Discounted Cash Flow

MID America Apartment Communities Inc. REIT

MAA · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.1b $224.4m $484.0m 19.9%
2017 $1.5b (35.9%) $340.5m (51.8%) $-47.6m (-109.8%) 22.3% (11.7%)
2018 $1.6b (2.8%) $231.0m (-32.2%) $9.3m (119.6%) 14.7% (-34.0%)
2019 $1.6b (4.4%) $366.6m (58.7%) $-9.4m (-200.8%) 22.3% (52.0%)
2020 $1.7b (2.3%) $264.0m (-28.0%) $32.6m (447.0%) 15.7% (-29.6%)
2021 $1.8b (6.0%) $550.7m (108.6%) $55.9m (71.7%) 31.0% (96.8%)
2022 $2.0b (13.6%) $654.8m (18.9%) $-312.2m (-658.3%) 32.4% (4.7%)
2023 $2.1b (6.4%) $567.8m (-13.3%) $-336.4m (-7.7%) 26.4% (-18.5%)
2024 $2.2b (2.0%) $527.5m (-7.1%) $-318.6m (5.3%) 24.1% (-8.9%)
2025 $2.2b (0.8%) $446.9m (-15.3%) $-351.0m (-10.2%) 20.2% (-16.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model