SBA Communications Corp Stock Research

Market Summary

USD258.44+2.09

Delayed

0.82%

SBAC Alerts

Big jump in Earnings (Y/Y)

SBAC Stock Price

SBAC RSI Chart

SBAC Valuation

Market Cap

27.9B

Price/Earnings (Trailing)

60.49

Price/Sales (Trailing)

10.6

EV/EBITDA

17.2

Price/Free Cashflow

26.05

SBAC Price/Sales (Trailing)

SBAC Profitability

EBT Margin

19.97%

Return on Assets

4.36%

Free Cashflow Yield

3.84%

SBAC Fundamentals

SBAC Revenue

Revenue (TTM)

2.6B

Revenue Y/Y

15.26%

Revenue Q/Q

1.56%

SBAC Earnings

Earnings (TTM)

461.4M

Earnings Y/Y

111.2%

Earnings Q/Q

3.27%

Price Action

52 Week Range

235.63377.44

(Low)(High)

Last 7 days

2.6%

Last 30 days

-12.1%

Last 90 days

-11.2%

Trailing 12 Months

-19.9%

SBAC Financial Health

Current Ratio

0.69

SBAC Investor Care

Buy Backs (1Y)

0.88%

Diluted EPS (TTM)

4.21

Peers (Alternatives to SBA Communications)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AMT	95.5B	10.7B	-6.88%	-12.74%	56.27	8.91	14.47%	-33.92%
EQIX	65.1B	7.3B	-5.94%	0.45%	92.39	8.96	9.46%	40.82%
CCI	57.4B	7.0B	-6.38%	-22.51%	34.26	8.21	10.19%	52.83%
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
SBAC	27.9B	2.6B	-12.07%	-19.91%	60.49	10.6	14.06%	94.18%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for SBA Communications

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.6%	2,633	2,543	2,456	2,380	2,309
S&GA Expenses	2.8%	262	255	240	231	220
Costs and Expenses	3.2%	1,708	1,654	1,599	1,554	1,526
EBITDA	9.0%	1,612	1,479	1,430	1,554	-
EBITDA Margin	5.3%	0.61*	0.58*	0.58*	0.65*	-
Earnings Before Taxes	18.1%	526	445	380	514	253
EBT Margin	14.0%	0.20*	0.18*	0.15*	0.22*	-
Interest Expenses	11.8%	379	339	358	349	360
Net Income	13.4%	461	407	355	438	238
Net Income Margin	9.4%	0.18*	0.16*	0.14*	0.18*	-
Free Cahsflow	-3.0%	1,071	1,104	1,047	1,050	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	6.4%	10,585	9,949	10,012	10,142	9,802
Current Assets	-8.9%	483	530	495	539	614
Cash Equivalents	-5.9%	189	201	183	264	367
Net PPE	2.1%	2,714	2,658	2,678	2,675	2,575
Current Liabilities	-47.9%	697	1,338	1,318	1,279	616
LT Debt, Current	-96.4%	24.00	663	663	662	24.00
LT Debt, Non Current	9.8%	12,844	11,696	11,818	11,969	12,279
Retained Earnings	0.3%	-7,482	-7,508	-7,531	-7,523	-7,203
Additional Paid-In Capital	1.4%	2,795	2,756	2,718	2,689	2,681
Shares Outstanding	0.0%	108	108	108	108	109

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-0.8%	1,286	1,296	1,216	1,197	1,190
Share Based Compensation	0.5%	100	99.00	91.00	89.00	84.00
Cashflow From Investing	-89.2%	-1,393	-736	-724	-602	-1,423
Cashflow From Financing	74.7%	-135	-535	-582	-513	339
Dividend Payments	4.6%	307	293	280	267	254
Buy Backs	-40.9%	432	730	845	845	583

Risks for SBAC

What is the probability of a big loss on SBAC?

54.2%

Probability that SBA Communications stock will be more than 20% underwater in next one year

9.2%

Probability that SBA Communications stock will be more than 30% underwater in next one year.

Probability that SBA Communications stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SBAC drawdown profile look like?

Y-axis is the maximum loss one would have experienced if SBA Communications was unfortunately bought at previous high price.

Drawdowns

Returns for SBAC

Cumulative Returns on SBAC

14.0%

10-Year Cumulative Returns

15.6%

7-Year Cumulative Returns

9.3%

5-Year Cumulative Returns

-2.4%

3-Year Cumulative Returns

What are the long-term rolling returns for SBAC?

FIve years rolling returns for SBA Communications.

Annualized Returns

Which funds bought or sold SBAC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-43.72	-432,623	537,377	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	1.23	-606,011	191,216,000	0.21%
2023-03-06	NORTH STAR ASSET MANAGEMENT INC	unchanged	-	-3,358	218,642	0.01%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-14.63	-176,000	924,000	-%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	10,652	10,652	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	new	-	9,250	9,250	-%
2023-02-28	Voya Investment Management LLC	added	5.42	5,767,430	156,960,000	0.22%
2023-02-24	NATIXIS	added	262	23,898,700	33,216,700	0.19%
2023-02-24	SRS Capital Advisors, Inc.	added	1.35	-334	210,666	0.03%
2023-02-24	National Pension Service	added	6.64	3,112,720	55,852,600	0.11%

Latest Funds Activity

Are funds buying SBAC calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SBAC

No. of Funds

SBAC Alerts

Big jump in Earnings (Y/Y)

SBA Communications News

Schedule 13G FIlings of SBA Communications

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	16.21%	17,498,803	SC 13G/A
Jan 25, 2023	blackrock inc.	8.9%	9,568,779	SC 13G
Feb 01, 2022	blackrock inc.	9.1%	9,895,814	SC 13G/A
Feb 10, 2021	vanguard group inc	15.67%	17,407,642	SC 13G/A
Feb 01, 2021	blackrock inc.	9.1%	10,073,364	SC 13G/A
Mar 09, 2020	blackrock inc.	10.4%	11,596,081	SC 13G/A
Mar 09, 2020	blackrock inc.	10.4%	11,596,081	SC 13G/A
Feb 11, 2020	vanguard group inc	16.48%	18,557,149	SC 13G/A
Feb 06, 2020	blackrock inc.	9.9%	11,148,165	SC 13G/A
Feb 06, 2020	blackrock inc.	9.9%	11,148,165	SC 13G/A

SBAC Fair Value

SBA Communications fair value in different scenarios

The table shows the Fair Value estimates for SBA Communications for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	45.19 -82.51%	55.56 -78.50%	74.16 -71.30%	94.30 -63.51%	110.45 -57.26%
Current Inflation	41.19 -84.06%	49.93 -80.68%	65.41 -74.69%	82.12 -68.22%	95.47 -63.06%
Very High Inflation	36.29 -85.96%	43.17 -83.30%	55.15 -78.66%	68.06 -73.67%	78.33 -69.69%

Historical SBA Communications Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of SBA Communications

View All Filings

Date Filed	Form Type	Document
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 01, 2023	10-K	Annual Report
Mar 01, 2023	4	Insider Trading

Latest Insider Trading transactions for SBAC

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-06	KOENIG JOSHUA	acquired	-	-	212	executive vp/general counsel
2023-03-06	Ciarfella Mark R	acquired	-	-	693	evp - operations
2023-03-06	Cavanagh Brendan Thomas	acquired	-	-	1,296	executive vice president & cfo
2023-03-06	Lazarus Brian D	acquired	-	-	547	svp & chief accounting officer
2023-03-06	STOOPS JEFFREY	sold (taxes)	-946,437	260	-3,635	chief executive officer & pres
2023-03-06	Patel Dipan D	sold (taxes)	-146,192	260	-561	evp tech., strat. & new bus.
2023-03-06	Ciarfella Mark R	sold (taxes)	-190,732	260	-732	evp - operations
2023-03-06	Patel Dipan D	acquired	-	-	472	evp tech., strat. & new bus.
2023-03-06	KOENIG JOSHUA	sold (taxes)	-63,789	260	-245	executive vp/general counsel
2023-03-06	Lazarus Brian D	sold (taxes)	-161,355	260	-619	svp & chief accounting officer

About SBA Communications

Jeffrey A. Stoops

www.sbasite.com

1600

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Ã‚â€œBuilding Better Wireless,Ã‚â€ SBA generates revenue from two primary businesses Ã‚â€“ site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.

SBAC Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Site leasing	$ 2,336,575	$ 2,104,087	$ 1,954,472
Site development	296,879	204,747	128,666
Total revenues	2,633,454	2,308,834	2,083,138
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing	445,685	386,391	373,778
Cost of site development	222,965	159,093	102,750
Selling, general, and administrative expenses	261,853	220,029	194,267
Acquisition and new business initiatives related adjustments and expenses	26,807	27,621	16,582
Asset impairment and decommission costs	43,160	33,044	40,097
Depreciation, accretion, and amortization	707,576	700,161	721,970
Total operating expenses	1,708,046	1,526,339	1,449,444
Operating income	925,408	782,495	633,694
Other income (expense):
Interest income	10,133	3,448	2,981
Interest expense	(353,784)	(352,919)	(367,874)
Non-cash interest expense	(46,109)	(47,085)	(24,870)
Amortization of deferred financing fees	(19,835)	(19,589)	(20,058)
Loss from extinguishment of debt, net	(437)	(39,502)	(19,463)
Other income (expense), net	10,467	(74,284)	(222,159)
Total other expense, net	(399,565)	(529,931)	(651,443)
Income (loss) before income taxes	525,843	252,564	(17,749)
(Provision) benefit for income taxes	(66,044)	(14,940)	41,796
Net income	459,799	237,624	24,047
Net loss attributable to noncontrolling interests	1,630		57
Net income attributable to SBA Communications Corporation	$ 461,429	$ 237,624	$ 24,104
Net income per common share attributable to SBA Communications Corporation:
Basic	$ 4.27	$ 2.17	$ 0.22
Diluted	$ 4.22	$ 2.14	$ 0.21
Weighted average number of common shares
Basic	107,957	109,328	111,532
Diluted	109,386	111,177	113,465

SBAC Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 143,708	$ 367,278
Restricted cash	41,959	65,561
Accounts receivable, net	184,368	101,950
Costs and estimated earnings in excess of billings on uncompleted contracts	79,549	48,844
Prepaid expenses and other current assets	33,149	30,813
Total current assets	482,733	614,446
Property and equipment, net	2,713,727	2,575,487
Intangible assets, net	2,776,472	2,803,247
Operating lease right-of-use assets, net	2,381,955	2,268,470
Acquired and other right-of-use assets, net	1,507,781	964,405
Other assets	722,373	575,644
Total assets	10,585,041	9,801,699
Current Liabilities:
Accounts payable	51,427	34,066
Accrued expenses	101,484	68,070
Current maturities of long-term debt	24,000	24,000
Deferred revenue	154,553	184,380
Accrued interest	54,173	49,096
Current lease liabilities	262,365	238,497
Other current liabilities	48,762	18,222
Total current liabilities	696,764	616,331
Long-term liabilities:
Long-term debt, net	12,844,162	12,278,694
Long-term lease liabilities	2,040,628	1,981,353
Other long-term liabilities	248,067	191,475
Total long-term liabilities	15,132,857	14,451,522
Redeemable noncontrolling interests	31,735	17,250
Shareholders' deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $0.01, 400,000 shares authorized, 107,997 shares and 108,956 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	1,080	1,089
Additional paid-in capital	2,795,176	2,681,347
Accumulated deficit	(7,482,061)	(7,203,531)
Accumulated other comprehensive loss, net	(590,510)	(762,309)
Total shareholders' deficit	(5,276,315)	(5,283,404)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$ 10,585,041	$ 9,801,699