Company Valuation: Mid-America Apartment Communities, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,417 18,129 15,690 18,066 16,264 13,790 - -
Change - -31.38% -13.45% 15.15% -9.98% -15.21% - -
Enterprise Value (EV) 1 30,880 22,505 20,189 23,004 21,609 19,543 19,744 19,990
Change - -27.12% -10.29% 13.95% -6.06% -9.56% 1.03% 1.25%
P/E 49.8x 28.6x 28.5x 34.4x 36.7x 31.8x 37.9x 34.5x
PBR - 3.02x 2.64x 3.12x 2.94x 2.68x 2.92x 3.19x
PEG - 1.5x -2x -7.36x -2.3x -27.22x -2.4x 3.6x
Capitalization / Revenue 14.9x 8.98x 7.3x 8.25x 7.36x 6.19x 6.04x 5.81x
EV / Revenue 17.4x 11.1x 9.4x 10.5x 9.78x 8.77x 8.65x 8.41x
EV / EBITDA 30.5x 19.1x 16x 18.4x 17.3x 15.6x 15.5x 16.7x
EV / EBIT 66.4x 35.8x 29.3x 35x 34.9x 33.2x 32.6x 31x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.162 4.675 5.67 5.925 6.075 6.135 6.261 5.939
Rate of return 1.81% 2.98% 4.22% 3.83% 4.37% 5.16% 5.27% 5%
EPS 2 4.61 5.48 4.71 4.49 3.78 3.736 3.14 3.441
Distribution rate 90.3% 85.3% 120% 132% 161% 164% 199% 173%
Net sales 1 1,778 2,020 2,148 2,191 2,209 2,229 2,283 2,376
EBITDA 1 1,013 1,178 1,262 1,247 1,247 1,256 1,272 1,200
EBIT 1 464.9 628.9 688.9 656.8 619.4 588.9 606 645.7
Net income 1 530.1 633.7 549.1 523.9 443.2 437.9 358.6 378.9
Net Debt 1 4,462 4,376 4,499 4,938 5,345 5,752 5,954 6,200
Reference price 2 229.44 156.99 134.46 154.57 138.91 118.86 118.86 118.86
Nbr of stocks (in thousands) 115,138 115,477 116,688 116,880 117,082 116,022 - -
Announcement Date 2/2/22 2/1/23 2/7/24 2/5/25 2/4/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.82x8.77x15.55x5.16% 13.79B
41.35x12.84x22.9x - 47.48B
48.33x12.26x18.82x3.82% 17.44B
27.48x8.24x15.78x4.44% 15.99B
-22.79x8.63x18.64x3.93% 13.85B
29.06x9.54x19.49x3.57% 11.73B
32.03x8.59x16.09x4.21% 11.24B
32.45x9.84x16x5.13% 10.89B
71.96x8.88x15.96x4.29% 10.13B
73.3x8.58x15.43x4.84% 3.45B
Average 36.50x 9.62x 17.47x 4.38% 15.6B
Weighted average by Cap. 34.65x 10.46x 18.84x 4.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Mid-America Apartment Communities, Inc.
-40%: Exceptional extension
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