SBA Communications Corporation (0KYZ.L)

Industry: Real Estate - General Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0HQP.L	1	CBRE Group, Inc.	39,325	38.18	37.18	22.08	20.16	27.69	27.91
0MSG.L	2	Solon Eiendom ASA	10,953	0.50	0.41	-0.13	-0.11	-0.19	-0.13
0IRK.L	3	Altarea SCA	6,052	-	-	30.16	37.50	10.15	55.60
0J66.L	4	Host Hotels & Reso	5,939	15.97	15.97	9.10	5.58	40.41	19.91
0I4W.L	5	Crown Castle Inc.	4,842	-	-	-	-	34.09	-
0HOX.L	6	BXP, Inc.	3,464	-	-	20.06	22.05	28.10	21.81
0HJO.L	7	AvalonBay Communit	3,012	23.53	20.94	11.82	10.94	31.41	29.10
0KYZ.L	8	SBA Communications	2,789	24.26	24.26	19.33	18.26	23.63	21.01
0QC9.L	9	LEG Immobilien SE	1,604	4.73	4.56	14.36	15.04	23.90	15.94
0QPD.L	10	Allreal Holding AG	1,041	8.81	8.14	14.02	14.02	7.74	10.95
0JX5.L	11	The Macerich Compa	1,026	-	-	11.37	11.67	6.25	11.82
0JZZ.L	12	Medical Properties	948	-	-	16.93	18.23	25.05	35.28
0L98.L	13	STAG Industrial, I	824	27.33	23.91	14.44	13.04	30.31	26.66
0NC0.L	14	Immobel S.A.	705	-	-	-	-	13.55	-
0IXY.L	15	Société Foncièr	648	-	-	13.45	11.96	14.04	-
0IW3.L	16	Global Net Lease,	577	-	-	12.42	11.36	-	74.34

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.81	8.14	13.73	12.50	23.90	21.81
Full Range Median Multiple	15.97	15.97	14.19	13.53	25.05	26.66
Industry Multiple	17.01	15.87	15.85	15.96	22.51	29.94
Market Implied Multiple	24.09	24.09	19.25	18.19	23.54	20.93
Company (0KYZ.L) Multiple	24.26	24.26	19.33	18.26	23.63	21.01
(*) Net Income / EBITDA / Revenue	857	857	1,830	1,937	1,497	1,683
Winsorized Enterprise Value	N/A	N/A	25,131	24,212	35,772	36,720
Full Range Median Enterprise Value	N/A	N/A	25,965	26,205	37,494	44,873
(-) Net Debt	14,586	14,586	14,586	14,586	14,586	14,586
Winsorized Equity Value	7,551	6,972	10,545	9,626	21,186	22,134
Full Range Median Equity Value	13,686	13,686	11,378	11,619	22,908	30,287
(/) Shares Outstanding	108	108	108	108	108	108
Winsorized Fair Value	$70.24	$64.85	$98.08	$89.54	$197.06	$205.88
Full Range Median Fair Value	$127.30	$127.30	$105.84	$108.07	$213.08	$281.72
Current Price	$192.00	$192.00	$192.00	$192.00	$192.00	$192.00
Upside / Downside	-63.42%	-66.22%	-48.91%	-53.37%	2.63%	7.23%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$49.17	$45.39	$68.66	$62.68	$137.94	$144.12
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy