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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 7.9x - 8.8x | 8.4x |
Selected Fwd Ps Multiple | 7.6x - 8.4x | 8.0x |
Fair Value | €127.79 - €141.24 | €134.52 |
Upside | -0.9% - 9.6% | 4.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Camden Property Trust | - | NYSE:CPT |
UDR, Inc. | - | NYSE:UDR |
Centerspace | - | NYSE:CSR |
Invitation Homes Inc. | - | NYSE:INVH |
American Homes 4 Rent | - | NYSE:AMH |
Mid-America Apartment Communities, Inc. | - | DB:M2K |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
CPT | UDR | CSR | INVH | AMH | M2K | |||
NYSE:CPT | NYSE:UDR | NYSE:CSR | NYSE:INVH | NYSE:AMH | DB:M2K | |||
Historical Sales Growth | ||||||||
5Y CAGR | 8.2% | 5.7% | 7.0% | 8.0% | 8.8% | 6.0% | ||
3Y CAGR | 10.1% | 9.1% | 9.0% | 9.1% | 9.9% | 7.2% | ||
Latest Twelve Months | 0.5% | 2.1% | 2.2% | 6.0% | 7.0% | 1.6% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 25.3% | 12.4% | 5.9% | 15.9% | 20.5% | 26.4% | ||
Prior Fiscal Year | 26.0% | 26.5% | 13.4% | 21.5% | 22.5% | 25.5% | ||
Latest Fiscal Year | 10.5% | 5.0% | -7.5% | 17.5% | 23.0% | 23.9% | ||
Latest Twelve Months | 7.6% | 6.9% | -6.8% | 18.2% | 22.6% | 25.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 17.9x | 19.5x | 16.4x | 18.9x | 21.0x | 18.4x | ||
Price / LTM Sales | 7.9x | 8.4x | 3.9x | 7.5x | 8.6x | 8.3x | ||
LTM P/E Ratio | 102.8x | 113.1x | -53.9x | 41.0x | 33.5x | 31.6x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 3.9x | 7.9x | 8.6x | |||||
Historical LTM P/S Ratio | 7.5x | 9.0x | 15.6x | |||||
Selected Price / Sales Multiple | 7.9x | 8.4x | 8.8x | |||||
(x) LTM Sales | 2,197 | 2,197 | 2,197 | |||||
(=) Equity Value | 17,444 | 18,362 | 19,280 | |||||
(/) Shares Outstanding | 117.1 | 117.1 | 117.1 | |||||
Implied Value Range | 149.02 | 156.86 | 164.70 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 126.87 | 133.55 | 140.23 | 128.90 | ||||
Upside / (Downside) | -1.6% | 3.6% | 8.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | CPT | UDR | CSR | INVH | AMH | M2K | |
Value of Common Equity | 12,130 | 13,388 | 964 | 19,559 | 13,329 | 17,722 | |
(/) Shares Outstanding | 106.8 | 331.3 | 16.7 | 612.9 | 370.2 | 117.1 | |
Implied Stock Price | 113.54 | 40.41 | 57.60 | 31.91 | 36.01 | 151.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 113.54 | 40.41 | 57.60 | 31.91 | 36.01 | 128.90 | |
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 |