Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 5.4x - 5.9x | 5.6x |
| Selected Fwd Ps Multiple | 7.0x - 7.8x | 7.4x |
| Fair Value | €117.60 - €129.98 | €123.79 |
| Upside | 7.9% - 19.2% | 13.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Equity LifeStyle Properties, Inc. | - | NYSE:ELS |
| Invitation Homes Inc. | - | NYSE:INVH |
| Mid-America Apartment Communities, Inc. | - | NYSE:MAA |
| Flagship Communities Real Estate Investment Trust | - | OTCPK:MHCU.F |
| Camden Property Trust | - | NYSE:CPT |
| Sun Communities, Inc. | - | DB:SCZ |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ELS | INVH | MAA | MHCU.F | CPT | SCZ | |||
| NYSE:ELS | NYSE:INVH | NYSE:MAA | OTCPK:MHCU.F | NYSE:CPT | DB:SCZ | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 7.9% | 8.0% | 6.0% | 23.6% | 8.2% | 20.6% | ||
| 3Y CAGR | 5.1% | 9.1% | 7.2% | 27.0% | 10.1% | 12.4% | ||
| Latest Twelve Months | 1.0% | 5.1% | 1.2% | 24.0% | 0.7% | 17.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 22.2% | 16.4% | 26.7% | 175.5% | 24.8% | 9.3% | ||
| Prior Fiscal Year | 21.1% | 21.5% | 25.5% | 91.6% | 26.0% | -6.7% | ||
| Latest Fiscal Year | 23.9% | 17.5% | 23.9% | 117.5% | 10.5% | 2.8% | ||
| Latest Twelve Months | 24.0% | 20.6% | 25.8% | 110.6% | 9.9% | -2.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 20.3x | 18.2x | 17.4x | 16.7x | 17.1x | 15.5x | ||
| Price / LTM Sales | 8.0x | 7.0x | 7.6x | 3.7x | 7.3x | 5.0x | ||
| LTM P/E Ratio | 31.8x | 34.1x | 28.8x | 3.8x | 72.8x | -202.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.7x | 7.3x | 8.0x | |||||
| Historical LTM P/S Ratio | 5.4x | 6.4x | 12.8x | |||||
| Selected Price / Sales Multiple | 5.4x | 5.6x | 5.9x | |||||
| (x) LTM Sales | 3,217 | 3,217 | 3,217 | |||||
| (=) Equity Value | 17,247 | 18,155 | 19,063 | |||||
| (/) Shares Outstanding | 125.2 | 125.2 | 125.2 | |||||
| Implied Value Range | 137.81 | 145.06 | 152.31 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 118.38 | 124.61 | 130.84 | 109.00 | ||||
| Upside / (Downside) | 8.6% | 14.3% | 20.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELS | INVH | MAA | MHCU.F | CPT | SCZ | |
| Value of Common Equity | 11,808 | 18,721 | 16,363 | 356 | 11,433 | 15,881 | |
| (/) Shares Outstanding | 193.8 | 613.0 | 117.1 | 19.4 | 106.9 | 125.2 | |
| Implied Stock Price | 60.93 | 30.54 | 139.77 | 18.35 | 107.00 | 126.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 60.93 | 30.54 | 139.77 | 18.35 | 107.00 | 109.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |