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SBA Communications Corp Class A SBAC

Morningstar Rating
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Stock XNAS Rating as of
$193.97 +0.59 (0.31%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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SBA Is Fortifying Its Financial Position While Maintaining a Tower Portfolio for Long-Term Success

Matthew Dolgin

SBA Communications focuses exclusively on towers and has some geographic diversification. We like that it’s now taking a more measured approach to financial leverage and, in our view, a better approach to capital allocation. We like its business and think it will continue to grow at a decent clip without requiring much incremental investment for organic growth.

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Price vs Fair Value

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SBAC is trading at a 74% premium.
Price
$193.39
Fair Value
$932.00
Uncertainty
Medium
1-Star Price
$787.20
5-Star Price
$634.00
Economic Moat
Yhtrg
Capital Allocation
Gjtqnphs

Bulls Say, Bears Say

Bulls

Carrier investment in towers will have to continue as mobile data usage continues to grow rapidly. Greater use of the Internet of Things, 5G, and video content should keep this trend in place for years to come.

Bears

High financial leverage could become problematic if the company were to face an industry downturn or a less favorable economic environment.

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News

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Trading Information

Previous Close Price
$193.38
Day Range
$191.25–194.21
52-Week Range
$183.92–258.84
Bid/Ask
$193.62 / $194.22
Market Cap
$20.86 Bil
Volume/Avg
468,649 / 903,352

Key Statistics

Price/Earnings (Normalized)
35.11
Price/Sales
7.81
Dividend Yield (Trailing)
1.89%
Dividend Yield (Forward)
2.03%
Total Yield
2.88%

Company Profile

SBA Communications owns and operates almost 40,000 cell towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. It owns more than 17,000 towers in the US, which accounted for about 70% of the company’s total revenue in 2023. Internationally, SBA’s greatest presence is in Brazil, where it operates roughly 10,000 towers. SBA operates as a real estate investment trust.
Sector
Real Estate
Industry
REIT - Specialty
Stock Style Box
Mid Growth
Total Number of Employees
1,787
Website
https://www.sbasite.com

Competitors

Valuation

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Metric
SBAC
AMT
CLNX
Price/Earnings (Normalized)
 35.1133.80—
Price/Book Value
 —22.411.70
Price/Sales
 7.818.105.97
Price/Cash Flow
 14.1116.0010.97
Price/Earnings
SBAC
AMT
CLNX

Financial Strength

Metric
SBAC
AMT
CLNX
Quick Ratio
 0.160.530.69
Current Ratio
 0.190.630.69
Interest Coverage
 2.302.420.49
Quick Ratio
SBAC
AMT
CLNX

Profitability

Metric
SBAC
AMT
CLNX
Return on Assets (Normalized)
 8.09%4.32%−0.51%
Return on Equity (Normalized)
 —61.42%−1.60%
Return on Invested Capital (Normalized)
 12.74%6.85%0.81%
Return on Assets
SBAC
AMT
CLNX
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