Stock AVB AVALONBAY COMMUNITIES, INC.
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Financials AvalonBay Communities, Inc.

Equities

AVB

US0534841012

Residential REITs

Market Closed - Nyse
Other stock markets
 21:00:02 30/04/2024 BST 		5-day change 1st Jan Change
189.6 USD -0.76% Intraday chart for AvalonBay Communities, Inc. +0.48% +1.26%
01:26pm Argus Adjusts AvalonBay Communities' Price Target to $212 From $188 MT
04-29 Barclays Adjusts Price Target on AvalonBay Communities to $218 From $204, Maintains Overweight Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 29,222 22,352 35,239 22,566 26,555 27,127 - -
Enterprise Value (EV) 1 36,390 29,603 42,798 30,148 34,043 35,418 35,397 35,548
P/E ratio 37.2 x 27.2 x 35.1 x 19.9 x 28.5 x 37.7 x 35.2 x 31.4 x
Yield 2.9% 3.96% 2.52% 3.94% 3.53% 3.55% 3.71% 3.83%
Capitalization / Revenue 12.6 x 9.73 x 15.4 x 8.72 x 9.62 x 9.38 x 9.04 x 8.58 x
EV / Revenue 15.7 x 12.9 x 18.7 x 11.7 x 12.3 x 12.2 x 11.8 x 11.2 x
EV / EBITDA 24 x 20.5 x 30.9 x 18.7 x 19.3 x 19.7 x 18.8 x 17.7 x
EV / FCF 282 x 124 x 108 x 23 x 23.7 x 117 x 29.9 x 46.1 x
FCF Yield 0.35% 0.81% 0.92% 4.34% 4.22% 0.85% 3.34% 2.17%
Price to Book 2.68 x 2.08 x 3.23 x 2.01 x 2.26 x 2.38 x 2.47 x 2.5 x
Nbr of stocks (in thousands) 139,349 139,324 139,510 139,711 141,840 142,011 - -
Reference price 2 209.7 160.4 252.6 161.5 187.2 191.0 191.0 191.0
Announcement Date 05/02/20 03/02/21 02/02/22 08/02/23 31/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,320 2,297 2,292 2,587 2,760 2,891 3,001 3,161
EBITDA 1 1,516 1,443 1,387 1,615 1,761 1,799 1,888 2,013
EBIT 1 854.2 735.3 628.6 800.1 943.8 972 1,020 1,114
Operating Margin 36.82% 32% 27.43% 30.93% 34.19% 33.62% 34% 35.23%
Earnings before Tax (EBT) 1 799.1 824.5 1,010 - 938.6 683.5 748.4 824.7
Net income 1 786 827.6 1,004 1,137 928.8 729.6 763.4 877.5
Net margin 33.88% 36.02% 43.82% 43.94% 33.65% 25.23% 25.44% 27.76%
EPS 2 5.630 5.890 7.190 8.120 6.560 5.064 5.431 6.085
Free Cash Flow 1 128.9 238.7 395.1 1,310 1,435 302.4 1,182 770.5
FCF margin 5.56% 10.39% 17.24% 50.63% 52% 10.46% 39.39% 24.38%
FCF Conversion (EBITDA) 8.5% 16.54% 28.48% 81.1% 81.52% 16.81% 62.62% 38.29%
FCF Conversion (Net income) 16.4% 28.84% 39.34% 115.22% 154.53% 41.45% 154.85% 87.82%
Dividend per Share 2 6.080 6.360 6.360 6.360 6.600 6.789 7.081 7.325
Announcement Date 05/02/20 03/02/21 02/02/22 08/02/23 31/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 580.1 600.5 613.2 643.7 663.9 666.4 673.6 688.1 695.7 702.7 706.1 721.3 730.5 735 743.3
EBITDA 1 345.8 376.5 377.3 400.1 411.5 426.1 425.6 441.9 440.5 452.7 448.1 444.2 449.8 462.6 460.6
EBIT 1 152.1 179.5 175.6 200.8 204.8 218.9 220.8 241.4 239.5 242 235.8 233 234.1 245.9 238.1
Operating Margin 26.21% 29.89% 28.63% 31.19% 30.86% 32.85% 32.78% 35.08% 34.43% 34.44% 31.35% 32.31% 32.04% 33.45% 32.04%
Earnings before Tax (EBT) 1 81.03 339.6 - - - - - - 176.2 244.5 165.6 169.8 167.5 180.5 177.4
Net income 1 78.91 335.2 262 138.7 494.7 241.3 146.9 367.9 172 242 173.4 170.2 173.3 179.8 179
Net margin 13.6% 55.82% 42.74% 21.55% 74.52% 36.21% 21.81% 53.47% 24.73% 34.43% 23.42% 23.6% 23.72% 24.47% 24.08%
EPS 2 0.5600 2.400 1.870 0.9900 3.530 1.720 1.050 2.590 1.210 1.700 1.220 1.230 1.226 1.280 1.303
Dividend per Share 2 1.590 1.590 1.590 1.590 1.590 1.590 1.650 1.650 1.650 1.650 1.698 1.700 1.700 1.700 1.769
Announcement Date 27/10/21 02/02/22 27/04/22 27/07/22 03/11/22 08/02/23 26/04/23 31/07/23 25/10/23 31/01/24 25/04/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,169 7,251 7,560 7,582 7,488 8,291 8,270 8,421
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.729 x 5.026 x 5.45 x 4.694 x 4.253 x 4.609 x 4.381 x 4.184 x
Free Cash Flow 1 129 239 395 1,310 1,435 302 1,182 771
ROE (net income / shareholders' equity) 7.27% 7.61% 9.26% 10.2% 8.06% 6.08% 7.15% 8.22%
ROA (Net income/ Total Assets) 4.19% 4.32% 5.14% 5.63% 4.52% 3.88% 4.17% 4.52%
Assets 1 18,751 19,160 19,551 20,180 20,568 18,827 18,320 19,420
Book Value Per Share 2 78.10 77.10 78.20 80.40 83.00 80.30 77.30 76.60
Cash Flow per Share 2 9.470 8.680 8.610 10.20 11.00 11.30 11.50 12.30
Capex 1 1,193 981 808 1,096 1,099 1,250 904 879
Capex / Sales 51.43% 42.7% 35.26% 42.36% 39.82% 43.23% 30.1% 27.81%
Announcement Date 05/02/20 03/02/21 02/02/22 08/02/23 31/01/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AvalonBay Communities, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
191 USD
Average target price
201.5 USD
Spread / Average Target
+5.47%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential REITs

1st Jan change Capi.
AVALONBAY COMMUNITIES, INC. Stock AvalonBay Communities, Inc.
+1.26% 27.13B
EQUITY RESIDENTIAL Stock Equity Residential
+5.30% 24.74B
INVITATION HOMES INC. Stock Invitation Homes Inc.
+0.26% 21.18B
ESSEX PROPERTY TRUST, INC. Stock Essex Property Trust, Inc.
-0.68% 15.92B
MID-AMERICA APARTMENT COMMUNITY, INC. Stock Mid-America Apartment Community, Inc.
-3.32% 15.31B
SUN COMMUNITIES, INC. Stock Sun Communities, Inc.
-16.71% 15B
AMERICAN HOMES 4 RENT Stock American Homes 4 Rent
-0.44% 13.23B
UDR INC. Stock UDR Inc.
-0.55% 12.61B
EQUITY LIFESTYLE PROPERTIES, INC. Stock Equity LifeStyle Properties, Inc.
-14.53% 11.32B
CAMDEN PROPERTY TRUST Stock Camden Property Trust
+0.39% 10.92B
Residential REITs
  1. Stock Market
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  4. Financials AvalonBay Communities, Inc.