Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SBA Communications Corporation (0KYZ.L)

Company Dividend Discount ModelIndustry: Real Estate - GeneralSector: Real Estate

Valuation Snapshot

Stable Growth$1,319.12 - $1,554.60$1,456.67
Multi-Stage$900.84 - $989.79$944.47
Blended Fair Value$1,200.57
Current Price$193.35
Upside520.93%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS38.45%0.00%3.933.432.842.351.920.770.000.000.000.00
YoY Growth--14.66%20.60%20.97%22.10%149.07%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.79%1.60%1.09%0.68%0.69%0.29%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)856.97
(-) Cash Dividends Paid (M)466.16
(=) Cash Retained (M)390.81
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)171.39107.1264.27
Cash Retained (M)390.81390.81390.81
(-) Cash Required (M)-171.39-107.12-64.27
(=) Excess Retained (M)219.41283.69326.54
(/) Shares Outstanding (M)107.97107.97107.97
(=) Excess Retained per Share2.032.633.02
LTM Dividend per Share4.324.324.32
(+) Excess Retained per Share2.032.633.02
(=) Adjusted Dividend6.356.957.34
WACC / Discount Rate1.05%1.05%1.05%
Growth Rate3.87%4.87%5.87%
Fair Value$1,319.12$1,456.67$1,554.60
Upside / Downside582.24%653.39%704.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)856.97898.71942.48988.391,036.531,087.011,119.63
Payout Ratio54.40%61.52%68.64%75.76%82.88%90.00%92.50%
Projected Dividends (M)466.16552.86646.90748.79859.07978.311,035.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.05%1.05%1.05%
Growth Rate3.87%4.87%5.87%
Year 1 PV (M)541.92547.14552.36
Year 2 PV (M)621.55633.58645.72
Year 3 PV (M)705.21725.77746.73
Year 4 PV (M)793.06824.04855.92
Year 5 PV (M)885.27928.71973.84
PV of Terminal Value (M)93,715.1998,314.05103,091.69
Equity Value (M)97,262.20101,973.28106,866.26
Shares Outstanding (M)107.97107.97107.97
Fair Value$900.84$944.47$989.79
Upside / Downside365.91%388.48%411.92%

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