AvalonBay Communities, Inc. (0HJO.L)

Industry: Real Estate - General Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0HQP.L	1	CBRE Group, Inc.	39,325	38.18	37.18	22.08	20.16	27.69	27.91
0MSG.L	2	Solon Eiendom ASA	10,953	0.50	0.41	-0.13	-0.11	-0.19	-0.13
0IRK.L	3	Altarea SCA	6,052	-	-	30.16	37.50	10.15	55.60
0J66.L	4	Host Hotels & Reso	5,939	15.97	15.97	9.10	5.58	40.41	19.91
0I4W.L	5	Crown Castle Inc.	4,842	-	-	-	-	34.09	-
0HOX.L	6	BXP, Inc.	3,464	-	-	20.06	22.05	28.10	21.81
0HJO.L	7	AvalonBay Communit	3,012	23.53	20.94	11.82	10.94	31.41	29.10
0KYZ.L	8	SBA Communications	2,789	24.26	24.26	19.33	18.26	23.63	21.01
0QC9.L	9	LEG Immobilien SE	1,604	4.73	4.56	14.36	15.04	23.90	15.94
0QPD.L	10	Allreal Holding AG	1,041	8.81	8.14	14.02	14.02	7.74	10.95
0JX5.L	11	The Macerich Compa	1,026	-	-	11.37	11.67	6.25	11.82
0JZZ.L	12	Medical Properties	948	-	-	16.93	18.23	25.05	35.28
0L98.L	13	STAG Industrial, I	824	27.33	23.91	14.44	13.04	30.31	26.66
0NC0.L	14	Immobel S.A.	705	-	-	-	-	13.55	-
0IXY.L	15	Société Foncièr	648	-	-	13.45	11.96	14.04	-
0IW3.L	16	Global Net Lease,	577	-	-	12.42	11.36	-	74.34

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.81	8.14	14.19	13.53	23.63	21.01
Full Range Median Multiple	15.97	15.97	14.40	14.53	23.90	21.81
Industry Multiple	17.11	16.35	16.48	16.57	21.92	29.20
Market Implied Multiple	22.03	19.61	11.06	10.24	29.40	27.24
Company (0HJO.L) Multiple	23.53	20.94	11.82	10.94	31.41	29.10
(*) Net Income / EBITDA / Revenue	1,169	1,313	2,316	2,503	872	941
Winsorized Enterprise Value	N/A	N/A	32,858	33,859	20,600	19,766
Full Range Median Enterprise Value	N/A	N/A	33,349	36,357	20,833	20,519
(-) Net Debt	-123	-123	-123	-123	-123	-123
Winsorized Equity Value	10,298	10,683	32,981	33,983	20,724	19,889
Full Range Median Equity Value	18,664	20,971	33,472	36,480	20,956	20,642
(/) Shares Outstanding	142	142	142	142	142	142
Winsorized Fair Value	$72.34	$75.04	$231.68	$238.71	$145.58	$139.71
Full Range Median Fair Value	$131.11	$147.31	$235.13	$256.26	$147.21	$145.00
Current Price	$180.87	$180.87	$180.87	$180.87	$180.87	$180.87
Upside / Downside	-60.01%	-58.51%	28.09%	31.98%	-19.51%	-22.75%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$50.64	$52.53	$162.17	$167.10	$101.90	$97.80
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy