{ "run": { "id": "cmnr152kr064cp658liyulkxc", "region": "US", "assetId": "cmnr152k60648p658sqg2zpgx", "ticker": "SBAC", "snapshotId": "cmnr152kh064ap658wtvy77nf", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T05:21:46.825Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnr152kh064ap658wtvy77nf", "assetId": "cmnr152k60648p658sqg2zpgx", "asOf": "2026-04-08T20:00:00.000Z", "snapshot": { "asOf": "2026-04-08T20:00:00.000Z", "quote": { "asOf": "2026-04-08T20:00:00.000Z", "open": 204.77, "price": 218.71, "dayLow": 204.2, "volume": 3486738, "dayHigh": 223.86, "currency": "USD", "prevClose": 205.86, "week52Low": 162.41, "week52High": 245.16 }, "fundamentals": { "pe": 19.677517802645, "beta": 0.575153343773173, "epsTTM": 9.83, "fcfTTM": 389328000, "growth": { "epsYoy": 0.4123563218390805, "revenueYoy": 0.05056847315715504 }, "sector": "Real Estate Investment Trusts", "margins": { "net": 0.3742735261029739, "gross": 0.7545513738397998, "operating": 0.4769874595890292 }, "website": "http://sbasite.com", "industry": "Real Estate Investment Trust", "pegRatio": 0.47719694740909, "ebitdaTTM": 1866602000, "forwardPe": 16.0923460898502, "marketCap": 25100000000, "totalCash": 264568000, "totalDebt": 14836070000, "debtEquity": -3.05676561686479, "quickRatio": 0.1652062258872322, "revenueTTM": 2815139000, "companyName": "SBA COMMUNICATIONS CORP", "priceToBook": -4.34260397084387, "currentRatio": 0.2887767282318156, "dividendYield": 0.0230993318610413, "returnOnAssets": 0.09102642830953436, "returnOnEquity": -0.217086200754545, "analystOpinions": null, "businessSummary": "SBA Communications Corporation is a real estate investment trust which owns and operates wireless infrastructure in the United States, Canada, Central America, South America, and South Africa. It was founded in 1989 as Steven Bernstein and Associates by Steven Bernstein.", "enterpriseValue": 35308552010, "analystTargetLow": null, "analystTargetHigh": null, "analystTargetMean": null, "fullTimeEmployees": null, "sharesOutstanding": 105788592, "enterpriseToEbitda": 18.91595102223184, "analystTargetMedian": null, "enterpriseToRevenue": 12.54238316829116, "operatingCashflowTTM": 1291328000, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T05:21:46.818Z" }, "results": [ { "id": "cmnr152kt064ep6585oho4eqs", "runId": "cmnr152kr064cp658liyulkxc", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:00.000Z\",\"ticker\":\"SBAC\",\"currency\":\"USD\",\"current_price\":218.71,\"target_price_6m\":230,\"target_price_12m\":240,\"recommendation\":\"BUY\",\"confidence\":0.58,\"thesis_bullets\":[\"Tower REIT with recurring revenue and 48% operating margins\",\"PEG ratio 0.48 signals attractive growth-adjusted valuation\",\"EPS grew 41% YoY; forward P/E 16x below sector average\",\"Extreme leverage at $14.8B debt with negative equity is key risk\",\"5G densification supports multi-year organic tower demand\"],\"key_drivers\":[{\"driver\":\"5G network densification driving carrier capex on towers\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Strong EPS growth trajectory with 41% YoY expansion\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"High recurring revenue with long-term lease escalators\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Extreme leverage $14.8B debt and negative book equity\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Interest rate sensitivity on large debt load\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"International tower portfolio diversification\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Modest 5% revenue growth limits near-term re-rating\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Dividend yield of 2.3% provides income floor\",\"impact\":\"LOW\",\"direction\":\"POS\"}],\"risks\":[\"Sustained higher rates raise refinancing costs on $14.8B debt\",\"Carrier consolidation reduces tenant count and leverage\",\"Slower 5G rollout delays organic growth\",\"Regulatory or zoning changes limiting new tower builds\",\"FX headwinds from international operations\"],\"assumptions\":{\"revenue_cagr_3y\":0.048,\"ebit_margin_target\":0.48,\"wacc\":0.072,\"terminal_multiple\":19.0},\"scenarios\":{\"bear\":{\"target_price\":190,\"prob\":0.20,\"notes\":\"Higher rates compress multiples; carrier capex slows materially.\"},\"base\":{\"target_price\":240,\"prob\":0.55,\"notes\":\"Steady 5G leasing growth; margins stable; moderate multiple expansion.\"},\"bull\":{\"target_price\":280,\"prob\":0.25,\"notes\":\"Accelerated 5G deployment and rate cuts drive re-rating toward historical highs.\"}},\"method_notes\":\"Valuation anchored on EV/EBITDA (19x fwd) cross-checked with forward P/E (16x) and PEG (0.48). Probability-weighted 12M target ~$240 implies ~9.7% upside, supporting BUY. Balanced against high leverage risk which caps confidence. Sell-side targets noted but not used as inputs. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:00:00.000Z", "model": "ai-equity-research-v1", "risks": [ "Sustained higher rates raise refinancing costs on $14.8B debt", "Carrier consolidation reduces tenant count and leverage", "Slower 5G rollout delays organic growth", "Regulatory or zoning changes limiting new tower builds", "FX headwinds from international operations" ], "ticker": "SBAC", "currency": "USD", "scenarios": { "base": { "prob": 0.55, "notes": "Steady 5G leasing growth; margins stable; moderate multiple expansion.", "target_price": 240 }, "bear": { "prob": 0.2, "notes": "Higher rates compress multiples; carrier capex slows materially.", "target_price": 190 }, "bull": { "prob": 0.25, "notes": "Accelerated 5G deployment and rate cuts drive re-rating toward historical highs.", "target_price": 280 } }, "confidence": 0.58, "assumptions": { "wacc": 0.072, "revenue_cagr_3y": 0.048, "terminal_multiple": 19, "ebit_margin_target": 0.48 }, "key_drivers": [ { "driver": "5G network densification driving carrier capex on towers", "impact": "HIGH", "direction": "POS" }, { "driver": "Strong EPS growth trajectory with 41% YoY expansion", "impact": "HIGH", "direction": "POS" }, { "driver": "High recurring revenue with long-term lease escalators", "impact": "MED", "direction": "POS" }, { "driver": "Extreme leverage $14.8B debt and negative book equity", "impact": "HIGH", "direction": "NEG" }, { "driver": "Interest rate sensitivity on large debt load", "impact": "HIGH", "direction": "NEG" }, { "driver": "International tower portfolio diversification", "impact": "MED", "direction": "POS" }, { "driver": "Modest 5% revenue growth limits near-term re-rating", "impact": "MED", "direction": "NEG" }, { "driver": "Dividend yield of 2.3% provides income floor", "impact": "LOW", "direction": "POS" } ], "method_notes": "Valuation anchored on EV/EBITDA (19x fwd) cross-checked with forward P/E (16x) and PEG (0.48). Probability-weighted 12M target ~$240 implies ~9.7% upside, supporting BUY. Balanced against high leverage risk which caps confidence. Sell-side targets noted but not used as inputs. Not investment advice.", "current_price": 218.71, "recommendation": "BUY", "thesis_bullets": [ "Tower REIT with recurring revenue and 48% operating margins", "PEG ratio 0.48 signals attractive growth-adjusted valuation", "EPS grew 41% YoY; forward P/E 16x below sector average", "Extreme leverage at $14.8B debt with negative equity is key risk", "5G densification supports multi-year organic tower demand" ], "target_price_6m": 230, "target_price_12m": 240 }, "errorsJson": { "attempts": [ { "error": "sanity_error: buy_scenario_return_too_low: BUY requires >= 6% return from probability-weighted scenarios.", "attempt": 0, "rawOutputTruncated": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:00.000Z\",\"ticker\":\"SBAC\",\"currency\":\"USD\",\"current_price\":218.71,\"target_price_6m\":228,\"target_price_12m\":235,\"recommendation\":\"BUY\",\"confidence\":0.58,\"thesis_bullets\":[\"Tower REIT with recurring revenue and high operating margins near 48%\",\"PEG ratio of 0.48 signals attractive growth-adjusted valuation\",\"EPS grew 41% YoY; forward P/E of 16.1x below historical average\",\"Extreme leverage at $14.8B debt with negative equity is key risk\",\"5G densification cycle supports multi-year organic tower demand\"],\"key_drivers\":[{\"driver\":\"5G network densification driving carrier capex on towers\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Strong EPS growth trajectory with 41% YoY expansion\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"High recurring revenue model with long-term lease escalators\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Extreme leverage ($14.8B debt) and negative equity\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Interest rate sensitivity given floating-rate debt exposure\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"International tower portfolio diversification\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Mo…" } ], "providerMeta": { "provider": "anthropic", "webSearch": { "enabled": false, "maxToolCalls": 2, "disabledReason": null }, "pauseTurns": 0, "stopReason": "end_turn" }, "sanityIssues": [] }, "latencyMs": 16456, "createdAt": "2026-04-09T05:21:46.825Z", "usage": { "inputTokens": 4194, "outputTokens": 1035, "costUsd": 0.046845 } }, { "id": "cmnr152kt064hp6583kvahs6v", "runId": "cmnr152kr064cp658liyulkxc", "modelId": "deepseek.reasoner", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"AI_Equity_Research_Model\",\n \"as_of\": \"2026-04-08T20:00:00.000Z\",\n \"ticker\": \"SBAC\",\n \"currency\": \"USD\",\n \"current_price\": 218.71,\n \"target_price_6m\": 220,\n \"target_price_12m\": 230,\n \"recommendation\": \"HOLD\",\n \"confidence\": 0.6,\n \"thesis_bullets\": [\n \"Stable demand for wireless infrastructure supports revenue growth.\",\n \"High operating margins provide strong cash flow generation.\",\n \"Valuation is rich relative to historical multiples.\",\n \"Moderate growth prospects with 5G deployment tailwinds.\",\n \"High debt levels pose financial risk in rising rate environment.\"\n ],\n \"key_drivers\": [\n {\"driver\": \"5G Network Expansion\", \"impact\": \"HIGH\", \"direction\": \"POS\"},\n {\"driver\": \"EBITDA Margin Stability\", \"impact\": \"HIGH\", \"direction\": \"POS\"},\n {\"driver\": \"Interest Rate Environment\", \"impact\": \"MED\", \"direction\": \"NEG\"},\n {\"driver\": \"Tenant Demand Growth\", \"impact\": \"HIGH\", \"direction\": \"POS\"},\n {\"driver\": \"Regulatory Changes\", \"impact\": \"LOW\", \"direction\": \"NEG\"},\n {\"driver\": \"Capital Expenditure Needs\", \"impact\": \"MED\", \"direction\": \"NEG\"},\n {\"driver\": \"Competitive Landscape\", \"impact\": \"MED\", \"direction\": \"NEG\"}\n ],\n \"risks\": [\n \"Rising interest rates increasing financing costs.\",\n \"Slowdown in wireless carrier spending.\",\n \"Technological obsolescence of tower assets.\",\n \"High leverage limiting financial flexibility.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.06,\n \"ebit_margin_target\": 0.48,\n \"wacc\": 0.07,\n \"terminal_multiple\": 18.0\n },\n \"scenarios\": {\n \"bear\": {\"target_price\": 200, \"prob\": 0.3, \"notes\": \"Lower growth and multiple contraction due to economic downturn.\"},\n \"base\": {\"target_price\": 230, \"prob\": 0.5, \"notes\": \"Moderate growth with stable valuation multiples.\"},\n \"bull\": {\"target_price\": 260, \"prob\": 0.2, \"notes\": \"Accelerated 5G deployment driving higher growth.\"}\n },\n \"method_notes\": \"Valuation based on EV/EBITDA multiples and growth assumptions. Recommendation HOLD due to limited upside and balanced risk-reward. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:00.000Z", "model": "AI_Equity_Research_Model", "risks": [ "Rising interest rates increasing financing costs.", "Slowdown in wireless carrier spending.", "Technological obsolescence of tower assets.", "High leverage limiting financial flexibility." ], "ticker": "SBAC", "currency": "USD", "scenarios": { "base": { "prob": 0.5, "notes": "Moderate growth with stable valuation multiples.", "target_price": 230 }, "bear": { "prob": 0.3, "notes": "Lower growth and multiple contraction due to economic downturn.", "target_price": 200 }, "bull": { "prob": 0.2, "notes": "Accelerated 5G deployment driving higher growth.", "target_price": 260 } }, "confidence": 0.6, "assumptions": { "wacc": 0.07, "revenue_cagr_3y": 0.06, "terminal_multiple": 18, "ebit_margin_target": 0.48 }, "key_drivers": [ { "driver": "5G Network Expansion", "impact": "HIGH", "direction": "POS" }, { "driver": "EBITDA Margin Stability", "impact": "HIGH", "direction": "POS" }, { "driver": "Interest Rate Environment", "impact": "MED", "direction": "NEG" }, { "driver": "Tenant Demand Growth", "impact": "HIGH", "direction": "POS" }, { "driver": "Regulatory Changes", "impact": "LOW", "direction": "NEG" }, { "driver": "Capital Expenditure Needs", "impact": "MED", "direction": "NEG" }, { "driver": "Competitive Landscape", "impact": "MED", "direction": "NEG" } ], "method_notes": "Valuation based on EV/EBITDA multiples and growth assumptions. Recommendation HOLD due to limited upside and balanced risk-reward. Not investment advice.", "current_price": 218.71, "recommendation": "HOLD", "thesis_bullets": [ "Stable demand for wireless infrastructure supports revenue growth.", "High operating margins provide strong cash flow generation.", "Valuation is rich relative to historical multiples.", "Moderate growth prospects with 5G deployment tailwinds.", "High debt levels pose financial risk in rising rate environment." ], "target_price_6m": 220, "target_price_12m": 230 }, "errorsJson": { "attempts": [], "providerMeta": { "endpoint": "https://api.deepseek.com/v1/chat/completions", "provider": "deepseek", "webSearch": { "enabled": false, "supported": false }, "responseFormat": "json_object" }, "sanityIssues": [] }, "latencyMs": 342, "createdAt": "2026-04-09T05:21:46.825Z", "usage": { "inputTokens": 2090, "outputTokens": 4479, "costUsd": 0.002466 } }, { "id": "cmnr152kt064fp658cuvewkeb", "runId": "cmnr152kr064cp658liyulkxc", "modelId": "gemini.3-pro", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"AI Equity Analyst\",\n \"as_of\": \"2026-04-08T20:00:00.000Z\",\n \"ticker\": \"SBAC\",\n \"currency\": \"USD\",\n \"current_price\": 218.71,\n \"target_price_6m\": 230.0,\n \"target_price_12m\": 245.0,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.7,\n \"thesis_bullets\": [\n \"Strong operating leverage drives robust EPS growth despite moderate top-line revenue expansion.\",\n \"Premium EV/EBITDA multiple is justified by long-term, inflation-linked master lease agreements.\",\n \"Carrier capex moderation poses near-term headwinds, but 5G densification ensures long-term demand.\",\n \"Elevated debt levels expose SBAC to interest rate risks, impacting AFFO growth.\",\n \"Valuation at 16x forward P/E offers an attractive entry point for a premium infrastructure asset.\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"5G network densification\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"US carrier capex budgets\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Interest rate trends\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"International portfolio expansion\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Contractual lease escalators\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Tower churn from consolidation\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n }\n ],\n \"risks\": [\n \"Higher-for-longer interest rates increasing debt refinancing costs.\",\n \"Reductions in capital expenditure by major US wireless carriers.\",\n \"Foreign exchange headwinds from international operations.\",\n \"Customer concentration risk among the top three US telecom providers.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.045,\n \"ebit_margin_target\": 0.48,\n \"wacc\": 0.075,\n \"terminal_multiple\": 18.5\n },\n \"scenarios\": {\n \"bear\": {\n \"target_price\": 185.0,\n \"prob\": 0.25,\n \"notes\": \"Carrier capex stalls and high interest rates persist, compressing multiples.\"\n },\n \"base\": {\n \"target_price\": 245.0,\n \"prob\": 0.55,\n \"notes\": \"Steady 5G leasing, manageable churn, and stable rates support moderate upside.\"\n },\n \"bull\": {\n \"target_price\": 280.0,\n \"prob\": 0.2,\n \"notes\": \"Accelerated carrier spending and rate cuts boost REIT valuations significantly.\"\n }\n },\n \"method_notes\": \"Valuation based on a 10-year DCF and an EV/EBITDA exit multiple of 18.5x. Base case implies ~12% upside, supporting a BUY rating. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:00.000Z", "model": "AI Equity Analyst", "risks": [ "Higher-for-longer interest rates increasing debt refinancing costs.", "Reductions in capital expenditure by major US wireless carriers.", "Foreign exchange headwinds from international operations.", "Customer concentration risk among the top three US telecom providers." ], "ticker": "SBAC", "currency": "USD", "scenarios": { "base": { "prob": 0.55, "notes": "Steady 5G leasing, manageable churn, and stable rates support moderate upside.", "target_price": 245 }, "bear": { "prob": 0.25, "notes": "Carrier capex stalls and high interest rates persist, compressing multiples.", "target_price": 185 }, "bull": { "prob": 0.2, "notes": "Accelerated carrier spending and rate cuts boost REIT valuations significantly.", "target_price": 280 } }, "confidence": 0.7, "assumptions": { "wacc": 0.075, "revenue_cagr_3y": 0.045, "terminal_multiple": 18.5, "ebit_margin_target": 0.48 }, "key_drivers": [ { "driver": "5G network densification", "impact": "HIGH", "direction": "POS" }, { "driver": "US carrier capex budgets", "impact": "HIGH", "direction": "POS" }, { "driver": "Interest rate trends", "impact": "HIGH", "direction": "NEG" }, { "driver": "International portfolio expansion", "impact": "MED", "direction": "POS" }, { "driver": "Contractual lease escalators", "impact": "MED", "direction": "POS" }, { "driver": "Tower churn from consolidation", "impact": "MED", "direction": "NEG" } ], "method_notes": "Valuation based on a 10-year DCF and an EV/EBITDA exit multiple of 18.5x. Base case implies ~12% upside, supporting a BUY rating. Not investment advice.", "current_price": 218.71, "recommendation": "BUY", "thesis_bullets": [ "Strong operating leverage drives robust EPS growth despite moderate top-line revenue expansion.", "Premium EV/EBITDA multiple is justified by long-term, inflation-linked master lease agreements.", "Carrier capex moderation poses near-term headwinds, but 5G densification ensures long-term demand.", "Elevated debt levels expose SBAC to interest rate risks, impacting AFFO growth.", "Valuation at 16x forward P/E offers an attractive entry point for a premium infrastructure asset." ], "target_price_6m": 230, "target_price_12m": 245 }, "errorsJson": { "attempts": [], "providerMeta": { "model": "gemini-3-pro-preview", "provider": "gemini", "webSearch": { "used": false, "allowed": false, "enabled": false, "requested": false, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 21887, "createdAt": "2026-04-09T05:21:46.825Z", "usage": { "inputTokens": 2450, "outputTokens": 823, "costUsd": 0.014776 } }, { "id": "cmnr152kt064dp6586r4syk3c", "runId": "cmnr152kr064cp658liyulkxc", "modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"gpt-5\",\"as_of\":\"2026-04-08T20:00:00.000Z\",\"ticker\":\"SBAC\",\"currency\":\"USD\",\"current_price\":218.71,\"target_price_6m\":224,\"target_price_12m\":228.5,\"recommendation\":\"HOLD\",\"confidence\":0.64,\"thesis_bullets\":[\"Contracted tower cash flows support resilience despite muted carrier spending.\",\"Mid-single-digit revenue growth and high margins sustain dependable cash generation.\",\"High leverage limits equity upside and raises rate sensitivity.\",\"Current valuation reflects business quality, leaving modest 12-month upside.\",\"Buybacks and international leasing help offset slower U.S. amendment activity.\"],\"key_drivers\":[{\"driver\":\"Contracted lease escalators\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"U.S. carrier amendment demand\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"International leasing growth\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Interest rates and refinancing\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Share repurchases\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Tenant churn and decommissions\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"5G densification colocations\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Leverage reduction pace\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Higher-for-longer rates pressure valuation and financing costs.\",\"Carrier consolidation or network sharing lowers amendment demand.\",\"FX and political volatility in international markets.\",\"Unexpected tenant non-renewals or site decommissioning.\"],\"assumptions\":{\"revenue_cagr_3y\":5,\"ebit_margin_target\":49,\"wacc\":7.2,\"terminal_multiple\":19.5},\"scenarios\":{\"bear\":{\"target_price\":186,\"prob\":0.25,\"notes\":\"Carrier spend stays weak and rates remain elevated.\"},\"base\":{\"target_price\":229,\"prob\":0.5,\"notes\":\"Steady escalators and stable multiples drive modest appreciation.\"},\"bull\":{\"target_price\":270,\"prob\":0.25,\"notes\":\"Rates ease, leasing improves, and buybacks lift per-share growth.\"}},\"method_notes\":\"Snapshot quote/fundamentals were used as authoritative inputs. Valuation triangulates normalized EV/EBITDA, forward earnings, and FCF durability for a tower REIT; no sell-side price targets used. High leverage tempers quality-driven upside, so expected 12M return fits HOLD. not investment advice\"}", "parsedJson": { "as_of": "2026-04-08T20:00:00.000Z", "model": "gpt-5", "risks": [ "Higher-for-longer rates pressure valuation and financing costs.", "Carrier consolidation or network sharing lowers amendment demand.", "FX and political volatility in international markets.", "Unexpected tenant non-renewals or site decommissioning." ], "ticker": "SBAC", "currency": "USD", "scenarios": { "base": { "prob": 0.5, "notes": "Steady escalators and stable multiples drive modest appreciation.", "target_price": 229 }, "bear": { "prob": 0.25, "notes": "Carrier spend stays weak and rates remain elevated.", "target_price": 186 }, "bull": { "prob": 0.25, "notes": "Rates ease, leasing improves, and buybacks lift per-share growth.", "target_price": 270 } }, "confidence": 0.64, "assumptions": { "wacc": 7.2, "revenue_cagr_3y": 5, "terminal_multiple": 19.5, "ebit_margin_target": 49 }, "key_drivers": [ { "driver": "Contracted lease escalators", "impact": "HIGH", "direction": "POS" }, { "driver": "U.S. carrier amendment demand", "impact": "HIGH", "direction": "NEG" }, { "driver": "International leasing growth", "impact": "MED", "direction": "POS" }, { "driver": "Interest rates and refinancing", "impact": "HIGH", "direction": "NEG" }, { "driver": "Share repurchases", "impact": "MED", "direction": "POS" }, { "driver": "Tenant churn and decommissions", "impact": "MED", "direction": "NEG" }, { "driver": "5G densification colocations", "impact": "MED", "direction": "POS" }, { "driver": "Leverage reduction pace", "impact": "MED", "direction": "POS" } ], "method_notes": "Snapshot quote/fundamentals were used as authoritative inputs. Valuation triangulates normalized EV/EBITDA, forward earnings, and FCF durability for a tower REIT; no sell-side price targets used. High leverage tempers quality-driven upside, so expected 12M return fits HOLD. not investment advice", "current_price": 218.71, "recommendation": "HOLD", "thesis_bullets": [ "Contracted tower cash flows support resilience despite muted carrier spending.", "Mid-single-digit revenue growth and high margins sustain dependable cash generation.", "High leverage limits equity upside and raises rate sensitivity.", "Current valuation reflects business quality, leaving modest 12-month upside.", "Buybacks and international leasing help offset slower U.S. amendment activity." ], "target_price_6m": 224, "target_price_12m": 228.5 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "openai", "webSearch": { "used": false, "enabled": false, "sources": [], "maxToolCalls": 2 }, "responseId": "resp_09a4624aa74420fe0069d75d2486388195a6ec9346eeb02331", "reasoningEffort": "medium", "structuredOutputs": { "used": true, "requested": true, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 57052, "createdAt": "2026-04-09T05:21:46.825Z", "usage": { "inputTokens": 2363, "outputTokens": 3108, "costUsd": 0.047647 } }, { "id": "cmnr152kt064gp658ha2c2gla", "runId": "cmnr152kr064cp658liyulkxc", "modelId": "xai.grok-4.20-reasoning", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"EquityAI-Research-1.0\",\n \"as_of\": \"2026-04-08T20:00:00.000Z\",\n \"ticker\": \"SBAC\",\n \"currency\": \"USD\",\n \"current_price\": 218.71,\n \"target_price_6m\": 235,\n \"target_price_12m\": 255,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.62,\n \"thesis_bullets\": [\n \"Steady 5G-driven demand supports organic leasing growth\",\n \"Long-term contracts deliver high margins and cash visibility\",\n \"International expansion adds diversification and upside\",\n \"Elevated debt increases exposure to interest rate volatility\",\n \"DCF valuation indicates moderate upside from current levels\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Wireless data/5G demand\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Interest rate environment\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Lease escalators\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"International market growth\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Regulatory approvals for sites\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Tower industry consolidation\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"US market saturation\",\n \"impact\": \"LOW\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"FX volatility in LatAm\",\n \"impact\": \"LOW\",\n \"direction\": \"NEG\"\n }\n ],\n \"risks\": [\n \"Higher-for-longer interest rates raising debt costs\",\n \"Slower US tower leasing due to saturation\",\n \"Currency and political risks in international markets\",\n \"Regulatory delays on new infrastructure builds\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.06,\n \"ebit_margin_target\": 0.49,\n \"wacc\": 0.072,\n \"terminal_multiple\": 18.5\n },\n \"scenarios\": {\n \"bear\": {\n \"target_price\": 190,\n \"prob\": 0.3,\n \"notes\": \"Persistent high rates and US leasing slowdown compress multiples.\"\n },\n \"base\": {\n \"target_price\": 255,\n \"prob\": 0.5,\n \"notes\": \"Steady mid-single-digit growth with stable margins and rates.\"\n },\n \"bull\": {\n \"target_price\": 305,\n \"prob\": 0.2,\n \"notes\": \"Accelerated 5G adoption and falling rates expand multiples.\"\n }\n },\n \"method_notes\": \"3-stage DCF with 6% revenue CAGR, 49% EBIT margin target, 7.2% WACC and 18.5x terminal EV/EBITDA. 12M target implies 16% upside consistent with BUY. Snapshot data used as baseline. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:00.000Z", "model": "EquityAI-Research-1.0", "risks": [ "Higher-for-longer interest rates raising debt costs", "Slower US tower leasing due to saturation", "Currency and political risks in international markets", "Regulatory delays on new infrastructure builds" ], "ticker": "SBAC", "currency": "USD", "scenarios": { "base": { "prob": 0.5, "notes": "Steady mid-single-digit growth with stable margins and rates.", "target_price": 255 }, "bear": { "prob": 0.3, "notes": "Persistent high rates and US leasing slowdown compress multiples.", "target_price": 190 }, "bull": { "prob": 0.2, "notes": "Accelerated 5G adoption and falling rates expand multiples.", "target_price": 305 } }, "confidence": 0.62, "assumptions": { "wacc": 0.072, "revenue_cagr_3y": 0.06, "terminal_multiple": 18.5, "ebit_margin_target": 0.49 }, "key_drivers": [ { "driver": "Wireless data/5G demand", "impact": "HIGH", "direction": "POS" }, { "driver": "Interest rate environment", "impact": "HIGH", "direction": "NEG" }, { "driver": "Lease escalators", "impact": "MED", "direction": "POS" }, { "driver": "International market growth", "impact": "MED", "direction": "POS" }, { "driver": "Regulatory approvals for sites", "impact": "MED", "direction": "NEG" }, { "driver": "Tower industry consolidation", "impact": "MED", "direction": "POS" }, { "driver": "US market saturation", "impact": "LOW", "direction": "NEG" }, { "driver": "FX volatility in LatAm", "impact": "LOW", "direction": "NEG" } ], "method_notes": "3-stage DCF with 6% revenue CAGR, 49% EBIT margin target, 7.2% WACC and 18.5x terminal EV/EBITDA. 12M target implies 16% upside consistent with BUY. Snapshot data used as baseline. Not investment advice.", "current_price": 218.71, "recommendation": "BUY", "thesis_bullets": [ "Steady 5G-driven demand supports organic leasing growth", "Long-term contracts deliver high margins and cash visibility", "International expansion adds diversification and upside", "Elevated debt increases exposure to interest rate volatility", "DCF valuation indicates moderate upside from current levels" ], "target_price_6m": 235, "target_price_12m": 255 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "xai", "webSearch": { "used": false, "enabled": false, "sources": [], "maxToolCalls": 2 }, "responseId": "56dc648e-c0dc-9d5d-b018-5be183ac32e7", "usedFallbackChatCompletions": false }, "sanityIssues": [] }, "latencyMs": 13063, "createdAt": "2026-04-09T05:21:46.825Z", "usage": { "inputTokens": 2701, "outputTokens": 2622, "costUsd": 0.047433 } } ] } }