| Intrinsic Valuation of: SBAC | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $26B | |||||
| 2021 | - | - (-) | P/E Ratio | 32 | Total Asset | $11B | |||||
| 2022 | $1B | - (-) | Net Income | $750M | Total Debt | $12B | |||||
| 2023 | $1B | 1.4% (-11.1%) | EBITDA | $1B | Total Liab | $16B | |||||
| 2024 | $1B | 22.1% (18.6%) | Opr Margin | 0.59 | Debt/Equity | -2.45 | |||||
| 2025 | $1B | -15.4% (-14.4%) | PreTax Margin | 42.63 | BV/Share | -70 | |||||
| 5Y Average FCF | $1B | 2.7% (-2.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $68 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $29B | Net Worth/Share | $-47 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $25B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $190M | $118 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $12B | WACC | 7.3% | 90 | 105 | 123 | 145 | 172 | |||
| Equity Value | $13B | 7.4% | 88 | 103 | 120 | 142 | 168 | ||||
| Shares Outstanding | 107,445,000 | 7.4% | 87 | 101 | 118 | 139 | 165 | ||||
| 7.9% | 71 | 83 | 96 | 113 | 133 | ||||||
| DCF Intrinsic Value | $118 | 8.4% | 57 | 67 | 78 | 92 | 108 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||