x 11.5 x 10.1 x 7.49 x 7.28 x 7.04 x
EV / Revenue 18.5 x 20.2 x 23.5 x 16.3 x 14.6 x 12 x 11.6 x 11.2 x
EV / EBITDA 26.5 x 28.2 x 33.8 x 24.3 x 20.9 x 16.9 x 16.2 x 15.7 x
EV / FCF 44.9 x 42.2 x 46.4 x 39 x 30.2 x 24.2 x 27 x 31.1 x
FCF Yield 2.23% 2.37% 2.16% 2.56% 3.31% 4.12% 3.7% 3.21%
Price to Book -7.35 x -6.42 x -8.02 x -5.74 x -5.3 x -4.14 x -3.91 x -3.77 x
Nbr of stocks (in thousands) 1,12,601 1,11,115 1,08,781 1,07,966 1,07,887 1,07,880 - -
Reference price 2 241.0 282.1 389.0 280.3 253.7 186.1 186.1 186.1
Announcement Date 20/02/20 22/02/21 28/02/22 21/02/23 26/02/24 - - -
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 2,681 2,759 2,854
EBITDA 1 1,411 1,493 1,606 1,769 1,894 1,902 1,967 2,033
EBIT 1 583.5 633.7 782.5 925.4 923.7 1,466 1,310 1,513
Operating Margin 28.96% 30.42% 33.89% 35.14% 34.06% 54.68% 47.47% 53.01%
Earnings before Tax (EBT) 1 186.9 -17.75 252.6 525.8 548.5 915.5 857.2 854.2
Net income 1 147 24.1 237.6 461.4 501.8 848.3 799.3 826.2
Net margin 7.3% 1.16% 10.29% 17.52% 18.51% 31.64% 28.97% 28.95%
EPS 2 1.280 0.2100 2.140 4.220 4.610 7.820 7.460 7.640
Free Cash Flow 1 830.7 997.5 1,169 1,103 1,308 1,323 1,180 1,022
FCF margin 41.23% 47.88% 50.65% 41.89% 48.23% 49.33% 42.76% 35.8%
FCF Conversion (EBITDA) 58.89% 66.83% 72.81% 62.37% 69.05% 69.53% 59.99% 50.25%
FCF Conversion (Net income) 565.11% 4,138.18% 492.16% 239.1% 260.59% 155.92% 147.62% 123.67%
Dividend per Share 2 0.7400 1.975 2.320 2.840 3.400 3.920 4.510 5.052
Announcement Date 20/02/20 22/02/21 28/02/22 21/02/23 26/02/24 - - -
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 1 589.3 595.3 619.8 652 675.6 686.1 675.5 678.5 682.5 675 657.9 668.2 670.9 677 676.3
EBITDA 1 407 409.1 423.8 437.8 446.8 460.7 459.3 471.7 482.1 480.7 465.4 473.8 476.4 481.5 480.6
EBIT 1 211.8 197.4 216.8 231 243 234.7 224.1 241.2 248.6 209.7 323.4 361.2 358.6 361.4 359.5
Operating Margin 35.94% 33.16% 34.98% 35.43% 35.97% 34.2% 33.18% 35.55% 36.42% 31.06% 49.15% 54.06% 53.45% 53.39% 53.16%
Earnings before Tax (EBT) 1 36.96 48.35 228.8 65.59 102.6 128.8 144.1 172.8 93.22 138.4 171.5 246.9 245 252.1 241.5
Net income 1 47.8 48.9 188.6 69.52 100 103.3 101.2 203.6 87.42 109.5 154.5 230.8 235.6 229 193.4
Net margin 8.11% 8.22% 30.43% 10.66% 14.8% 15.05% 14.98% 30.01% 12.81% 16.23% 23.49% 34.54% 35.11% 33.82% 28.6%
EPS 2 0.4300 0.4400 1.720 0.6400 0.9100 0.9400 0.9300 1.870 0.8000 1.010 1.420 2.144 2.178 2.106 1.821
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 0.9800 0.9800 0.9800 1.149
Announcement Date 01/11/21 28/02/22 25/04/22 01/08/22 31/10/22 21/02/23 01/05/23 31/07/23 02/11/23 26/02/24 29/04/24 - - - -
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 11,991 11,838 11,745
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.228 x 7.227 x 7.43 x 7.216 x 6.41 x 6.303 x 6.018 x 5.776 x
Free Cash Flow 1 831 997 1,169 1,103 1,308 1,323 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% 9.02% 8.07% 7.84%
Assets 1 8,460 1,206 7,186 10,193 10,382 9,410 9,908 10,534
Book Value Per Share 2 -32.80 -43.90 -48.50 -48.90 -47.90 -44.90 -47.60 -49.40
Cash Flow per Share 2 8.590 9.920 11.70 12.00 14.20 14.40 15.20 14.60
Capex 1 154 129 134 214 237 237 199 184
Capex / Sales 7.66% 6.17% 5.79% 8.14% 8.73% 8.84% 7.21% 6.46%
Announcement Date 20/02/20 22/02/21 28/02/22 21/02/23 26/02/24 - - -
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
15
Last Close Price
186.1 USD
Average target price
252.5 USD
Spread / Average Target
+35.67%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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  4. Financials SBA Communications Corporation