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 15,558 - -
Change - -31.38% -13.45% 15.15% -9.98% -4.34% - -
Enterprise Value (EV) 1 30,880 22,505 20,189 23,004 21,609 21,360 21,502 21,593
Change - -27.12% -10.29% 13.95% -6.06% -1.15% 0.67% 0.42%
P/E 49.8x 28.6x 28.5x 34.4x 36.7x 39.3x 42.6x 35.5x
PBR - 3.02x 2.64x 3.12x 2.94x 3.04x 3.27x 3.44x
PEG - 1.5x -2x -7.36x -2.3x -3.93x -5.42x 1.8x
Capitalization / Revenue 14.9x 8.98x 7.3x 8.25x 7.36x 6.95x 6.74x 6.45x
EV / Revenue 17.4x 11.1x 9.4x 10.5x 9.78x 9.54x 9.32x 8.95x
EV / EBITDA 30.5x 19.1x 16x 18.4x 17.3x 17.1x 16.7x 15.9x
EV / EBIT 66.4x 35.8x 29.3x 35x 34.9x 35.7x 35.1x 32.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.162 4.675 5.67 5.925 6.075 6.137 6.272 6.475
Rate of return 1.81% 2.98% 4.22% 3.83% 4.37% 4.59% 4.69% 4.84%
EPS 2 4.61 5.48 4.71 4.49 3.78 3.402 3.135 3.765
Distribution rate 90.3% 85.3% 120% 132% 161% 180% 200% 172%
Net sales 1 1,778 2,020 2,148 2,191 2,209 2,238 2,307 2,413
EBITDA 1 1,013 1,178 1,262 1,247 1,247 1,252 1,285 1,360
EBIT 1 464.9 628.9 688.9 656.8 619.4 598.3 613.2 668.4
Net income 1 530.1 633.7 549.1 523.9 443.2 393.1 372.6 374.7
Net Debt 1 4,462 4,376 4,499 4,938 5,345 5,801 5,944 6,035
Reference price 2 229.44 156.99 134.46 154.57 138.91 133.68 133.68 133.68
Nbr of stocks (in thousands) 115,138 115,477 116,688 116,880 117,082 116,385 - -
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.($)
39.29x9.54x17.06x4.59% 15.56B
33.33x11.65x19.16x3.72% 27.17B
50.18x10.74x17.99x4.1% 25.75B
48.91x13.35x20.1x3.5% 19.16B
39.32x8.89x17.07x3.97% 17.96B
53.52x8.03x18.43x3.72% 14.76B
45.13x11.03x17.72x4.35% 12.99B
31.74x9.97x20.53x3.36% 12.43B
45x9.16x17.26x3.86% 12.18B
77.27x9.81x17.87x3.77% 11.59B
Average 46.37x 10.22x 18.32x 3.89% 16.95B
Weighted average by Cap. 45.22x 10.43x 18.38x 3.89%

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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