Intrinsic value of Sun Communities - SUI

Previous Close

$95.06

  Intrinsic Value

$7.47

stock screener

  Rating & Target

str. sell

-92%

Previous close

$95.06

 
Intrinsic value

$7.47

 
Up/down potential

-92%

 
Rating

str. sell

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

We calculate the intrinsic value of SUI 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 7.5

 

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, %
  23.56
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.37
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
Revenue, $m
  834
  1,039
  1,274
  1,540
  1,838
  2,166
  2,525
  2,914
  3,333
  3,781
  4,257
  4,761
  5,291
  5,849
  6,433
  7,043
  7,679
  8,342
  9,032
  9,749
  10,495
  11,269
  12,075
  12,911
  13,781
  14,686
  15,627
  16,606
  17,626
  18,688
  19,794
Variable operating expenses, $m
 
  808
  992
  1,198
  1,430
  1,685
  1,964
  2,267
  2,593
  2,941
  3,312
  3,704
  4,117
  4,550
  5,005
  5,479
  5,974
  6,490
  7,027
  7,585
  8,165
  8,768
  9,394
  10,045
  10,722
  11,426
  12,158
  12,919
  13,713
  14,539
  15,400
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
  674
  808
  992
  1,198
  1,430
  1,685
  1,964
  2,267
  2,593
  2,941
  3,312
  3,704
  4,117
  4,550
  5,005
  5,479
  5,974
  6,490
  7,027
  7,585
  8,165
  8,768
  9,394
  10,045
  10,722
  11,426
  12,158
  12,919
  13,713
  14,539
  15,400
Operating income, $m
  159
  231
  283
  342
  408
  481
  560
  647
  740
  839
  945
  1,057
  1,175
  1,298
  1,428
  1,564
  1,705
  1,852
  2,005
  2,164
  2,330
  2,502
  2,681
  2,866
  3,059
  3,260
  3,469
  3,687
  3,913
  4,149
  4,394
EBITDA, $m
  379
  505
  619
  749
  893
  1,053
  1,227
  1,416
  1,620
  1,837
  2,069
  2,314
  2,572
  2,843
  3,126
  3,423
  3,732
  4,054
  4,390
  4,738
  5,100
  5,477
  5,868
  6,275
  6,698
  7,137
  7,595
  8,071
  8,566
  9,082
  9,620
Interest expense (income), $m
  121
  137
  175
  219
  268
  323
  384
  450
  522
  600
  683
  771
  865
  963
  1,066
  1,174
  1,287
  1,405
  1,528
  1,656
  1,789
  1,927
  2,071
  2,220
  2,375
  2,536
  2,704
  2,878
  3,059
  3,248
  3,445
Earnings before tax, $m
  31
  94
  108
  123
  140
  158
  177
  197
  217
  239
  262
  286
  310
  335
  362
  389
  417
  447
  477
  508
  541
  575
  610
  646
  685
  724
  765
  808
  853
  900
  949
Tax expense, $m
  0
  25
  29
  33
  38
  43
  48
  53
  59
  65
  71
  77
  84
  91
  98
  105
  113
  121
  129
  137
  146
  155
  165
  175
  185
  196
  207
  218
  230
  243
  256
Net income, $m
  31
  69
  79
  90
  102
  115
  129
  144
  159
  175
  191
  208
  226
  245
  264
  284
  305
  326
  348
  371
  395
  420
  445
  472
  500
  529
  559
  590
  623
  657
  693

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  5,871
  7,318
  8,975
  10,848
  12,941
  15,252
  17,780
  20,521
  23,471
  26,625
  29,978
  33,525
  37,263
  41,189
  45,301
  49,597
  54,078
  58,747
  63,604
  68,655
  73,906
  79,362
  85,033
  90,925
  97,051
  103,421
  110,047
  116,943
  124,123
  131,603
  139,398
Adjusted assets (=assets-cash), $m
  5,863
  7,318
  8,975
  10,848
  12,941
  15,252
  17,780
  20,521
  23,471
  26,625
  29,978
  33,525
  37,263
  41,189
  45,301
  49,597
  54,078
  58,747
  63,604
  68,655
  73,906
  79,362
  85,033
  90,925
  97,051
  103,421
  110,047
  116,943
  124,123
  131,603
  139,398
Revenue / Adjusted assets
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
Average production assets, $m
  4,668
  5,816
  7,133
  8,622
  10,285
  12,122
  14,131
  16,310
  18,654
  21,161
  23,825
  26,645
  29,616
  32,736
  36,004
  39,419
  42,980
  46,690
  50,551
  54,566
  58,739
  63,075
  67,582
  72,265
  77,134
  82,196
  87,463
  92,943
  98,650
  104,594
  110,790
Working capital, $m
  0
  -10
  -13
  -15
  -18
  -22
  -25
  -29
  -33
  -38
  -43
  -48
  -53
  -58
  -64
  -70
  -77
  -83
  -90
  -97
  -105
  -113
  -121
  -129
  -138
  -147
  -156
  -166
  -176
  -187
  -198
Total debt, $m
  3,110
  3,978
  4,969
  6,089
  7,341
  8,723
  10,234
  11,874
  13,638
  15,524
  17,529
  19,650
  21,886
  24,233
  26,692
  29,261
  31,941
  34,732
  37,637
  40,658
  43,798
  47,061
  50,451
  53,975
  57,639
  61,448
  65,410
  69,534
  73,828
  78,300
  82,962
Total liabilities, $m
  3,508
  4,376
  5,367
  6,487
  7,739
  9,121
  10,632
  12,272
  14,036
  15,922
  17,927
  20,048
  22,284
  24,631
  27,090
  29,659
  32,339
  35,130
  38,035
  41,056
  44,196
  47,459
  50,849
  54,373
  58,037
  61,846
  65,808
  69,932
  74,226
  78,698
  83,360
Total equity, $m
  2,363
  2,942
  3,608
  4,361
  5,202
  6,131
  7,148
  8,249
  9,435
  10,703
  12,051
  13,477
  14,980
  16,558
  18,211
  19,938
  21,740
  23,616
  25,569
  27,599
  29,710
  31,904
  34,183
  36,552
  39,015
  41,575
  44,239
  47,011
  49,898
  52,904
  56,038
Total liabilities and equity, $m
  5,871
  7,318
  8,975
  10,848
  12,941
  15,252
  17,780
  20,521
  23,471
  26,625
  29,978
  33,525
  37,264
  41,189
  45,301
  49,597
  54,079
  58,746
  63,604
  68,655
  73,906
  79,363
  85,032
  90,925
  97,052
  103,421
  110,047
  116,943
  124,124
  131,602
  139,398
Debt-to-equity ratio
  1.316
  1.350
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.450
  1.450
  1.460
  1.460
  1.460
  1.470
  1.470
  1.470
  1.470
  1.470
  1.470
  1.470
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
Adjusted equity ratio
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  69
  79
  90
  102
  115
  129
  144
  159
  175
  191
  208
  226
  245
  264
  284
  305
  326
  348
  371
  395
  420
  445
  472
  500
  529
  559
  590
  623
  657
  693
Depreciation, amort., depletion, $m
  220
  274
  336
  407
  485
  572
  667
  769
  880
  998
  1,124
  1,257
  1,397
  1,544
  1,698
  1,859
  2,027
  2,202
  2,384
  2,574
  2,771
  2,975
  3,188
  3,409
  3,638
  3,877
  4,126
  4,384
  4,653
  4,934
  5,226
Funds from operations, $m
  240
  343
  415
  497
  587
  687
  796
  913
  1,039
  1,173
  1,315
  1,465
  1,623
  1,789
  1,962
  2,143
  2,332
  2,528
  2,733
  2,945
  3,166
  3,395
  3,633
  3,881
  4,138
  4,406
  4,684
  4,974
  5,276
  5,591
  5,919
Change in working capital, $m
  1
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  239
  345
  418
  499
  590
  690
  799
  917
  1,043
  1,177
  1,320
  1,470
  1,629
  1,795
  1,968
  2,149
  2,338
  2,535
  2,739
  2,952
  3,173
  3,403
  3,641
  3,889
  4,147
  4,415
  4,694
  4,984
  5,286
  5,601
  5,930
Maintenance CAPEX, $m
  0
  -220
  -274
  -336
  -407
  -485
  -572
  -667
  -769
  -880
  -998
  -1,124
  -1,257
  -1,397
  -1,544
  -1,698
  -1,859
  -2,027
  -2,202
  -2,384
  -2,574
  -2,771
  -2,975
  -3,188
  -3,409
  -3,638
  -3,877
  -4,126
  -4,384
  -4,653
  -4,934
New CAPEX, $m
  -1,488
  -1,149
  -1,317
  -1,489
  -1,663
  -1,837
  -2,009
  -2,178
  -2,344
  -2,507
  -2,665
  -2,820
  -2,971
  -3,120
  -3,268
  -3,415
  -3,562
  -3,710
  -3,861
  -4,015
  -4,173
  -4,337
  -4,506
  -4,684
  -4,869
  -5,063
  -5,266
  -5,481
  -5,706
  -5,944
  -6,195
Cash from investing activities, $m
  -1,615
  -1,369
  -1,591
  -1,825
  -2,070
  -2,322
  -2,581
  -2,845
  -3,113
  -3,387
  -3,663
  -3,944
  -4,228
  -4,517
  -4,812
  -5,113
  -5,421
  -5,737
  -6,063
  -6,399
  -6,747
  -7,108
  -7,481
  -7,872
  -8,278
  -8,701
  -9,143
  -9,607
  -10,090
  -10,597
  -11,129
Free cash flow, $m
  -1,376
  -1,024
  -1,174
  -1,326
  -1,479
  -1,632
  -1,782
  -1,928
  -2,071
  -2,209
  -2,343
  -2,473
  -2,599
  -2,723
  -2,844
  -2,963
  -3,083
  -3,202
  -3,324
  -3,447
  -3,574
  -3,705
  -3,841
  -3,982
  -4,131
  -4,286
  -4,450
  -4,622
  -4,804
  -4,996
  -5,199
Issuance/(repayment) of debt, $m
  808
  868
  991
  1,120
  1,251
  1,382
  1,512
  1,639
  1,764
  1,886
  2,005
  2,121
  2,235
  2,348
  2,459
  2,569
  2,680
  2,791
  2,905
  3,021
  3,140
  3,263
  3,391
  3,524
  3,663
  3,809
  3,963
  4,124
  4,294
  4,473
  4,661
Issuance/(repurchase) of shares, $m
  751
  518
  587
  663
  739
  814
  887
  958
  1,027
  1,093
  1,157
  1,218
  1,276
  1,333
  1,389
  1,443
  1,497
  1,551
  1,605
  1,660
  1,716
  1,774
  1,834
  1,897
  1,963
  2,032
  2,105
  2,182
  2,263
  2,350
  2,441
Cash from financing (excl. dividends), $m  
  1,533
  1,386
  1,578
  1,783
  1,990
  2,196
  2,399
  2,597
  2,791
  2,979
  3,162
  3,339
  3,511
  3,681
  3,848
  4,012
  4,177
  4,342
  4,510
  4,681
  4,856
  5,037
  5,225
  5,421
  5,626
  5,841
  6,068
  6,306
  6,557
  6,823
  7,102
Total cash flow (excl. dividends), $m
  157
  363
  404
  457
  511
  564
  617
  669
  720
  770
  819
  866
  913
  958
  1,004
  1,049
  1,094
  1,140
  1,186
  1,233
  1,282
  1,332
  1,384
  1,439
  1,496
  1,555
  1,618
  1,684
  1,753
  1,826
  1,903
Retained Cash Flow (-), $m
  -824
  -587
  -666
  -753
  -841
  -929
  -1,016
  -1,102
  -1,186
  -1,268
  -1,348
  -1,426
  -1,503
  -1,578
  -1,653
  -1,727
  -1,801
  -1,877
  -1,953
  -2,031
  -2,111
  -2,193
  -2,279
  -2,369
  -2,463
  -2,561
  -2,664
  -2,772
  -2,886
  -3,007
  -3,134
Prev. year cash balance distribution, $m
 
  8
  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
 
  -216
  -262
  -296
  -330
  -365
  -399
  -433
  -466
  -498
  -529
  -560
  -590
  -620
  -649
  -678
  -707
  -737
  -767
  -797
  -829
  -861
  -895
  -930
  -967
  -1,006
  -1,046
  -1,089
  -1,133
  -1,181
  -1,231
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  -197
  -215
  -218
  -216
  -209
  -198
  -184
  -167
  -149
  -130
  -112
  -94
  -77
  -62
  -49
  -37
  -28
  -21
  -15
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.5
  88.0
  83.2
  79.0
  75.3
  72.0
  69.1
  66.5
  64.2
  62.0
  60.1
  58.4
  56.8
  55.3
  54.0
  52.8
  51.6
  50.5
  49.5
  48.6
  47.7
  46.8
  46.0
  45.2
  44.5
  43.8
  43.2
  42.5
  41.9
  41.3

Sun Communities, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV). As of December 31, 2016, it owned and operated or had an interest in a portfolio of properties located throughout the United States and Ontario, Canada, including 226 MH communities, 87 RV communities, and 28 properties containing both MH and RV sites. The Company operates through two segments: Real Property Operations and Home Sales and Rentals. The Real Property Operations segment owns, operates, or has an interest in a portfolio, and develops MH communities and RV communities throughout the United States and is in the business of acquiring, operating, and expanding MH and RV communities.

FINANCIAL RATIOS  of  Sun Communities (SUI)

Valuation Ratios
P/E Ratio 224.5
Price to Sales 8.3
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 29.1
Price to Free Cash Flow -5.6
Growth Rates
Sales Growth Rate 23.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 381.6%
Cap. Spend. - 3 Yr. Gr. Rate 64.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 131.6%
Total Debt to Equity 131.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.3%
Return On Equity 1.6%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 58.5%
Gross Margin - 3 Yr. Avg. 58.9%
EBITDA Margin 44.6%
EBITDA Margin - 3 Yr. Avg. 51.9%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 3.7%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 625.8%

SUI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SUI stock intrinsic value calculation we used $834 million for the last fiscal year's total revenue generated by Sun Communities. The default revenue input number comes from 2016 income statement of Sun 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 SUI stock valuation model: a) initial revenue growth rate of 24.6% 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 9.7%, whose default value for SUI is calculated based on our internal credit rating of Sun 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 Sun 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 SUI stock the variable cost ratio is equal to 77.8%.

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 SUI 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 4.4% for Sun Communities.

Corporate tax rate of 27% is the nominal tax rate for Sun 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 SUI 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 SUI are equal to 559.7%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Sun 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 SUI is equal to -1%. 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 - $2363 million for Sun 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 79.047 million for Sun 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 Sun Communities at the current share price and the inputted number of shares is $7.5 billion.

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COMPANY NEWS

▶ Sun Communities reports 3Q results   [Oct-23-17 04:43PM  Associated Press]
▶ Sun Communities, Inc. Terminates Stockholder Rights Plan   [Oct-04-17 04:34PM  GlobeNewswire]
▶ 3 REITs That Are Priced For Perfection   [Sep-19-17 08:20AM  Forbes]
▶ Sun Communities, Inc. Declares Third Quarter 2017 Dividends   [Sep-05-17 06:31AM  GlobeNewswire]
▶ Sun Communities reports 2Q results   [Jul-26-17 07:59PM  Associated Press]
▶ Sun Communities reports 1Q results   [Apr-27-17 09:20AM  Associated Press]
▶ Sun Communities, Inc. Declares First Quarter 2017 Dividends   [Mar-03-17 06:32AM  GlobeNewswire]
▶ Sun Communities reports 4Q results   [09:31AM  Associated Press]
▶ Is Sun Communities Inc (SUI) A Good Stock To Buy?   [Dec-13-16 11:24AM  at Insider Monkey]
▶ Is First Solar, Inc. (FSLR) A Good Stock To Buy?   [Nov-29-16 09:20AM  at Insider Monkey]
Financial statements of SUI
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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