Morningstar

SBA Communications Corp Class A SBAC

Morningstar Rating
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Stock XNAS Rating as of
$208.02 +0.17 (0.08%)
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As of Delayed Price Closed

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Price vs Fair Value

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SBAC is trading at a 892% premium.
Price
$208.02
Fair Value
$412.00
Uncertainty
Medium
1-Star Price
$422.20
5-Star Price
$578.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

SBA’s US tower business requires minimal incremental capital to grow, generating strong free cash flow. This cash will be directly returned to shareholders through dividends and stock repurchases.

Bears

SBA carries a very heavy debt load, and rising interest expense will be a drag on the firm’s earnings as it refinances maturities at higher rates. This debt load could also cause distress if demand for tower space wanes.

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Trading Information

Previous Close Price
$207.85
Day Range
$206.21–210.88
52-Week Range
$162.41–243.16
Bid/Ask
$198.50 / $216.55
Shares Outstanding
106.06M
Market Cap
$22.06B
Volume/Avg
682,698 / 1M

Key Statistics

Price/Earnings (Normalized)
23.65
Price/Sales
7.80
Dividend Yield (Trailing)
2.27%
Dividend Yield (Forward)
2.40%
Total Yield
4.53%

Company Profile

SBA Communications owns a portfolio of about 46,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market generated by the top three or four mobile carriers. It owns more than 17,000 towers in the US, which account for about 70% of leasing revenue. Internationally, SBA’s largest markets are Brazil and Guatemala, where it owns roughly 12,000 and 5,000 towers, respectively. SBA operates as a real estate investment trust.
Sector
Real Estate
Industry
REIT - Specialty
Stock Style Box
Mid Core
Total Number of Employees
1,844
Website
https://www.sbasite.com

Competitors

Valuation

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Metric
SBAC
CLNX
AMT
Price/Earnings (Normalized)
 23.6557.0527.13
Price/Book Value
 —1.6025.68
Price/Sales
 7.804.608.40
Price/Cash Flow
 15.338.7015.86
Price/Earnings
SBAC
CLNX
AMT

Financial Strength

Metric
SBAC
CLNX
AMT
Quick Ratio
 0.190.900.26
Current Ratio
 0.230.910.30
Interest Coverage
 3.42−0.003.39
Quick Ratio
SBAC
CLNX
AMT

Profitability

Metric
SBAC
CLNX
AMT
Return on Assets (Normalized)
 9.58%−0.49%5.12%
Return on Equity (Normalized)
 —−1.64%88.10%
Return on Invested Capital (Normalized)
 14.29%0.37%7.81%
Return on Assets
SBAC
CLNX
AMT

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