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$228.87 - $881.54$387.05
Multi-Stage$203.34 - $222.63$212.80
Blended Fair Value$299.93
Current Price$193.35
Upside55.12%
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 Rate6.75%6.75%6.75%
Growth Rate3.87%4.87%5.87%
Fair Value$228.87$387.05$881.54
Upside / Downside18.37%100.18%355.93%

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 Rate6.75%6.75%6.75%
Growth Rate3.87%4.87%5.87%
Year 1 PV (M)512.95517.89522.83
Year 2 PV (M)556.88567.65578.53
Year 3 PV (M)598.06615.50633.28
Year 4 PV (M)636.61661.48687.08
Year 5 PV (M)672.64705.65739.94
PV of Terminal Value (M)18,976.6019,907.8320,875.26
Equity Value (M)21,953.7422,976.0124,036.92
Shares Outstanding (M)107.97107.97107.97
Fair Value$203.34$212.80$222.63
Upside / Downside5.16%10.06%15.14%

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