SBAC · SBA Communications Corporation

$183.762026-07-21

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

Intrinsic Value Range Comparison · Mulya.ai

Leases factored

Bull

$52

-71.9% vs market

Base · active

$0

-117.6% vs market

Bear

$0

-117.6% vs market

Mulya.ai vs Analyst IV Comparison?

Bear $-32

Base $-32

Bull $52

Market $184

Median $230

Market Price $184

Mulya.ai Base $-32

Analysts Median $230

Mulya.ai IV range ($-32 · $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
2024.Q1	$2.7B	—	38.1%	4.3%	$989MM	−$946MM	$43MM	8.5%	—	11.5%	$8.6B	$4.73	—
2024.Q4	$2.7B	0.0%	38.1%	3.1%	$1.0B	−$1.8B	−$807MM	8.4%	—	11.0%	$9.7B	$4.73	—
2025.Q1	$2.7B	-1.2%	59.9%	5.7%	$1.5B	−$2.6B	−$1.1B	8.9%	—	16.0%	$9.2B	$7.06	—
2025.Q4	$2.7B	0.0%	59.9%	15.1%	$1.4B	−$2.3B	−$959MM	8.1%	—	14.1%	$10.1B	$7.06	—
2026.Q1	$2.9B	6.5%	53.3%	16.1%	$1.3B	−$2.3B	−$1.0B	8.9%	—	12.5%	$10.3B	$9.59	12.8
italics below = DCF projection · 10yr Rev CAGR: 3.6%
2027.Q1	$2.9B	+0.9%	59.6%	16.5%	$1.4B	−$2.7B	−$1.3B	8.6%	−$1.2B	12.3%	$13.0B	$10.79	17.0
2028.Q1	$3.0B	+3.0%	57.9%	16.9%	$1.4B	−$861MM	$565MM	8.6%	$479MM	10.6%	$13.9B	$10.97	16.8
2029.Q1	$3.1B	+3.9%	56.2%	17.3%	$1.4B	−$610MM	$822MM	8.6%	$642MM	10.1%	$14.5B	$11.25	16.3
2030.Q1	$3.2B	+3.9%	54.5%	17.7%	$1.4B	−$1.0B	$395MM	8.6%	$284MM	9.6%	$15.5B	$11.54	15.9
2031.Q1	$3.3B	+3.9%	51.2%	18.1%	$1.4B	−$889MM	$505MM	8.6%	$335MM	8.7%	$16.4B	$11.75	15.6

Term. Yr+	$4.2B	4.1%	51.2%	20.0%	$1.7B	−$824MM	$904MM	8.6%	$8.8B	8.6%	—	—	—

Active scenario IV: $0 (-117.6% vs market)