SBA Communications Corporation

DB:4SB Stock Report

Market Cap: €21.5b

SBA Communications Valuation

Is 4SB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4SB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4SB (€195.95) is trading below our estimate of fair value (€410.71)

Significantly Below Fair Value: 4SB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4SB?

Key metric: As 4SB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 4SB. This is calculated by dividing 4SB's market cap by their current earnings.
What is 4SB's PE Ratio?
PE Ratio32.8x
EarningsUS$685.43m
Market CapUS$22.47b

Price to Earnings Ratio vs Peers

How does 4SB's PE Ratio compare to its peers?

The above table shows the PE ratio for 4SB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average50.7x
CCI Crown Castle
32.9x6.3%US$41.2b
AMT American Tower
44.5x20.5%US$90.3b
FSITES 20 Fideicomiso Opsimex
62.7xn/aMex$88.1b
HABA Hamborner REIT
62.8x9.5%€514.1m
4SB SBA Communications
32.8x12.0%€22.5b

Price-To-Earnings vs Peers: 4SB is good value based on its Price-To-Earnings Ratio (32.8x) compared to the peer average (47.6x).

Price to Earnings Ratio vs Industry

How does 4SB's PE Ratio compare vs other companies in the Global Specialized REITs Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
4SB 32.8xIndustry Avg. 18.6xNo. of Companies6PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 4SB is expensive based on its Price-To-Earnings Ratio (32.8x) compared to the Global Specialized REITs industry average (19x).

Price to Earnings Ratio vs Fair Ratio

What is 4SB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4SB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio32.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 4SB's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 4SB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€195.95
€246.59
+25.8%
7.9%€286.59€214.94n/a16
Dec ’25€215.90
€246.08
+14.0%
7.0%€283.26€212.45n/a16
Nov ’25€212.40
€239.35
+12.7%
7.2%€276.24€207.18n/a16
Oct ’25€216.60
€221.38
+2.2%
7.7%€254.99€180.73n/a16
Sep ’25€205.20
€219.63
+7.0%
8.7%€258.72€183.38n/a16
Aug ’25€206.00
€222.06
+7.8%
8.5%€263.63€186.85n/a16
Jul ’25€180.90
€225.49
+24.6%
8.5%€277.53€197.44n/a16
Jun ’25€179.30
€225.43
+25.7%
8.0%€275.17€197.61n/a15
May ’25€181.25
€230.96
+27.4%
8.0%€278.72€200.15n/a15
Apr ’25€201.70
€239.86
+18.9%
7.9%€281.32€203.59n/a15
Mar ’25€190.95
€240.24
+25.8%
7.8%€280.53€203.02n/a15
Feb ’25€208.00
€250.25
+20.3%
10.0%€315.18€209.51n/a15
Jan ’25€227.60
€242.03
+6.3%
9.5%€310.69€206.52n/a15
Dec ’24€224.10
€228.77
+2.1%
11.2%€314.50€188.88€215.9016
Nov ’24€196.10
€233.88
+19.3%
11.4%€310.42€191.76€212.4016
Oct ’24€189.50
€260.54
+37.5%
10.9%€309.31€215.67€216.6016
Sep ’24€205.10
€260.58
+27.1%
9.6%€303.11€225.03€205.2017
Aug ’24€204.00
€265.76
+30.3%
8.8%€300.47€223.07€206.0017
Jul ’24€213.70
€282.95
+32.4%
8.6%€320.74€238.26€180.9017
Jun ’24€204.90
€288.40
+40.8%
8.1%€324.94€241.38€179.3017
May ’24€231.00
€290.34
+25.7%
8.4%€320.85€232.43€181.2517
Apr ’24€236.80
€305.43
+29.0%
6.9%€333.66€241.71€201.7018
Mar ’24€238.35
€305.43
+28.1%
6.9%€333.66€241.71€190.9518
Feb ’24€270.10
€300.67
+11.3%
8.2%€335.44€229.75€208.0018
Jan ’24€264.25
€311.29
+17.8%
9.4%€377.44€235.90€227.6019
Dec ’23€287.90
€314.38
+9.2%
10.0%€384.56€240.35€224.1018

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 11:14
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

SBA Communications Corporation is covered by 44 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher WattsAtlantic Equities LLP
Brendan LynchBarclays
Amir RozwadowskiBarclays