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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 5.8x - 6.5x | 6.1x |
Selected Fwd Ps Multiple | 6.1x - 6.7x | 6.4x |
Fair Value | €14.85 - €16.41 | €15.63 |
Upside | 0.3% - 10.9% | 5.6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Essex Property Trust, Inc. | - | NYSE:ESS |
Equity Residential | - | NYSE:EQR |
Flagship Communities Real Estate Investment Trust | - | OTCPK:MHCU.F |
Centerspace | - | NYSE:CSR |
Veris Residential, Inc. | - | NYSE:VRE |
Independence Realty Trust, Inc. | - | DB:5O2 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
ESS | EQR | MHCU.F | CSR | VRE | 5O2 | |||
NYSE:ESS | NYSE:EQR | OTCPK:MHCU.F | NYSE:CSR | NYSE:VRE | DB:5O2 | |||
Historical Sales Growth | ||||||||
5Y CAGR | 2.8% | 2.0% | 23.6% | 7.0% | -5.0% | 25.8% | ||
3Y CAGR | 5.5% | 6.5% | 27.0% | 9.0% | 13.1% | 36.8% | ||
Latest Twelve Months | 9.8% | 4.4% | 24.0% | 3.4% | 5.0% | -0.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 32.6% | 37.0% | 175.5% | 3.3% | -23.7% | 10.3% | ||
Prior Fiscal Year | 24.2% | 29.0% | 91.6% | 13.4% | -45.5% | -2.6% | ||
Latest Fiscal Year | 40.7% | 34.7% | 117.5% | -7.5% | -9.8% | 6.1% | ||
Latest Twelve Months | 42.4% | 33.2% | 97.6% | -11.0% | -8.1% | 4.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 18.8x | 17.9x | 16.6x | 16.2x | 23.2x | 17.6x | ||
Price / LTM Sales | 9.2x | 8.3x | 4.7x | 3.7x | 5.0x | 6.4x | ||
LTM P/E Ratio | 20.9x | 24.2x | 3.8x | -31.4x | -57.2x | 145.6x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 3.7x | 5.0x | 9.2x | |||||
Historical LTM P/S Ratio | 5.4x | 7.2x | 25.9x | |||||
Selected Price / Sales Multiple | 5.8x | 6.1x | 6.5x | |||||
(x) LTM Sales | 645 | 645 | 645 | |||||
(=) Equity Value | 3,768 | 3,967 | 4,165 | |||||
(/) Shares Outstanding | 233.4 | 233.4 | 233.4 | |||||
Implied Value Range | 16.14 | 16.99 | 17.84 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 13.80 | 14.52 | 15.25 | 14.80 | ||||
Upside / (Downside) | -6.8% | -1.9% | 3.0% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | ESS | EQR | MHCU.F | CSR | VRE | 5O2 | |
Value of Common Equity | 16,705 | 24,487 | 340 | 927 | 1,328 | 4,042 | |
(/) Shares Outstanding | 64.4 | 381.9 | 19.4 | 16.8 | 93.4 | 233.4 | |
Implied Stock Price | 259.38 | 64.12 | 17.50 | 55.34 | 14.23 | 17.32 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 259.38 | 64.12 | 17.50 | 55.34 | 14.23 | 14.80 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |