DCF Tool

MAA

Mid-America Apartment Communities, Inc. – Other Financial Vehicles
MAA is a self-administered real estate investment trust and member of the S&P 500. MAA owns and manages apartment communities throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. and is focused on delivering strong, full-cycle investment performance for shareholders.
Analysis Results
Intrinsic Value $341.71
Latest Price $188.56
Relative Value 45% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 24.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 24.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.836 0.788
2023 1.04 0.921
2024 1.29 1.08
2025 1.6 1.26
2026 1.99 1.47
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 48.6 billion. This corresponds to a present value of 33.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 5.52 billion. Adding in the terminal value gives a total present value of 39.4 billion.

There are presently 115.0 million outstanding shares, so the intrinsic value per share is 341.71.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 130,598,000
Current Cash 54,302,000
Current Liabilities 554,149,000
Current Debt 0
Non-Cash Working Capital (NCWC) -477,853,000
Change in NCWC 8,304,000
EBIT 466,890,000
Tax Provision 13,637,000
Depreciation and Amortization 534,415,000
Capital Expenditure -325,663,000
Unlevered Free Cash Flow 672,663,811
Current Assets 35,615,000
Current Cash 25,198,000
Current Liabilities 496,574,000
Current Debt 0
Non-Cash Working Capital (NCWC) -486,157,000
Change in NCWC -63,960,000
EBIT 430,038,000
Tax Provision 3,327,000
Depreciation and Amortization 511,678,000
Capital Expenditure -483,906,000
Unlevered Free Cash Flow 388,498,291
Current Assets 70,541,000
Current Cash 20,476,000
Current Liabilities 472,262,000
Current Debt 0
Non-Cash Working Capital (NCWC) -422,197,000
Change in NCWC -25,761,000
EBIT 443,898,000
Tax Provision 3,696,000
Depreciation and Amortization 497,790,000
Capital Expenditure -408,203,000
Unlevered Free Cash Flow 503,293,578
Current Assets 51,673,000
Current Cash 34,259,000
Current Liabilities 413,850,000
Current Debt 0
Non-Cash Working Capital (NCWC) -396,436,000
Change in NCWC -68,993,000
EBIT 410,944,000
Tax Provision 2,611,000
Depreciation and Amortization 490,995,000
Capital Expenditure -384,202,000
Unlevered Free Cash Flow 444,151,434
Current Assets 88,867,000
Current Cash 10,750,000
Current Liabilities 405,560,000
Current Debt 0
Non-Cash Working Capital (NCWC) -327,443,000
Change in NCWC 36,898,000
EBIT 376,157,000
Tax Provision 2,619,000
Depreciation and Amortization 494,540,000
Capital Expenditure -479,955,000
Unlevered Free Cash Flow 424,769,124
Current Assets 121,800,000
Current Cash 33,536,000
Current Liabilities 452,605,000
Current Debt 0
Non-Cash Working Capital (NCWC) -364,341,000
Change in NCWC -136,283,000
EBIT 315,385,000
Tax Provision 1,699,000
Depreciation and Amortization 323,283,000
Capital Expenditure -523,163,000
Unlevered Free Cash Flow -23,147,910
Current Assets 63,641,000
Current Cash 37,559,000
Current Liabilities 254,140,000
Current Debt 0
Non-Cash Working Capital (NCWC) -228,058,000
Change in NCWC -7,448,000
EBIT 288,301,000
Tax Provision 1,673,000
Depreciation and Amortization 294,897,000
Capital Expenditure -494,214,000
Unlevered Free Cash Flow 80,167,376
Current Assets 53,582,000
Current Cash 25,401,000
Current Liabilities 248,791,000
Current Debt 0
Non-Cash Working Capital (NCWC) -220,610,000
Change in NCWC -14,429,000
EBIT 247,760,000
Tax Provision 2,050,000
Depreciation and Amortization 306,233,000
Capital Expenditure -499,250,000
Unlevered Free Cash Flow 37,106,031
Current Assets 133,694,000
Current Cash 89,333,000
Current Liabilities 250,542,000
Current Debt 0
Non-Cash Working Capital (NCWC) -206,181,000
Change in NCWC -79,592,000
EBIT 160,257,000
Tax Provision 893,000
Depreciation and Amortization 192,736,000
Capital Expenditure -260,836,000
Unlevered Free Cash Flow 11,374,127
Current Assets 9,883,000
Current Cash 9,075,000
Current Liabilities 127,397,000
Current Debt 0
Non-Cash Working Capital (NCWC) -126,589,000
Change in NCWC 5,263,000
EBIT 131,275,000
Tax Provision 0
Depreciation and Amortization 132,195,000
Capital Expenditure -139,269,000
Unlevered Free Cash Flow 129,464,000

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