SBAC · SBA Communications Corporation

$204.042026-05-17

Sector: Real Estate; Industry: REIT - Specialty; Sub-Industry: Telecom Tower REITs

Intrinsic Value Range Comparison · Mulya.ai

Leases factored

Bull

$52

-74.8% vs market

Base · active

$0

-112.0% vs market

Bear

$0

-111.9% vs market

Mulya.ai vs Analyst IV Comparison?

Bear $-24

Base $-24

Bull $52

Market $204

Median $212

Market Price $204

Mulya.ai Base $-24

Analysts Median $212

Mulya.ai IV range ($-24 · $52)

Analysts Range ($205 · $260)

Fundamentals · historical + forward · base

italics = DCF projection

Period	Revenue	Rev Gr ?	Ops M% ?	Tax Rate ?	NOPAT ?	Reinvest ?	FCFF ?	WACC% ?	PV FCFF ?	ROIC ?	Inv. Cap ?	EPS ?	P/E
2021.Q4	$2.3B	—	37.3%	5.9%	$810MM	−$1.8B	−$971MM	6.8%	—	10.2%	$7.9B	$2.23	—
2022.Q4	$2.6B	14.1%	38.7%	12.6%	$891MM	−$2.0B	−$1.2B	7.7%	—	10.5%	$9.0B	$4.33	—
2023.Q4	$2.7B	3.0%	37.5%	9.3%	$922MM	−$644MM	$278MM	7.6%	—	10.6%	$8.5B	$4.71	—
2024.Q4	$2.7B	-1.2%	59.0%	3.1%	$1.5B	−$2.3B	−$806MM	8.4%	—	16.4%	$10.2B	$7.03	—
2025.Q4	$2.8B	5.1%	52.9%	15.1%	$1.3B	−$2.0B	−$695MM	8.1%	—	12.7%	$9.7B	$9.88	14.6
italics below = DCF projection · 10yr Rev CAGR: 3.6%
2026.Q4	$2.8B	+0.8%	58.2%	15.6%	$1.4B	−$2.2B	−$823MM	8.1%	−$761MM	12.9%	$11.9B	$10.78	18.9
2027.Q4	$2.9B	+2.6%	56.6%	16.1%	$1.4B	−$728MM	$655MM	8.1%	$561MM	11.2%	$12.7B	$10.90	18.7
2028.Q4	$3.0B	+3.6%	55.1%	16.6%	$1.4B	−$530MM	$855MM	8.2%	$676MM	10.7%	$13.2B	$11.11	18.4
2029.Q4	$3.1B	+3.7%	53.5%	17.1%	$1.4B	−$967MM	$421MM	8.2%	$307MM	10.1%	$14.2B	$11.35	18.0
2030.Q4	$3.3B	+4.5%	50.4%	17.6%	$1.4B	−$990MM	$368MM	8.3%	$248MM	9.3%	$15.2B	$11.56	17.7

Term. Yr+	$4.2B	4.1%	50.4%	20.0%	$1.7B	−$805MM	$884MM	8.6%	$8.8B	8.6%	—	—	—

Active scenario IV: $0 (-112.0% vs market)