Discounted Cash Flow (DCF) Analysis Unlevered

Mid-America Apartment Communities, ... (MAA)

$179.54

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 155.73 | 179.54 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,528.991,571.351,641.021,677.981,778.081,846.641,917.841,991.782,068.572,148.33
Revenue (%)
EBITDA 980.29890.101,035.14937.531,238.721,142.621,186.671,232.421,279.941,329.29
EBITDA (%)
EBIT 485.75399.10537.35425.85704.31572.10594.16617.06640.86665.56
EBIT (%)
Depreciation 494.54490.99497.79511.68534.42570.52592.51615.36639.08663.72
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 10.7534.2620.4825.2097.1340.9842.5644.2045.9047.67
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -343.89-254.71-303.10-426.94-279.64-363.20-377.21-391.75-406.85-422.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 179.54
Beta 0.714
Diluted Shares Outstanding 114.50
Cost of Debt
Tax Rate 5.21
After-tax Cost of Debt 3.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.135
Total Debt 4,516.69
Total Equity 20,557.33
Total Capital 25,074.02
Debt Weighting 18.01
Equity Weighting 81.99
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,528.991,571.351,641.021,677.981,778.081,846.641,917.841,991.782,068.572,148.33
EBITDA 980.29890.101,035.14937.531,238.721,142.621,186.671,232.421,279.941,329.29
EBIT 485.75399.10537.35425.85704.31572.10594.16617.06640.86665.56
Tax Rate 3.92%3.84%4.03%4.09%5.21%4.22%4.22%4.22%4.22%4.22%
EBIAT 466.70383.78515.71408.42667.62547.96569.09591.03613.82637.49
Depreciation 494.54490.99497.79511.68534.42570.52592.51615.36639.08663.72
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -343.89-254.72-303.10-426.94-279.63-363.20-377.21-391.75-406.85-422.54
UFCF 617.35620.06710.40493.16922.40755.28784.40814.64846.05878.67
WACC
PV UFCF 715.09703.14691.40679.85668.49
SUM PV UFCF 3,457.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.62
Free cash flow (t + 1) 896.24
Terminal Value 24,758.12
Present Value of Terminal Value 18,835.92

Intrinsic Value

Enterprise Value 22,293.89
Net Debt 4,462.39
Equity Value 17,831.50
Shares Outstanding 114.50
Equity Value Per Share 155.73