WallStSmart

Broadstone Net Lease Inc (BNL)vsSBA Communications Corp (SBAC)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

SBA Communications Corp generates 520% more annual revenue ($2.82B vs $454.14M). SBAC leads profitability with a 37.4% profit margin vs 21.2%. SBAC trades at a lower P/E of 22.0x. BNL earns a higher WallStSmart Score of 58/100 (C).

BNL

Buy

58

out of 100

Grade: C

Growth: 6.0Profit: 6.5Value: 4.3Quality: 4.8
Piotroski: 4/9Altman Z: 1.01

SBAC

Buy

54

out of 100

Grade: C-

Growth: 6.0Profit: 8.0Value: 4.7Quality: 3.8
Piotroski: 4/9Altman Z: -0.14
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BNLOvervalued (-5.7%)

Margin of Safety

-5.7%

Fair Value

$18.42

Current Price

$19.80

$1.38 premium

UndervaluedFair: $18.42Overvalued
SBACUndervalued (+12.1%)

Margin of Safety

+12.1%

Fair Value

$217.30

Current Price

$221.20

$3.90 discount

UndervaluedFair: $217.30Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BNL4 strengths · Avg: 9.3/10
Price/BookValuation
1.3x10/10

Reasonable price relative to book value

Operating MarginProfitability
51.2%10/10

Strong operational efficiency at 51.2%

Profit MarginProfitability
21.2%9/10

Keeps 21 of every $100 in revenue as profit

EPS GrowthGrowth
24.7%8/10

Earnings expanding 24.7% YoY

SBAC3 strengths · Avg: 10.0/10
Profit MarginProfitability
37.4%10/10

Keeps 37 of every $100 in revenue as profit

Operating MarginProfitability
52.4%10/10

Strong operational efficiency at 52.4%

EPS GrowthGrowth
115.6%10/10

Earnings expanding 115.6% YoY

Areas to Watch

BNL3 concerns · Avg: 3.0/10
P/E RatioValuation
39.9x4/10

Premium valuation, high expectations priced in

Return on EquityProfitability
3.2%3/10

ROE of 3.2% — below average capital efficiency

Altman Z-ScoreHealth
1.012/10

Distress zone — elevated risk

SBAC4 concerns · Avg: 2.8/10
Revenue GrowthGrowth
3.7%4/10

3.7% revenue growth

Return on EquityProfitability
0.0%3/10

ROE of 0.0% — below average capital efficiency

PEG RatioValuation
4.892/10

Expensive relative to growth rate

Altman Z-ScoreHealth
-0.142/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : BNL

The strongest argument for BNL centers on Price/Book, Operating Margin, Profit Margin. Profitability is solid with margins at 21.2% and operating margin at 51.2%.

Bull Case : SBAC

The strongest argument for SBAC centers on Profit Margin, Operating Margin, EPS Growth. Profitability is solid with margins at 37.4% and operating margin at 52.4%.

Bear Case : BNL

The primary concerns for BNL are P/E Ratio, Return on Equity, Altman Z-Score.

Bear Case : SBAC

The primary concerns for SBAC are Revenue Growth, Return on Equity, PEG Ratio.

Key Dynamics to Monitor

BNL profiles as a mature stock while SBAC is a value play — different risk/reward profiles.

BNL carries more volatility with a beta of 1.02 — expect wider price swings.

BNL is growing revenue faster at 5.5% — sustainability is the question.

SBAC generates stronger free cash flow (241M), providing more financial flexibility.

Bottom Line

BNL scores higher overall (58/100 vs 54/100), backed by strong 21.2% margins. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Broadstone Net Lease Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

BNL is an internally managed REIT that primarily acquires, owns and manages single-tenant commercial real estate that is rented out on a long-term basis to a diversified group of tenants.

SBA Communications Corp

REAL ESTATE · REIT - SPECIALTY · USA

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.

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