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 13,731 - -
Change - -31.38% -13.45% 15.15% -9.98% -15.57% - -
Enterprise Value (EV) 1 30,880 22,505 20,189 23,004 21,609 19,484 19,685 19,931
Change - -27.12% -10.29% 13.95% -6.06% -9.84% 1.03% 1.25%
P/E 49.8x 28.6x 28.5x 34.4x 36.7x 31.7x 37.7x 34.4x
PBR - 3.02x 2.64x 3.12x 2.94x 2.67x 2.91x 3.18x
PEG - 1.5x -2x -7.36x -2.3x -27.13x -2.4x 3.59x
Capitalization / Revenue 14.9x 8.98x 7.3x 8.25x 7.36x 6.16x 6.01x 5.78x
EV / Revenue 17.4x 11.1x 9.4x 10.5x 9.78x 8.74x 8.62x 8.39x
EV / EBITDA 30.5x 19.1x 16x 18.4x 17.3x 15.5x 15.5x 16.6x
EV / EBIT 66.4x 35.8x 29.3x 35x 34.9x 33.1x 32.5x 30.9x
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% 5.18% 5.29% 5.02%
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 2 229.44 156.99 134.46 154.57 138.91 118.35 118.35 118.35
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
41.45x12.87x22.95x - 47.6B
48.37x12.27x18.83x3.82% 17.46B
27.01x8.15x15.6x4.52% 15.72B
31.68x8.74x15.51x5.18% 13.73B
-18.27x8.55x18.45x3.98% 13.67B
28.48x9.39x19.19x3.64% 11.49B
31.42x8.47x15.88x4.3% 11.02B
32.41x9.83x15.98x5.14% 10.87B
71.45x8.84x15.88x4.32% 10.06B
Average 32.67x 9.68x 17.58x 4.36% 16.85B
Weighted average by Cap. 34.11x 10.48x 18.86x 4.34%

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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  5. Valuation Mid-America Apartment Communities, Inc.