Intrinsic value of Mid-America Apartment Communities - MAA

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$101.27

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$101.27

 
Intrinsic value

$14.12

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of MAA 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 11.5

 

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, %
  7.86
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
Revenue, $m
  1,125
  1,313
  1,517
  1,736
  1,971
  2,221
  2,486
  2,764
  3,057
  3,364
  3,685
  4,020
  4,368
  4,731
  5,108
  5,500
  5,908
  6,331
  6,771
  7,229
  7,704
  8,199
  8,714
  9,250
  9,809
  10,391
  10,998
  11,631
  12,291
  12,981
  13,702
Variable operating expenses, $m
 
  954
  1,103
  1,262
  1,433
  1,615
  1,807
  2,010
  2,223
  2,446
  2,679
  2,922
  3,175
  3,439
  3,713
  3,998
  4,294
  4,602
  4,922
  5,255
  5,600
  5,960
  6,334
  6,724
  7,130
  7,553
  7,994
  8,454
  8,935
  9,436
  9,960
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
  853
  954
  1,103
  1,262
  1,433
  1,615
  1,807
  2,010
  2,223
  2,446
  2,679
  2,922
  3,175
  3,439
  3,713
  3,998
  4,294
  4,602
  4,922
  5,255
  5,600
  5,960
  6,334
  6,724
  7,130
  7,553
  7,994
  8,454
  8,935
  9,436
  9,960
Operating income, $m
  272
  358
  414
  474
  538
  606
  679
  755
  835
  919
  1,006
  1,098
  1,193
  1,292
  1,395
  1,502
  1,613
  1,729
  1,849
  1,974
  2,104
  2,239
  2,380
  2,526
  2,679
  2,838
  3,003
  3,176
  3,357
  3,545
  3,742
EBITDA, $m
  595
  735
  849
  972
  1,104
  1,244
  1,392
  1,548
  1,712
  1,884
  2,064
  2,251
  2,446
  2,649
  2,861
  3,080
  3,309
  3,546
  3,792
  4,048
  4,315
  4,592
  4,880
  5,181
  5,493
  5,819
  6,159
  6,514
  6,884
  7,270
  7,674
Interest expense (income), $m
  145
  167
  199
  234
  272
  312
  355
  400
  448
  498
  551
  606
  663
  723
  785
  849
  916
  986
  1,059
  1,134
  1,213
  1,294
  1,379
  1,467
  1,559
  1,654
  1,754
  1,858
  1,966
  2,080
  2,198
Earnings before tax, $m
  226
  192
  215
  240
  266
  294
  324
  355
  387
  421
  456
  492
  530
  569
  610
  653
  697
  743
  790
  840
  891
  945
  1,001
  1,059
  1,120
  1,183
  1,249
  1,318
  1,390
  1,465
  1,544
Tax expense, $m
  2
  52
  58
  65
  72
  79
  87
  96
  104
  114
  123
  133
  143
  154
  165
  176
  188
  201
  213
  227
  241
  255
  270
  286
  302
  319
  337
  356
  375
  396
  417
Net income, $m
  212
  140
  157
  175
  194
  215
  236
  259
  282
  307
  333
  359
  387
  416
  445
  476
  509
  542
  577
  613
  651
  690
  731
  773
  818
  864
  912
  962
  1,015
  1,070
  1,127

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  11,604
  13,535
  15,637
  17,900
  20,322
  22,898
  25,625
  28,500
  31,520
  34,683
  37,990
  41,439
  45,032
  48,772
  52,661
  56,704
  60,905
  65,270
  69,807
  74,524
  79,428
  84,529
  89,838
  95,365
  101,122
  107,121
  113,377
  119,903
  126,714
  133,826
  141,255
Adjusted assets (=assets-cash), $m
  11,570
  13,535
  15,637
  17,900
  20,322
  22,898
  25,625
  28,500
  31,520
  34,683
  37,990
  41,439
  45,032
  48,772
  52,661
  56,704
  60,905
  65,270
  69,807
  74,524
  79,428
  84,529
  89,838
  95,365
  101,122
  107,121
  113,377
  119,903
  126,714
  133,826
  141,255
Revenue / Adjusted assets
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  9,007
  10,511
  12,143
  13,901
  15,782
  17,782
  19,900
  22,133
  24,478
  26,934
  29,502
  32,181
  34,971
  37,875
  40,896
  44,035
  47,297
  50,688
  54,211
  57,874
  61,682
  65,644
  69,766
  74,058
  78,529
  83,189
  88,047
  93,115
  98,404
  103,927
  109,696
Working capital, $m
  0
  -39
  -46
  -52
  -59
  -67
  -75
  -83
  -92
  -101
  -111
  -121
  -131
  -142
  -153
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -261
  -278
  -294
  -312
  -330
  -349
  -369
  -389
  -411
Total debt, $m
  4,500
  5,387
  6,331
  7,347
  8,435
  9,591
  10,816
  12,106
  13,462
  14,883
  16,367
  17,916
  19,529
  21,209
  22,955
  24,770
  26,656
  28,616
  30,654
  32,771
  34,973
  37,264
  39,647
  42,129
  44,714
  47,408
  50,216
  53,147
  56,205
  59,398
  62,733
Total liabilities, $m
  5,191
  6,077
  7,021
  8,037
  9,125
  10,281
  11,506
  12,796
  14,152
  15,573
  17,057
  18,606
  20,219
  21,899
  23,645
  25,460
  27,346
  29,306
  31,344
  33,461
  35,663
  37,954
  40,337
  42,819
  45,404
  48,098
  50,906
  53,837
  56,895
  60,088
  63,423
Total equity, $m
  6,414
  7,458
  8,616
  9,863
  11,198
  12,617
  14,120
  15,703
  17,367
  19,110
  20,932
  22,833
  24,813
  26,873
  29,016
  31,244
  33,558
  35,964
  38,464
  41,063
  43,765
  46,575
  49,500
  52,546
  55,718
  59,024
  62,471
  66,067
  69,820
  73,738
  77,831
Total liabilities and equity, $m
  11,605
  13,535
  15,637
  17,900
  20,323
  22,898
  25,626
  28,499
  31,519
  34,683
  37,989
  41,439
  45,032
  48,772
  52,661
  56,704
  60,904
  65,270
  69,808
  74,524
  79,428
  84,529
  89,837
  95,365
  101,122
  107,122
  113,377
  119,904
  126,715
  133,826
  141,254
Debt-to-equity ratio
  0.702
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
Adjusted equity ratio
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  140
  157
  175
  194
  215
  236
  259
  282
  307
  333
  359
  387
  416
  445
  476
  509
  542
  577
  613
  651
  690
  731
  773
  818
  864
  912
  962
  1,015
  1,070
  1,127
Depreciation, amort., depletion, $m
  323
  377
  435
  498
  566
  637
  713
  793
  877
  965
  1,058
  1,153
  1,253
  1,358
  1,466
  1,578
  1,695
  1,817
  1,943
  2,074
  2,211
  2,353
  2,501
  2,654
  2,815
  2,982
  3,156
  3,337
  3,527
  3,725
  3,932
Funds from operations, $m
  504
  517
  592
  673
  760
  852
  950
  1,052
  1,160
  1,272
  1,390
  1,513
  1,640
  1,773
  1,911
  2,055
  2,204
  2,359
  2,520
  2,687
  2,862
  3,043
  3,231
  3,428
  3,632
  3,845
  4,068
  4,300
  4,542
  4,795
  5,059
Change in working capital, $m
  20
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
Cash from operations, $m
  484
  2,813
  598
  680
  767
  860
  958
  1,061
  1,169
  1,282
  1,400
  1,523
  1,651
  1,784
  1,923
  2,067
  2,216
  2,372
  2,533
  2,701
  2,876
  3,058
  3,247
  3,444
  3,649
  3,863
  4,086
  4,319
  4,562
  4,815
  5,081
Maintenance CAPEX, $m
  0
  -323
  -377
  -435
  -498
  -566
  -637
  -713
  -793
  -877
  -965
  -1,057
  -1,153
  -1,253
  -1,358
  -1,466
  -1,578
  -1,695
  -1,817
  -1,943
  -2,074
  -2,211
  -2,353
  -2,501
  -2,654
  -2,815
  -2,982
  -3,156
  -3,337
  -3,527
  -3,725
New CAPEX, $m
  -523
  -1,504
  -1,632
  -1,758
  -1,881
  -2,001
  -2,118
  -2,232
  -2,345
  -2,457
  -2,568
  -2,679
  -2,791
  -2,904
  -3,020
  -3,139
  -3,263
  -3,390
  -3,523
  -3,663
  -3,808
  -3,962
  -4,123
  -4,292
  -4,471
  -4,659
  -4,858
  -5,068
  -5,289
  -5,523
  -5,769
Cash from investing activities, $m
  -710
  -1,827
  -2,009
  -2,193
  -2,379
  -2,567
  -2,755
  -2,945
  -3,138
  -3,334
  -3,533
  -3,736
  -3,944
  -4,157
  -4,378
  -4,605
  -4,841
  -5,085
  -5,340
  -5,606
  -5,882
  -6,173
  -6,476
  -6,793
  -7,125
  -7,474
  -7,840
  -8,224
  -8,626
  -9,050
  -9,494
Free cash flow, $m
  -226
  986
  -1,411
  -1,513
  -1,612
  -1,706
  -1,797
  -1,885
  -1,970
  -2,052
  -2,133
  -2,213
  -2,293
  -2,374
  -2,455
  -2,539
  -2,625
  -2,714
  -2,807
  -2,904
  -3,007
  -3,115
  -3,229
  -3,349
  -3,476
  -3,611
  -3,754
  -3,905
  -4,065
  -4,234
  -4,413
Issuance/(repayment) of debt, $m
  489
  887
  944
  1,016
  1,087
  1,157
  1,224
  1,291
  1,356
  1,420
  1,485
  1,549
  1,613
  1,679
  1,746
  1,815
  1,886
  1,960
  2,037
  2,118
  2,202
  2,290
  2,384
  2,482
  2,585
  2,694
  2,809
  2,930
  3,058
  3,193
  3,336
Issuance/(repurchase) of shares, $m
  -2
  0
  1,625
  1,744
  1,859
  1,969
  2,075
  2,178
  2,278
  2,375
  2,471
  2,565
  2,660
  2,755
  2,852
  2,951
  3,053
  3,159
  3,270
  3,385
  3,507
  3,635
  3,770
  3,913
  4,064
  4,223
  4,392
  4,571
  4,760
  4,960
  5,171
Cash from financing (excl. dividends), $m  
  471
  887
  2,569
  2,760
  2,946
  3,126
  3,299
  3,469
  3,634
  3,795
  3,956
  4,114
  4,273
  4,434
  4,598
  4,766
  4,939
  5,119
  5,307
  5,503
  5,709
  5,925
  6,154
  6,395
  6,649
  6,917
  7,201
  7,501
  7,818
  8,153
  8,507
Total cash flow (excl. dividends), $m
  245
  1,873
  -467
  -497
  -524
  -550
  -573
  -594
  -614
  -632
  -649
  -665
  -680
  -694
  -709
  -723
  -738
  -754
  -770
  -787
  -805
  -824
  -845
  -867
  -891
  -917
  -945
  -975
  -1,007
  -1,041
  -1,078
Retained Cash Flow (-), $m
  -3,414
  -1,078
  -1,158
  -1,247
  -1,334
  -1,419
  -1,503
  -1,584
  -1,664
  -1,743
  -1,822
  -1,901
  -1,980
  -2,061
  -2,143
  -2,227
  -2,315
  -2,405
  -2,500
  -2,599
  -2,702
  -2,811
  -2,925
  -3,045
  -3,172
  -3,306
  -3,447
  -3,596
  -3,753
  -3,918
  -4,093
Prev. year cash balance distribution, $m
 
  34
  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
 
  829
  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
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  768
  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
Current shareholders' claim on cash, %
  100
  100.0
  89.2
  80.1
  72.5
  66.0
  60.5
  55.7
  51.5
  47.9
  44.6
  41.8
  39.2
  36.9
  34.9
  33.0
  31.3
  29.7
  28.3
  27.0
  25.7
  24.6
  23.5
  22.6
  21.6
  20.7
  19.9
  19.1
  18.4
  17.7
  17.0

Mid-America Apartment Communities, Inc. is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It is engaged in acquisition, redevelopment, new development, property management, and disposition of multifamily apartment communities. Mid-America Apartment Communities, Inc. was founded in 1977 and is based in Memphis, Tennessee.

FINANCIAL RATIOS  of  Mid-America Apartment Communities (MAA)

Valuation Ratios
P/E Ratio 54.2
Price to Sales 10.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow -294.8
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.9%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 70.2%
Total Debt to Equity 70.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 6.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 68.9%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 61.7%
EBITDA Margin - 3 Yr. Avg. 65.7%
Operating Margin 24.2%
Oper. Margin - 3 Yr. Avg. 24.8%
Pre-Tax Margin 20.1%
Pre-Tax Margin - 3 Yr. Avg. 22.9%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 21.9%
Effective Tax Rate 0.9%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 117.5%

MAA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MAA stock intrinsic value calculation we used $1125 million for the last fiscal year's total revenue generated by Mid-America Apartment Communities. The default revenue input number comes from 2016 income statement of Mid-America Apartment 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 MAA stock valuation model: a) initial revenue growth rate of 16.7% 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 8%, whose default value for MAA is calculated based on our internal credit rating of Mid-America Apartment 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 Mid-America Apartment 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 MAA stock the variable cost ratio is equal to 72.7%.

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 MAA 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 3.7% for Mid-America Apartment Communities.

Corporate tax rate of 27% is the nominal tax rate for Mid-America Apartment 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 MAA 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 MAA are equal to 800.6%.

Life of production assets of 27.9 years is the average useful life of capital assets used in Mid-America Apartment 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 MAA is equal to -3%. 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 - $6414 million for Mid-America Apartment 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 113.525 million for Mid-America Apartment 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 Mid-America Apartment Communities at the current share price and the inputted number of shares is $11.5 billion.


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COMPANY NEWS

▶ This Stock Has a 3.4% Dividend and Lots of Room to Grow   [Apr-22-17 07:27AM  Motley Fool]
▶ Memphis-based company No. 1 in nation for apartment ownership   [Apr-09-17 05:30PM  American City Business Journals]
▶ /C O R R E C T I O N -- MAA/   [Mar-23-17 07:02PM  PR Newswire]
▶ 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]
▶ MAA Announces Regular Quarterly Preferred Dividend   [Mar-01-17 04:20PM  PR Newswire]
▶ MAA Announces 6% Increase in Common Dividend   [Dec-08-16 04:16PM  PR Newswire]
▶ MAA Announces Regular Quarterly Preferred Dividend   [Dec-02-16 04:57PM  PR Newswire]
▶ MAA and Post complete merger   [09:00AM  PR Newswire]
▶ Mid-America Apartment, AmSurg to join S&P 500   [Nov-29-16 06:21PM  at MarketWatch]
▶ As a REIT merger and as a company, JBG Smith will be unrivaled   [Oct-31-16 04:43PM  at bizjournals.com]
▶ MAA updates investors on $4 billion Post merger   [05:05PM  at bizjournals.com]
▶ MAA Reports Third Quarter Results   [04:20PM  PR Newswire]
▶ MAA receives PILOT, moving HQ to Germantown   [11:13AM  at bizjournals.com]
▶ MAA dodges cooling apartment markets   [Oct-10-16 12:30PM  at bizjournals.com]
▶ When the market eventually cools, MAA will be ready   [03:00PM  at bizjournals.com]
▶ Luxe apartment complex near Galleria to open   [Sep-28-16 12:30PM  at bizjournals.com]
▶ MAA Announces Quarterly Common Dividend   [Sep-27-16 04:27PM  PR Newswire]
▶ Dog Day Volume Spikes Reveal Profitable Setups   [Aug-16-16 05:44PM  at Investopedia]
▶ Why These Five Stocks Are in Spotlight on Monday   [10:58AM  at Insider Monkey]
▶ S&P 500, Dow, Nasdaq set intraday records   [10:10AM  at MarketWatch]
Stock chart of MAA Financial statements of MAA
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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