OUTFRONT Media Inc. (OUT) vs SBA Communications Corporation (SBAC)

OUTFRONT Media Inc. and SBA Communications Corporation are both Reit Specialty companies. SBA Communications Corporation is the larger, with a market value of $17.6B against $4.9B — 3.6× the size. SBA Communications Corporation trades at the lower P/E: 17.8× against 19.8×. OUTFRONT Media Inc. grew revenue faster over the last twelve months: 7.62% against 5.36%. SBA Communications Corporation has the higher net margin (34.5% vs 12.3%) and the higher return on invested capital (11.0% vs 7.74%). Both pay a dividend; OUTFRONT Media Inc. yields more (9.65% vs 1.59%). Across the 22 metrics below, SBA Communications Corporation leads on 13 and OUTFRONT Media Inc. on 9.

Valuation

Metric OUT SBAC Reit Specialty median
P/E 19.75 17.85 26.27
P/S 2.52 6.14 5.86
P/B 7.01 n/m 2.19
Price to free cash flow 16.71 13.09 14.62
EV/EBITDA 13.29 17.55 16.22
EV/Sales 3.81 10.45 8.93
Earnings yield 5.06% 5.60% 3.43%
Free cash flow yield 5.98% 7.64% 5.37%

Profitability

Metric OUT SBAC Reit Specialty median
Gross margin 51.40% 75.18% 67.43%
Operating margin 20.46% 47.65% 21.38%
Net margin 12.25% 34.51% 16.14%
Free cash flow margin 15.08% 46.89% 31.07%
Return on equity 38.34% (20.71%) 4.76%
Return on assets 4.55% 8.80% 3.29%
Return on invested capital 7.74% 11.04% 4.19%

Growth

Metric OUT SBAC Reit Specialty median
Revenue growth (TTM) 7.62% 5.36% 5.36%
EPS growth (last fiscal year) (45.70%) 41.21% —
Revenue growth, 5-year CAGR 8.18% 6.21% 6.70%
Net income growth, 5-year CAGR 0.00% 112.87% 0.00%

Health

Metric OUT SBAC Reit Specialty median
Debt to equity 3.64 (2.75) 0.62
Current ratio 0.67 0.17 0.70
Net debt to EBITDA 5.40 7.52 4.47

Dividend

Metric OUT SBAC Reit Specialty median
Dividend yield 9.65% 1.59% 3.88%
Payout ratio 1.08 0.67 1.14

Size

Metric OUT SBAC Reit Specialty median
Market cap 4.92b 17.62b 8.48b

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