Intrinsic value of Avalonbay Communities - AVB

Previous Close

$191.20

  Intrinsic Value

$18.49

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+6%

Previous close

$191.20

 
Intrinsic value

$18.49

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+6%

Our model is not good at valuating stocks of financial companies, such as AVB.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AVB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 26.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.18
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  2,045
  2,098
  2,158
  2,224
  2,296
  2,375
  2,460
  2,551
  2,650
  2,755
  2,867
  2,986
  3,113
  3,248
  3,390
  3,541
  3,701
  3,869
  4,047
  4,235
  4,433
  4,642
  4,861
  5,093
  5,337
  5,594
  5,864
  6,148
  6,446
  6,761
  7,091
Variable operating expenses, $m
 
  1,479
  1,521
  1,568
  1,619
  1,674
  1,734
  1,799
  1,868
  1,942
  2,021
  2,105
  2,195
  2,290
  2,390
  2,496
  2,609
  2,728
  2,853
  2,986
  3,125
  3,272
  3,427
  3,591
  3,763
  3,943
  4,134
  4,334
  4,545
  4,766
  4,999
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,461
  1,479
  1,521
  1,568
  1,619
  1,674
  1,734
  1,799
  1,868
  1,942
  2,021
  2,105
  2,195
  2,290
  2,390
  2,496
  2,609
  2,728
  2,853
  2,986
  3,125
  3,272
  3,427
  3,591
  3,763
  3,943
  4,134
  4,334
  4,545
  4,766
  4,999
Operating income, $m
  584
  619
  637
  656
  677
  701
  726
  753
  782
  813
  846
  881
  918
  958
  1,000
  1,045
  1,092
  1,141
  1,194
  1,249
  1,308
  1,369
  1,434
  1,502
  1,574
  1,650
  1,730
  1,814
  1,902
  1,994
  2,092
EBITDA, $m
  1,115
  1,164
  1,197
  1,233
  1,274
  1,317
  1,364
  1,415
  1,470
  1,528
  1,590
  1,656
  1,727
  1,801
  1,881
  1,964
  2,053
  2,146
  2,245
  2,349
  2,459
  2,575
  2,697
  2,825
  2,960
  3,103
  3,253
  3,410
  3,576
  3,750
  3,933
Interest expense (income), $m
  194
  246
  253
  261
  269
  279
  289
  300
  312
  325
  339
  354
  370
  386
  404
  423
  443
  464
  486
  509
  534
  560
  587
  616
  647
  679
  713
  748
  785
  825
  866
Earnings before tax, $m
  1,034
  373
  384
  395
  408
  422
  437
  452
  469
  487
  507
  527
  549
  572
  596
  622
  649
  678
  708
  740
  774
  809
  847
  886
  928
  971
  1,017
  1,065
  1,116
  1,170
  1,226
Tax expense, $m
  0
  101
  104
  107
  110
  114
  118
  122
  127
  132
  137
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  219
  229
  239
  250
  262
  275
  288
  301
  316
  331
Net income, $m
  1,034
  272
  280
  289
  298
  308
  319
  330
  343
  356
  370
  385
  401
  417
  435
  454
  474
  495
  517
  540
  565
  591
  618
  647
  677
  709
  743
  778
  815
  854
  895

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  215
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  17,867
  18,088
  18,601
  19,170
  19,793
  20,471
  21,204
  21,994
  22,841
  23,747
  24,714
  25,743
  26,836
  27,996
  29,225
  30,526
  31,901
  33,354
  34,889
  36,507
  38,214
  40,014
  41,909
  43,906
  46,008
  48,220
  50,548
  52,997
  55,573
  58,282
  61,130
Adjusted assets (=assets-cash), $m
  17,652
  18,088
  18,601
  19,170
  19,793
  20,471
  21,204
  21,994
  22,841
  23,747
  24,714
  25,743
  26,836
  27,996
  29,225
  30,526
  31,901
  33,354
  34,889
  36,507
  38,214
  40,014
  41,909
  43,906
  46,008
  48,220
  50,548
  52,997
  55,573
  58,282
  61,130
Revenue / Adjusted assets
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
Average production assets, $m
  14,446
  14,821
  15,242
  15,708
  16,219
  16,774
  17,375
  18,022
  18,717
  19,459
  20,251
  21,094
  21,990
  22,941
  23,948
  25,014
  26,141
  27,331
  28,589
  29,915
  31,314
  32,788
  34,341
  35,977
  37,700
  39,513
  41,420
  43,427
  45,538
  47,757
  50,091
Working capital, $m
  0
  -210
  -216
  -222
  -230
  -237
  -246
  -255
  -265
  -275
  -287
  -299
  -311
  -325
  -339
  -354
  -370
  -387
  -405
  -423
  -443
  -464
  -486
  -509
  -534
  -559
  -586
  -615
  -645
  -676
  -709
Total debt, $m
  7,031
  7,221
  7,445
  7,693
  7,965
  8,260
  8,580
  8,924
  9,294
  9,689
  10,110
  10,559
  11,036
  11,541
  12,077
  12,644
  13,244
  13,878
  14,546
  15,252
  15,997
  16,781
  17,607
  18,478
  19,394
  20,359
  21,374
  22,442
  23,565
  24,746
  25,988
Total liabilities, $m
  7,696
  7,886
  8,110
  8,358
  8,630
  8,925
  9,245
  9,589
  9,959
  10,354
  10,775
  11,224
  11,701
  12,206
  12,742
  13,309
  13,909
  14,543
  15,211
  15,917
  16,662
  17,446
  18,272
  19,143
  20,059
  21,024
  22,039
  23,107
  24,230
  25,411
  26,653
Total equity, $m
  10,171
  10,201
  10,491
  10,812
  11,163
  11,546
  11,959
  12,405
  12,883
  13,394
  13,939
  14,519
  15,136
  15,790
  16,483
  17,217
  17,992
  18,812
  19,677
  20,590
  21,553
  22,568
  23,637
  24,763
  25,948
  27,196
  28,509
  29,890
  31,343
  32,871
  34,477
Total liabilities and equity, $m
  17,867
  18,087
  18,601
  19,170
  19,793
  20,471
  21,204
  21,994
  22,842
  23,748
  24,714
  25,743
  26,837
  27,996
  29,225
  30,526
  31,901
  33,355
  34,888
  36,507
  38,215
  40,014
  41,909
  43,906
  46,007
  48,220
  50,548
  52,997
  55,573
  58,282
  61,130
Debt-to-equity ratio
  0.691
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
Adjusted equity ratio
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,034
  272
  280
  289
  298
  308
  319
  330
  343
  356
  370
  385
  401
  417
  435
  454
  474
  495
  517
  540
  565
  591
  618
  647
  677
  709
  743
  778
  815
  854
  895
Depreciation, amort., depletion, $m
  531
  545
  560
  578
  596
  617
  639
  663
  688
  715
  745
  776
  808
  843
  880
  920
  961
  1,005
  1,051
  1,100
  1,151
  1,205
  1,263
  1,323
  1,386
  1,453
  1,523
  1,597
  1,674
  1,756
  1,842
Funds from operations, $m
  1,140
  817
  841
  866
  894
  925
  957
  993
  1,031
  1,071
  1,114
  1,160
  1,209
  1,261
  1,316
  1,374
  1,435
  1,500
  1,568
  1,640
  1,716
  1,796
  1,881
  1,970
  2,063
  2,162
  2,265
  2,374
  2,489
  2,610
  2,736
Change in working capital, $m
  -3
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
Cash from operations, $m
  1,143
  822
  847
  873
  901
  932
  966
  1,002
  1,041
  1,082
  1,126
  1,172
  1,222
  1,274
  1,330
  1,389
  1,451
  1,517
  1,586
  1,659
  1,736
  1,817
  1,903
  1,993
  2,088
  2,187
  2,292
  2,403
  2,519
  2,641
  2,769
Maintenance CAPEX, $m
  0
  -531
  -545
  -560
  -578
  -596
  -617
  -639
  -663
  -688
  -715
  -745
  -776
  -808
  -843
  -880
  -920
  -961
  -1,005
  -1,051
  -1,100
  -1,151
  -1,205
  -1,263
  -1,323
  -1,386
  -1,453
  -1,523
  -1,597
  -1,674
  -1,756
New CAPEX, $m
  -1,274
  -375
  -421
  -466
  -511
  -556
  -601
  -647
  -694
  -742
  -792
  -843
  -896
  -950
  -1,007
  -1,066
  -1,127
  -1,191
  -1,257
  -1,326
  -1,399
  -1,474
  -1,553
  -1,636
  -1,722
  -1,813
  -1,908
  -2,007
  -2,111
  -2,220
  -2,334
Cash from investing activities, $m
  -1,037
  -906
  -966
  -1,026
  -1,089
  -1,152
  -1,218
  -1,286
  -1,357
  -1,430
  -1,507
  -1,588
  -1,672
  -1,758
  -1,850
  -1,946
  -2,047
  -2,152
  -2,262
  -2,377
  -2,499
  -2,625
  -2,758
  -2,899
  -3,045
  -3,199
  -3,361
  -3,530
  -3,708
  -3,894
  -4,090
Free cash flow, $m
  106
  -84
  -119
  -153
  -187
  -219
  -252
  -284
  -316
  -349
  -382
  -415
  -450
  -485
  -521
  -558
  -596
  -635
  -676
  -719
  -763
  -808
  -856
  -906
  -957
  -1,011
  -1,068
  -1,127
  -1,188
  -1,253
  -1,320
Issuance/(repayment) of debt, $m
  453
  190
  224
  248
  272
  296
  320
  344
  369
  395
  421
  449
  477
  506
  536
  567
  600
  634
  669
  706
  744
  784
  826
  870
  916
  965
  1,015
  1,068
  1,123
  1,181
  1,242
Issuance/(repurchase) of shares, $m
  14
  0
  10
  32
  54
  75
  95
  115
  135
  155
  175
  196
  216
  237
  258
  280
  302
  325
  348
  373
  398
  424
  451
  479
  508
  539
  570
  603
  638
  674
  712
Cash from financing (excl. dividends), $m  
  435
  190
  234
  280
  326
  371
  415
  459
  504
  550
  596
  645
  693
  743
  794
  847
  902
  959
  1,017
  1,079
  1,142
  1,208
  1,277
  1,349
  1,424
  1,504
  1,585
  1,671
  1,761
  1,855
  1,954
Total cash flow (excl. dividends), $m
  541
  106
  114
  126
  139
  151
  163
  176
  188
  201
  215
  229
  243
  258
  273
  289
  306
  323
  341
  360
  379
  400
  421
  444
  467
  492
  517
  544
  573
  602
  633
Retained Cash Flow (-), $m
  -330
  -245
  -290
  -321
  -351
  -382
  -414
  -445
  -478
  -511
  -545
  -580
  -617
  -654
  -693
  -734
  -776
  -820
  -865
  -913
  -963
  -1,015
  -1,069
  -1,126
  -1,185
  -1,248
  -1,313
  -1,381
  -1,453
  -1,528
  -1,606
Prev. year cash balance distribution, $m
 
  215
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  76
  -176
  -194
  -213
  -232
  -251
  -270
  -289
  -310
  -330
  -352
  -374
  -396
  -420
  -444
  -470
  -497
  -524
  -553
  -583
  -615
  -648
  -682
  -718
  -756
  -795
  -837
  -880
  -926
  -973
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  70
  -151
  -154
  -153
  -151
  -146
  -139
  -131
  -122
  -111
  -101
  -89
  -78
  -67
  -57
  -48
  -39
  -31
  -25
  -19
  -14
  -10
  -8
  -5
  -4
  -2
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.8
  99.7
  99.4
  99.1
  98.7
  98.3
  97.8
  97.4
  96.8
  96.3
  95.7
  95.1
  94.5
  93.8
  93.2
  92.5
  91.8
  91.2
  90.5
  89.8
  89.1
  88.4
  87.7
  87.0
  86.3
  85.6
  84.9
  84.2

AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. As of January 31, 2009, the company owned or held a direct or indirect ownership interest in 164 operating apartment communities comprising 45,728 apartment homes in 10 states and the District of Columbia. It also held a direct or indirect ownership interest in 14 communities under construction, as well as held rights to develop an additional 27 communities. The company’s markets are located in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Midwest, the Pacific Northwest, and the Northern and Southern California regions of the United States. AvalonBay Communities has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1978 and is based in Arlington, Virginia.

FINANCIAL RATIOS  of  Avalonbay Communities (AVB)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 12.8
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow -200.4
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.6%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 69.1%
Total Debt to Equity 69.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 65.7%
EBITDA Margin 86%
EBITDA Margin - 3 Yr. Avg. 79.8%
Operating Margin 28.6%
Oper. Margin - 3 Yr. Avg. 27.9%
Pre-Tax Margin 50.6%
Pre-Tax Margin - 3 Yr. Avg. 43.5%
Net Profit Margin 50.6%
Net Profit Margin - 3 Yr. Avg. 43.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 70.3%

AVB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVB stock intrinsic value calculation we used $2045 million for the last fiscal year's total revenue generated by Avalonbay Communities. The default revenue input number comes from 2016 income statement of Avalonbay Communities. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AVB stock valuation model: a) initial revenue growth rate of 2.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.4%, whose default value for AVB is calculated based on our internal credit rating of Avalonbay Communities, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Avalonbay Communities.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AVB stock the variable cost ratio is equal to 70.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AVB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Avalonbay Communities.

Corporate tax rate of 27% is the nominal tax rate for Avalonbay Communities. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AVB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AVB are equal to 706.4%.

Life of production assets of 27.2 years is the average useful life of capital assets used in Avalonbay Communities operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AVB is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10171 million for Avalonbay Communities - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 137.527 million for Avalonbay Communities is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Avalonbay Communities at the current share price and the inputted number of shares is $26.3 billion.

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COMPANY NEWS

▶ How AvalonBay Compares after 2Q17   [07:35AM  Market Realist]
▶ AvalonBay Maintains Profit with Strategic Capital Deployment   [Aug-09-17 10:37AM  Market Realist]
▶ What Lies Ahead for AvalonBay   [07:41AM  Market Realist]
▶ Where AvalonBay Stands after Its 2Q17 Earnings Release   [Aug-08-17 04:58PM  Market Realist]
▶ Vornados New Leases Drove Revenue in 2Q17   [Aug-03-17 11:40AM  Market Realist]
▶ Where Does Vornado Stand after 2Q17 Earnings?   [10:07AM  Market Realist]
▶ AvalonBay reports 2Q results   [Aug-02-17 09:54PM  Associated Press]
▶ Whats Equity Residentials Valuation after 2Q17 Results?   [Aug-01-17 09:06AM  Market Realist]
▶ Why This REIT Is No Longer A Buy   [Jul-31-17 01:40PM  Barrons.com]
▶ How Wall Street Analysts Rate Vornado   [Jul-27-17 09:07AM  Market Realist]
▶ 4 REIT Plays with Beat Potential in Q2 Earnings   [Jul-19-17 05:19PM  Zacks]
▶ Equity Residential Compared to Its Peers   [Jul-17-17 02:17PM  Market Realist]
▶ How Does Wall Street Rate Essex Property Trust?   [Jul-12-17 09:06AM  Market Realist]
▶ Where Vornado Stands among Its Peers   [10:35AM  Market Realist]
▶ Heres Why Monogram Residential Trust Is Up 22% Today   [Jul-05-17 11:24AM  Motley Fool]
▶ How Wall Street Analysts View AvalonBay Stock   [Jun-19-17 07:35AM  Market Realist]
▶ AvalonBayComparison with Other Retail REITs in Its Industry   [Jun-16-17 10:35AM  Market Realist]
▶ How Rising Interest Rates Impact AVB and Residential REITs   [Jun-14-17 10:37AM  Market Realist]
▶ AvalonBay: Weathering Ups and Downs in Residential REITs   [Jun-13-17 05:25PM  Market Realist]
▶ Equity Residential: A Peer Comparison   [May-29-17 09:05AM  Market Realist]
▶ 3 Top Residential REIT Stocks to Buy in 2017   [May-19-17 10:03AM  Motley Fool]
▶ AvalonBay reports 1Q results   [Apr-26-17 04:52PM  Associated Press]
▶ AvalonBay Communities Stock Trades Ex-Dividend Wednesday   [Mar-28-17 11:12AM  Investopedia]
▶ 5 Top Dividend Stocks in Residential REITs   [Mar-14-17 08:27AM  Motley Fool]
▶ 5 Top Dividend Stocks in Residential REITs   [08:27AM  at Motley Fool]
▶ AvalonBay Communities Announces 2017 Annual Meeting Details   [Feb-16-17 04:15PM  Business Wire]
Stock chart of AVB Financial statements of AVB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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