MAA Mid-America Apartment Communities
too hard · 44
Owner-earnings value$95.50
Price$117.68
Margin of safety
-18.8%
Quality gate · 44/100
⚠ sub-hurdle returns (median roic 7% < 9%) · over-levered (net debt/EBITDA 4.3x > 4x)
Median ROIC6.6%
Gross margin7.0%
Net debt / EBITDA4.3x
FCF conversion141%
Share count / yr+0.4%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 644.61M |
| Owner-earnings yield | 4.6% |
| Free-cash-flow yield | 4.6% |
| Growth used (normalized) | 3.0% |
| Market-implied growth (reverse DCF) | 8.0% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.0% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 664.14M | 3.0% | 609.30M |
| 2 | 684.25M | 3.0% | 575.92M |
| 3 | 704.94M | 3.0% | 544.34M |
| 4 | 726.23M | 3.0% | 514.48M |
| 5 | 748.14M | 3.0% | 486.24M |
| 6 | 770.68M | 3.0% | 459.53M |
| 7 | 793.88M | 3.0% | 434.28M |
| 8 | 817.75M | 3.0% | 410.40M |
| 9 | 842.31M | 3.0% | 387.82M |
| 10 | 867.58M | 3.0% | 366.48M |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~8%/yr owner-earnings growth over 10y (reverse DCF); model credits 3%.