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 15,504 - -
Change - -31.38% -13.45% 15.15% -9.98% -4.67% - -
Enterprise Value (EV) 1 30,880 22,505 20,189 23,004 21,609 21,510 21,484 21,670
Change - -27.12% -10.29% 13.95% -6.06% -0.46% -0.12% 0.87%
P/E 49.8x 28.6x 28.5x 34.4x 36.7x 36.2x 42.6x 37x
PBR - 3.02x 2.64x 3.12x 2.94x 3.04x 3.3x 3.58x
PEG - 1.5x -2x -7.36x -2.3x -15.2x -2.8x 2.4x
Capitalization / Revenue 14.9x 8.98x 7.3x 8.25x 7.36x 6.95x 6.76x 6.45x
EV / Revenue 17.4x 11.1x 9.4x 10.5x 9.78x 9.65x 9.36x 9.01x
EV / EBITDA 30.5x 19.1x 16x 18.4x 17.3x 17.2x 16.8x 18.1x
EV / EBIT 66.4x 35.8x 29.3x 35x 34.9x 35.7x 33.6x 23.4x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.162 4.675 5.67 5.925 6.075 6.142 6.271 5.948
Rate of return 1.81% 2.98% 4.22% 3.83% 4.37% 4.6% 4.69% 4.45%
EPS 2 4.61 5.48 4.71 4.49 3.78 3.69 3.136 3.61
Distribution rate 90.3% 85.3% 120% 132% 161% 166% 200% 165%
Net sales 1 1,778 2,020 2,148 2,191 2,209 2,229 2,295 2,404
EBITDA 1 1,013 1,178 1,262 1,247 1,247 1,254 1,280 1,200
EBIT 1 464.9 628.9 688.9 656.8 619.4 602.7 639.1 924.6
Net income 1 530.1 633.7 549.1 523.9 443.2 431.2 365.6 380.9
Net Debt 1 4,462 4,376 4,499 4,938 5,345 6,006 5,980 6,166
Reference price 2 229.44 156.99 134.46 154.57 138.91 133.63 133.63 133.63
Nbr of stocks (in thousands) 115,138 115,477 116,688 116,880 117,082 116,022 - -
Announcement Date 2/2/22 A 2/1/23 A 2/7/24 A 2/5/25 A 2/4/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
36.21x9.65x17.15x4.6% 15.5B
34.43x11.47x18.86x3.82% 26.6B
50.64x10.54x17.71x4.21% 25.01B
48.42x12.96x19.5x3.64% 18.32B
35.11x8.91x16.94x3.96% 17.94B
55.22x8.51x19.3x3.69% 14.66B
31.5x10.04x20.55x3.36% 12.55B
39.15x9.21x17.36x3.81% 12.43B
40.72x10.62x17.89x4.55% 12.25B
98.17x9.68x17.59x3.83% 11.36B
Average 46.96x 10.16x 18.29x 3.95% 16.66B
Weighted average by Cap. 45.41x 10.33x 18.29x 3.95%

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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